HGS (India) IPO: GMP, Allotment Status, Subscription & Price Band
SME IPO · Bidding closed
By IPO GMP Status desk · Updated 4 November 2026 · How we compile these figures
The HGS (India) IPO is an SME issue that was open for bidding from 30 October 2026 to 3 November 2026. The price band is ₹114 to ₹120 per share, and the minimum application is one lot of 1200 shares (₹1,44,000 at the top of the band). The issue size is ₹34.56 crore.
Key takeaways
- GMP has climbed from ₹0 to ₹25 over 8 days.
- Expected gain of +20.8% against an average listing gain of -0.9% for the last 10 SME IPOs.
- Subscribed 248.58x — more than the 28.1x average of recent SME issues.
- About 1 retail application in 236 can expect a lot; more family PANs mean more chances.
HGS (India) IPO GMP today
In the grey market, HGS (India) shares are quoted at a premium of ₹25 per share, which puts the estimated listing price at ₹145, a 20.8% premium to the upper price band. In the grey market it has been quoted between ₹23 and ₹30. GMP is an unofficial, unregulated quote — a sentiment reading, not a promise of the listing price.
Minimum investment and expected profit
The minimum investment is one lot of 1200 shares, which costs ₹1,44,000 at the upper price band of ₹120. At today's GMP of ₹25 per share, one lot points to an estimated profit of ₹30,000 on listing.
Subscription status
By the close, bids came to 248.58 times the shares on offer. By category: qualified institutions (QIB) 137.92 times; non-institutional investors (NII) 424.67 times — bHNI 493.16 times, sHNI 291.21 times; retail investors 235.72 times. Demand was strongest from non-institutional investors.
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 137.92 times |
| Non-institutional (NII) | 424.67 times |
| Big NII (bHNI) | 493.16 times |
| Small NII (sHNI) | 291.21 times |
| Retail (RII) | 235.72 times |
| Total | 248.58 times |
HGS (India) GMP trend
Since 27 October the grey market premium has risen from ₹0 to ₹25.
| Date | GMP | Expected gain | Subscribed |
|---|---|---|---|
| 4 Nov | ₹25 | +20.8% | 248.58x |
| 3 Nov | ₹25 | +20.8% | 231.18x |
| 2 Nov | ₹30 | +25.0% | 19.43x |
| 1 Nov | ₹30 | +25.0% | 1.53x |
| 31 Oct | ₹30 | +25.0% | 1.65x |
| 30 Oct | ₹34 | +28.3% | 1.53x |
| 29 Oct | ₹0 | +0.0% | — |
| 28 Oct | ₹0 | +0.0% | — |
| 27 Oct | ₹0 | +0.0% | — |
Key dates
| Opens | 30 October 2026 |
|---|---|
| Closes | 3 November 2026 |
| Allotment | 4 November 2026 |
| Listing | 6 November 2026 |
HGS (India) IPO allotment status
The basis of allotment was fixed on 4 November 2026. Applied from multiple PAN cards? Save the PANs you applied with — yours and your family's — on our allotment page, and one tap checks HGS (India) IPO allotment status for all of them at once.
Check HGS (India) IPO allotment for multiple PANs →
Chances of HGS (India) IPO allotment
Retail investors bid for HGS (India) 235.72 times over. With demand like that, retail shares go by lottery — one minimum lot to each winning application — so roughly 1 application in 236 is allotted (about 0.4%). Every PAN is a separate application, so applying from more family members' PANs, each with its own demat account, raises the chance that at least one is allotted. A rough guide, not a promise: the registrar's draw decides.
| PANs applied | Chance at least one is allotted |
|---|---|
| 1 PAN | 0.4% |
| 2 PANs | 0.8% |
| 3 PANs | 1% |
| 5 PANs | 2% |
Anchor investors
Anchor shares are locked in: half until 4 December 2026 and the rest until 2 February 2027 (30 and 90 days from allotment).
Compared with recent IPOs
The last 10 SME IPOs listed at an average loss of 0.9%, and 2 of 10 met or beat their GMP estimate. HGS (India)'s expected gain of +20.8% is above that average. See every result on the GMP performance tracker.
HGS (India) IPO: frequently asked questions
What is the HGS (India) IPO GMP?
In the grey market, HGS (India) shares are quoted at a premium of ₹25 per share, which puts the estimated listing price at ₹145, a 20.8% premium to the upper price band. In the grey market it has been quoted between ₹23 and ₹30. GMP is an unofficial, unregulated quote — a sentiment reading, not a promise of the listing price.
What is the HGS (India) IPO price band and lot size?
The price band is ₹114 to ₹120 per share and one lot is 1200 shares.
What is the minimum investment for the HGS (India) IPO?
The minimum investment is one lot of 1200 shares, which costs ₹1,44,000 at the upper price band of ₹120. At today's GMP of ₹25 per share, one lot points to an estimated profit of ₹30,000 on listing.
How many times was the HGS (India) IPO subscribed?
By the close, bids came to 248.58 times the shares on offer. By category: qualified institutions (QIB) 137.92 times; non-institutional investors (NII) 424.67 times — bHNI 493.16 times, sHNI 291.21 times; retail investors 235.72 times. Demand was strongest from non-institutional investors.
When is the HGS (India) IPO allotment date?
The basis of allotment is on 4 November 2026.
What are the chances of getting HGS (India) IPO allotment?
Retail was subscribed 235.72 times, so roughly 1 retail application in 236 gets a lot (about 0.4%). With 2 PANs about 0.8%, 3 PANs about 1%, 5 PANs about 2% — a rough guide; the registrar's lottery decides.
How do I check HGS (India) IPO allotment status?
Add your PANs on the IPO GMP Status allotment page and press Check once the allotment is out, or look it up on the registrar's website with your PAN or application number.
How to check HGS (India) IPO allotment status for multiple PAN cards?
Add every PAN you applied with — your own and your family members' — on the IPO GMP Status allotment page once. When the HGS (India) allotment is out, one Check shows the result for all of them together, without opening the registrar's site for each PAN. The PANs stay only in your browser.
When will HGS (India) IPO list?
The listing date is 6 November 2026.
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Live figures
The GMP, subscription and dates above come from the same record as our HGS (India) IPO page, which shows them live with the full subscription break-up and the prospectus. Nothing here is investment advice; see the disclaimer.