HGS (India) IPO Subscription Status Day 2: Issue Subscribed 20.84 Times

Mumbai, November 02: The HGS (India) IPO was subscribed 20.84 times overall as of 5:09:59 PM IST on November 2, 2026, the second day of bidding, according to the subscription figures provided. The non-institutional investor (NII) category recorded 31.52 times subscription, while individual investors registered 25.34 times. The qualified institutional buyers (QIB) segment, excluding anchor investors, stood at 4.88 times subscription at the reported snapshot time. The book-built issue is valued at approximately ₹34.56 crore and comprises a fresh issue of 23.26 lakh equity shares aggregating ₹27.91 crore, alongside an offer for sale of 5.54 lakh shares worth ₹6.65 crore. The IPO price band has been fixed at ₹114 to ₹120 per share, with a face value of ₹10 each. Subscription opened on October 30, 2026, and is scheduled to close on November 3, 2026. The tentative allotment date is November 4, 2026. Refunds and credit of shares are scheduled for November 5, while the company’s equity shares are expected to list on the NSE SME platform on November 6, 2026.

HGS (India) IPO Day 2 Subscription Status

As of 5:09:59 PM IST on November 2, 2026, the HGS (India) IPO had received bids for 4,00,42,800 equity shares against 19,21,200 shares available for public subscription, excluding the anchor investor and market maker portions. The non-institutional investor segment accounted for 1,30,48,800 shares bid against an allocation of 4,14,000 shares. Within this category, big non-institutional investors (bNII) submitted bids for 91,76,400 shares against 2,73,600 shares offered, while small non-institutional investors (sNII) placed bids for 38,72,400 shares against their allocation of 1,40,400 shares. Individual investors submitted bids for 2,43,21,600 shares against 9,60,000 shares reserved for the category. Meanwhile, the QIB segment, excluding anchor investors, received bids for 26,72,400 shares against 5,47,200 shares offered.

The category-wise subscription position at the reported snapshot time was as follows:

Investor Category	Shares Offered	Shares Bid For	Subscription (Times)
QIB (Ex Anchor)	5,47,200	26,72,400	4.88x
NII/HNI	4,14,000	1,30,48,800	31.52x
bNII (Above ₹10 lakh)	2,73,600	91,76,400	33.54x
sNII (Below ₹10 lakh)	1,40,400	38,72,400	27.58x
Individual Investors (Retail)	9,60,000	2,43,21,600	25.34x
Total	19,21,200	4,00,42,800	20.84x

The IPO also includes an anchor investor allocation of 8,13,600 shares and a market maker reservation of 1,45,200 shares. Both portions recorded bids covering their respective allocated quantities. These reservations are excluded from the overall public subscription calculation.

HGS (India) IPO Day-wise Subscription Summary

The HGS (India) IPO opened for public subscription on October 30, 2026, and is scheduled to close on November 3, 2026. The supplied subscription records cover the first two bidding days, including the Day 2 snapshot captured at 5:09:59 PM IST on November 2, 2026.

The day-wise subscription figures are presented below.

Date	QIB (Ex Anchor)	NII	Individual Investors	Total Subscription
October 30, 2026 (Day 1)	1.77x	1.24x	0.25x	1.16x
November 2, 2026 (Day 2, 5:09:59 PM IST)	4.88x	31.52x	25.34x	20.84x

The IPO recorded an overall subscription of 1.16 times on its opening day. By the second day’s reported snapshot, the subscription had reached 20.84 times, with higher participation across all three public investor categories. The NII segment registered the highest subscription multiple on Day 2, with both big and small non-institutional investors recording increased demand compared with the opening day. Retail subscription also rose considerably, while institutional bids pushed the QIB category above its allocated share quantity. The issue will remain open for one more bidding day, with subscription scheduled to close on November 3, 2026.

HGS (India) IPO Timeline

The HGS (India) IPO opened for bidding on October 30, 2026, and is scheduled to close on November 3, 2026. Following the subscription period, the issue will proceed through allotment and settlement, with a tentative listing date of November 6, 2026.

IPO Event	Date
Issue Open Date	October 30, 2026
Issue Close Date	November 3, 2026
Allotment Date	November 4, 2026
Initiation of Refunds	November 5, 2026
Credit of Shares	November 5, 2026
Tentative Listing Date	November 6, 2026
Listing Platform	NSE SME

Brief Overview of the HGS (India) IPO

HGS (India)’s IPO is a book-built public issue aggregating approximately ₹34.56 crore. The offering combines a fresh issue of 23.26 lakh equity shares valued at ₹27.91 crore with an offer-for-sale component of 5.54 lakh shares amounting to ₹6.65 crore. The total issue comprises 28,80,000 equity shares, including 1,45,200 shares reserved for the market maker. The remaining 27,34,800 shares form the net offer, including the anchor investor allocation. Of the net offer, 13,60,800 shares have been allocated to qualified institutional buyers, representing approximately 49.76%. This includes 8,13,600 shares for anchor investors and 5,47,200 shares for other QIBs. Non-institutional investors have been allocated 4,14,000 shares, while 9,60,000 shares are reserved for individual investors. The IPO price band has been fixed at ₹114 to ₹120 per equity share, with a face value of ₹10 each. The lot size is 1,200 shares. Individual investors are required to apply for a minimum of two lots, equivalent to 2,400 shares, involving an investment of ₹2,88,000 at the upper end of the price band. For small non-institutional investors (sHNI), the minimum application size is three lots or 3,600 shares, amounting to ₹4,32,000 at the upper price. Big non-institutional investors (bHNI) have a minimum application requirement of seven lots, equivalent to 8,400 shares and an investment of ₹10,08,000. Hem Securities Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. serves as the registrar. Hem Finlease Pvt. Ltd. has been appointed as the market maker. The IPO opened for subscription on October 30, 2026, and is scheduled to close on November 3, 2026. The Allotment is tentatively expected to be finalised on November 4, followed by refunds and credit of shares on November 5. HGS (India) is expected to list on the NSE SME platform on November 6, 2026.

Source:

• https://www.nseindia.com/market-data/issue-information?symbol=HGSINDIALT&series=SME&type=Active