The HGS (India) SME IPO is open for applications until 3 November 2026, with listing expected on 6 November 2026 on the NSE. The price band is ₹114 to ₹120 per share and one lot is 1200 shares, so the minimum application is ₹1,44,000. The issue size is ₹34.56 crore. It combines a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Ltd is the registrar to the issue, and Hem Securities Ltd is the lead manager.
Quoted at ₹18 per share, 15% over the ₹120 upper band, giving an indicative listing price of ₹138, as of 2 November 2026. The premium is an unofficial quote and moves through the day.
The issue was subscribed 12.71 times overall.
HGS (India) Limited (HGSI), formed in February 1986, produces geophones, geophone arrays, seismic cables, connectors and accessories required in the seismic data acquisition and geophysical instrumentation. Founded in collaboration between technology and finance with Geosource Inc., USA, the firm runs on 'HG' label. The products manufactured by the company find application in exploration of oil and gas, minerals, defence research, earthquake monitoring, vibration testing and other geoscience areas.
The company also manufactures cables and connectors for resistivity meters and radar instruments. HGS (India) has acquired in-house manufacturing expertise, such as cable extrusion machines and injection molding machines, which enables the company to produce essential components and perform quality control. The manufacturing plant of the company is situated in Manesar, Haryana, and equipped with precision assembly, coil winding, magnetising and testing machines.
The company is certified to ISO 9001:2015 standards, awarded ZED Gold Certificate and classified as 100% Export Oriented Unit in the Noida Special Economic Zone (NSEZ). The products of the company are exported to several countries in North America, Europe, Asia, Africa and other regions. In 2015, the company founded its wholly owned subsidiary named 'HGS Products B.V.' in Netherlands to enhance its sales and customer service internationally.
As described in the offer document.
Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Pvt.Ltd..
Work out the listing gain for this SME IPO
Applications are made through ASBA, where the money is blocked in your own bank account rather than paid, or through a UPI mandate for applications up to five lakh rupees. Through your broker's app, choose the issue, the number of lots and the price; bid at the cut-off price so that the application is valid whatever price the issuer finally fixes; and approve the UPI mandate that arrives from your bank.
Through net banking, the ASBA form in your bank's IPO section does the same without a broker. One application per PAN counts; a second application in the same name is rejected, though applications in family members' names with their own PANs and demat accounts are separate.
Retail applications are capped at two lakh rupees; above that you apply as a non-institutional investor, where allotment is proportionate rather than by lottery. The money stays in your account and earns interest until allotment, and the block is released on the allotment date if you receive nothing.
The expected listing premium, usually called the grey market premium, is the amount per share that unofficial dealers are quoting for the issue before it lists. It is a sentiment reading, not a price you can transact at, and it is not regulated by SEBI or the exchanges. It moves through the day, usually tracks subscription, and often changes sharply in the final hours before listing.
Rupix records every observation and shows the trend, as a percentage of the top of the price band so that issues of different sizes can be compared. It is one input, alongside subscription, the company's financials and the valuation the issue asks for, and it does not predict the listing price.
₹114 to ₹120 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application is valid whatever price the issuer finally fixes.
One lot is 1200 shares, and every application is a whole number of lots. At the top of the band that makes the minimum application ₹1,44,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,44,000, for one lot of 1200 shares at the top of the price band. The amount is blocked in your bank account through ASBA or a UPI mandate while the issue is open, and released on the allotment date if you are not allotted shares.
It opened on 30 October 2026 and closes on 3 November 2026. Applications are accepted through broker apps and net banking until the close on the last day.
The basis of allotment is due on 4 November 2026. The registrar, Kfin Technologies Ltd, publishes allotment status searchable by PAN, and the shares are credited to successful applicants' demat accounts the day before listing.
The shares are due to list on 6 November 2026 on the NSE. Trading begins after the special pre-open session on listing morning, in which the opening price is discovered.
The issue size is ₹34.56 crore. The fresh issue is 23,26,000 shares (aggregating up to ₹27.91 crore). The offer for sale is 5,54,000 shares (aggregating up to ₹6.65 crore).
On the registrar's website at https://ipostatus.kfintech.com/, by PAN, application number or demat account, once the basis of allotment is published on 4 November 2026. The Rupix app can also check it by PAN.
The expected listing premium is quoted at ₹18 per share above the issue price (15% on the upper band of ₹120), an indicative listing price of ₹138, as of 2 November 2026. It is what unofficial dealers quote per share, a sentiment reading from an unregulated market, and it does not predict the listing price.
Through your broker's app with a UPI mandate, or through your bank's net banking using ASBA. Bid at the cut-off price, approve the mandate, and the money stays blocked in your account until allotment. Rupix does not take applications.