HGS (India) IPO Subscription Status Day 3: Issue Subscribed 248.56 Times

Mumbai, November 03: The HGS (India) IPO was subscribed 248.56 times overall as of 5:00:05 PM IST on November 3, 2026, the third and final day of bidding, according to the subscription figures provided. The non-institutional investor (NII) category recorded 424.66 times subscription, while individual investors registered 235.69 times. The qualified institutional buyers (QIB) segment, excluding anchor investors, stood at 137.92 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 was fixed at ₹114 to ₹120 per share, with the issue price at ₹120. Subscription opened on October 30, 2026, and closed 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 3 Subscription Status

As of 5:00:05 PM IST on November 3, 2026, the HGS (India) IPO had received bids for 47,75,42,400 equity shares against 19,21,200 shares available for public subscription, excluding the anchor investor and market maker portions. The non-institutional investor segment received bids for 17,58,10,800 shares against an allocation of 4,14,000 shares. Within this category, big non-institutional investors (bNII) submitted bids for 13,49,28,000 shares against 2,73,600 shares offered, while small non-institutional investors (sNII) placed bids for 4,08,82,800 shares against their allocation of 1,40,400 shares. Individual investors submitted bids for 22,62,62,400 shares against 9,60,000 shares reserved for the category. Meanwhile, the QIB segment, excluding anchor investors, received bids for 7,54,69,200 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	7,54,69,200	137.92x
NII/HNI	4,14,000	17,58,10,800	424.66x
bNII (Above ₹10 lakh)	2,73,600	13,49,28,000	493.16x
sNII (Below ₹10 lakh)	1,40,400	4,08,82,800	291.19x
Individual Investors (Retail)	9,60,000	22,62,62,400	235.69x
Total	19,21,200	47,75,42,400	248.56x

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 concluded on November 3, 2026, covering three bidding days. The supplied subscription records show the changes in demand across the investor categories during the bidding period. The final day’s figures reflect the snapshot captured at 5:00:05 PM IST on November 3, 2026.

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)	4.88x	31.56x	25.56x	20.96x
November 3, 2026 (Day 3, 5:00:05 PM IST)	137.92x	424.66x	235.69x	248.56x

The IPO recorded an overall subscription of 1.16 times on its opening day, followed by 20.96 times on the second day. By the final day’s reported snapshot, the total had reached 248.56 times, with a substantial increase in bids across all three public investor categories. The NII segment registered the highest subscription multiple on the closing day. Within this category, big non-institutional investors recorded 493.16 times subscription, compared with 291.19 times among small non-institutional investors. Retail participation also increased considerably from the opening day’s reported position. The QIB category, which had recorded 1.77 times subscription on Day 1, reached 137.92 times by the final day’s snapshot.

HGS (India) IPO Timeline

The HGS (India) IPO closed for public subscription on November 3, 2026. The issue is now scheduled to 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 was fixed at ₹114 to ₹120 per equity share, with a face value of ₹10 each. The issue price is ₹120 per share, and the lot size is 1,200 shares. Individual investors were required to apply for a minimum of two lots, equivalent to 2,400 shares, involving an investment of ₹2,88,000 at the issue price. For small non-institutional investors (sHNI), the minimum application size was three lots or 3,600 shares, amounting to ₹4,32,000. Big non-institutional investors (bHNI) had 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 closed 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