HGS (India) IPO
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HGS (India) IPO details
Schedule of HGS (India)
| Issue open date | 30 Oct 2026 |
| Issue close date | 03 Nov 2026 |
| UPI mandate deadline | 03 Nov 2026 (5 PM) |
| Allotment finalization | 04 Nov 2026 |
| Refund initiation | 05 Nov 2026 |
| Share credit | 05 Nov 2026 |
| Listing date | 06 Nov 2026 |
| Mandate end date | 18 Nov 2026 |
| Lock-in end date for anchor investors (50%) | 03 Dec 2026 |
| Lock-in end date for anchor investors (remaining) | 01 Feb 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About HGS (India)
HGS India manufactures geophones, seismic cables, and geophysical connectors for the energy and geoscience sector. The company’s products are used in seismic data acquisition to detect, record, and transmit ground vibration signals for subsurface geological analysis. Revenue is generated from selling geophone strings and harnesses, seismic cables, and geophysical instruments and accessories to global and domestic clients across diverse end-user industries. These industries include oil and gas exploration, vibration monitoring, earthquake seismology, geophysical seabed surveys, mine exploration, and defense research. The company operates a primary manufacturing facility in Manesar, Gurugram, equipped with precision geophone element assembly, cable extrusion, injection moulding, and automated testing capabilities. HGS India utilizes a dual-hub operating model, combining production in India with international customer engagement and marketing through its wholly owned subsidiary located in the Netherlands to serve multinational customers across global markets.
Financials of HGS (India)
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 34.56 |
| Fresh Issue – Proceeds go to the company | 27.91 |
| Offer for sale – Proceeds go to the existing investors |
6.65 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Capital expenditure for replacement of plant and machinery at Manesar facility | 15.05 (53.91%) |
| Capital expenditure for backward integration to set up in-house gold plating facility | 1.05 (3.76%) |
| Capital expenditure for infrastructural development of building on 2nd floor at Manesar | 3.26 (11.69%) |
| General corporate purposes | 8.55 (30.64%) |
Strengths
- Offers a comprehensive product portfolio across geophones, cables, and connectors.
- Serves diverse end-user segments including oil & gas, seismology, and civil monitoring.
- Decades of precision engineering expertise with advanced in-house manufacturing.
- Dual-hub operating model combining Indian manufacturing and European marketing.
- Long-term relationships with key domestic and international customers.
Risks
- High customer concentration with top 10 clients generating over 72% of FY26 revenues.
- Absence of long-term customer contracts exposes business to sudden order cancellations.
- Significant exposure to international markets and global trade regulations.
- Dependence on exploration and capital expenditure cycles in the oil and gas sector.
- Geographic concentration with manufacturing operations situated at a single site in Manesar.