Qualiance International LT IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Individual investors (IND))
₹2,54,000
2 lots · 2,000 shares at the upper price band
Price band
₹127
Latest GMP
₹76
+59.8% of the ₹127 upper band
Est. listing price
₹203
Issue size
₹42.82 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 11 Sept 2026, 5:03 pm | ₹76 | ₹203 |
| 11 Sept 2026, 5:01 pm | ₹76 | ₹203 |
| 11 Sept 2026, 12:50 pm | ₹76 | ₹203 |
| 11 Sept 2026, 12:49 pm | ₹76 | ₹203 |
| 11 Sept 2026, 8:05 am | ₹76 | ₹203 |
| 11 Sept 2026, 8:03 am | ₹76 | ₹203 |
| 11 Sept 2026, 7:00 am | ₹76 | ₹203 |
| 11 Sept 2026, 6:55 am | ₹76 | ₹203 |
| 11 Sept 2026, 6:50 am | ₹76 | ₹203 |
| 11 Sept 2026, 6:28 am | ₹76 | ₹203 |
| 10 Sept 2026, 6:17 pm | ₹73 | ₹192 |
| 10 Sept 2026, 5:37 pm | ₹75 | ₹192 |
| 10 Sept 2026, 5:30 pm | ₹65 | ₹192 |
| 10 Sept 2026, 5:00 pm | ₹73 | ₹192 |
| 10 Sept 2026, 4:59 pm | ₹65 | ₹192 |
| 10 Sept 2026, 12:56 pm | ₹75 | ₹192 |
| 10 Sept 2026, 12:55 pm | ₹65 | ₹192 |
| 10 Sept 2026, 11:20 am | ₹73 | ₹192 |
| 10 Sept 2026, 8:08 am | ₹65 | ₹192 |
| 10 Sept 2026, 6:13 am | ₹65 | ₹192 |
| 10 Sept 2026, 6:10 am | ₹65 | ₹192 |
| 10 Sept 2026, 6:09 am | ₹65 | ₹192 |
| 9 Sept 2026, 5:09 pm | ₹65 | ₹192 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹127
- Issue size
- ₹42.82 Cr
- Lot size
- 1,000
- Opens
- 4 Sept 2026
- Closes
- 8 Sept 2026
- Allotment
- 9 Sept 2026
- Listing
- 11 Sept 2026
- Est. listing price
- ₹203
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹2,54,000 (2 lots · 2,000 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Listing at
- NSE SME
- Refunds
- 10 Sept 2026
- Shares credited
- 10 Sept 2026
- Promoter holding
- 86.49% before · 63.66% after
- Lead managers
- Hem Securities Ltd.
Offer documents & links
Subscription by category
As of 8 Sept 2026, 1:24 pm.
Total subscription
321.81x
Full issue details
Details as published for this issue, read 11 Sept 2026, 4:59 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 4 to 8 Sep, 2026 |
|---|---|
| Listed on | Fri, Sep 11, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹120 to ₹127 |
| Issue Price | ₹127 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 35,52,000 shares (agg. up to ₹ 45 Cr) |
|---|---|
| Reserved for Market Maker | 1,80,000 shares (agg. up to ₹ 2 Cr) Hem Finlease Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 33,72,000 shares (agg. up to ₹ 43 Cr) |
| Net Offered to Public | 33,72,000 shares (agg. up to ₹ 43 Cr) |
| Share Holding Pre Issue | 99,00,000 shares |
| Share Holding Post Issue | 1,34,52,000 shares |
| NSE Symbol | QUALIANCE |
| ISIN | INE1XJ401012 |
Pre-Open Session - NSE
IPO Timetable
- IPO Open
- Fri, Sep 4, 2026
- IPO Close
- Tue, Sep 8, 2026
- Allotment
- Wed, Sep 9, 2026
- Refund
- Thu, Sep 10, 2026
- Credit of Shares
- Thu, Sep 10, 2026
- Listing
- Fri, Sep 11, 2026
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 16,83,000 | 49.91% | 47.38% |
| − Anchor Investor | 10,09,000 | — | 28.41% |
| − QIB (Ex. Anchor) | 6,74,000 | — | 18.98% |
| NII (HNI) | 5,07,000 | 15.04% | 14.27% |
| − bNII > ₹10L | 3,36,000 | — | 9.46% |
| − sNII < ₹10L | 1,71,000 | — | 4.81% |
| Retail | 11,82,000 | 35.05% | 33.28% |
| Firm Reservations | |||
| Market Maker | 1,80,000 | — | 5.07% |
| Total | 35,52,000 | 100.00% | 100.00% |
Qualiance International IPO comprises a total issue size of 35,52,000 shares. The net offer to the public is 33,72,000 shares, after excluding 1,80,000 shares allotted on a firm basis. Of the Net offer 16,83,000 (49.91%) are allocated to QIB , 5,07,000 (15.04%) allocated to NII 11,82,000 (35.05%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2000 | ₹2,54,000 |
| Individual investors (IND) (Max) | 2 | 2000 | ₹2,54,000 |
| S-HNI (Min) | 3 | 3000 | ₹3,81,000 |
| S-HNI (Max) | 7 | 7000 | ₹8,89,000 |
| B-HNI (Min) | 8 | 8000 | ₹10,16,000 |
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Thu, Sep 3, 2026 |
|---|---|
| Shares Offered | 10,09,000 |
| Anchor Portion (₹ Cr.) | 12.81 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Oct 8, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 7, 2026 |
Qualiance International IPO raises ₹ 12.81 crore from anchor investors . Qualiance International IPO Anchor bid date is September 3, 2026 .
📝 Anchor Investors Letter (PDF)
IPO Anchor Investors List
About Qualiance International Ltd.
Incorporated in August 2006, Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for institutional, government and brand clients in international markets. The Company originally commenced operations as a partnership firm, M/s. Qualiance Exports, in 1994 and was subsequently incorporated as Qualiance International Private Limited before being converted into a public limited company in December 2025. Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear and performance activewear.
The Company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum. The facility supports various manufacturing activities, including regular cut-and-sew operations and specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. The Company manufactures both knitted and woven garments based on customer specifications, technical drawings, patterns and performance requirements.
The Company primarily serves customers across Europe and North America, including government, institutional and brand clients. Its export-focused business contributed 98.82% of revenue from operations in Fiscal 2026. The Company follows quality and compliance standards applicable to international markets and holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, along with SEDEX SMETA audit compliance. The Company also holds the status of a Two Star Export House issued by the Government of India.
As of June 30, 2026, the Company had 255 payroll employees across its manufacturing facility and office operations, supported by contractual labour engaged based on production requirements.
Competitive Strengths
Strong export-focused business model.
Widespread reach across international markets.
Qualified and experienced Promoters and management team.
Integrated expertise in high-performance technical garments.
Specialized manufacturing capabilities for performance apparel.
Multiple international quality, safety and sustainability certifications.
Skilled workforce supporting manufacturing and operational capabilities.
In-house manufacturing facility supported by a quality control mechanism.
Company Financials (Restated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 68.99 | 57.53 | 43.14 |
| Total Income | 80.95 | 55.06 | 38.14 |
| Profit After Tax | 11.87 | 4.90 | 2.84 |
| EBITDA | 16.72 | 7.97 | 4.86 |
| NET Worth | 24.74 | 13.82 | 8.92 |
| Reserves and Surplus | 24.75 | 14.54 | 10.41 |
| Total Borrowing | 28.50 | 29.71 | 19.17 |
| Amount in ₹ Crore |
Qualiance International Ltd.'s revenue increased by 47% and profit after tax (PAT) rose by 142% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Other Textile Products
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Ashutosh Fibre Ltd. | SME | ₹56.35 Cr | ₹92 | 9.03 | ₹147.00 | +59.78% | ₹156.70 |
| Fascinate Textiles Ltd. | SME | ₹64.83 Cr | ₹151 | 10.33 | ₹114.80 | -23.97% | ₹55.90 |
| Shreedhar Spinners Ltd. | SME | ₹30.68 Cr | ₹53 | 13.44 | ₹57.10 | +7.74% | ₹129.35 |
| Harikanta Overseas Ltd. | SME | ₹24.30 Cr | ₹91 | 14.66 | ₹75.77 | -16.74% | ₹67.00 |
| Yajur Fibres Ltd. | SME | ₹120.41 Cr | ₹174 | 23.49 | ₹132.25 | -23.99% | ₹39.00 |
| K K Silk Mills Ltd. | SME | ₹28.50 Cr | ₹38 | 12.12 | ₹30.40 | -20.00% | ₹9.95 |
| Game Changers Texfab Ltd. | SME | ₹54.84 Cr | ₹102 | 10.58 | ₹109.35 | +7.21% | ₹112.00 |
| Sihora Industries Ltd. | SME | ₹10.56 Cr | ₹66 | 13.14 | ₹66.50 | +0.76% | ₹58.51 |
| Siddhi Cotspin Ltd. | SME | ₹69.85 Cr | ₹108 | 16.06 | ₹82.10 | -23.98% | ₹26.50 |
| Alpine Texworld Ltd. | Mainboard | ₹126.25 Cr | ₹105 | 12.68 | ₹99.75 | -5.00% | ₹58.22 |
| Kusumgar Ltd. | Mainboard | ₹650.00 Cr | ₹419 | 44.8 | ₹602.80 | +43.87% | ₹566.00 |
| Aastha Spintex Ltd. | Mainboard | ₹170.00 Cr | ₹136 | 18.78 | ₹136.49 | +0.36% | ₹79.29 |
| Shree Ram Twistex Ltd. | Mainboard | ₹110.24 Cr | ₹104 | 38.21 | ₹71.40 | -31.35% | ₹37.39 |
View More »
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu | 38.00 |
| 2 | General Corporate Purpose | 0.02 |
| 3 | Issue Expenses | 7.09 |
| Total | 45.11 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 61.56% | 43.07% |
| ROCE | 37.33% | 21.16% |
| Debt/Equity | 1.15 | 2.15 |
| RoNW | 47.98% | 35.44% |
| PAT Margin | 15.44% | 9.23% |
| EBITDA Margin | 21.74% | 15.02% |
| NAV | 24.99 | 13.96 |
| Price to Book Value | 5.08 | 9.10 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 11.99 | 8.82 |
| P/E (x) | 10.59 | 14.4 |
| Market Cap at Offer Price | ₹126Cr. | ₹170.84 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 86.49% | 63.66% |
| Public | 13.51% | 36.34% |
| Total | 100% | 100% |
Company Promoters: Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani.
Qualiance International IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 299.60 | 6,74,000 | 20,19,29,000 | 162 |
| NII * | 699.59 | 5,07,000 | 35,46,94,000 | 0 |
| bNII (> ₹10L) | 850.76 | 3,36,000 | 28,58,54,000 | — |
| sNII (< ₹10L) | 402.57 | 1,71,000 | 6,88,40,000 | — |
| Individual Investor | 447.13 | 11,82,000 | 52,85,08,000 | 2,64,254 |
| Total | 459.22 | 23,63,000 | 1,08,51,31,000 | 3,21,003 |
The Qualiance International IPO is subscribed 459.22 times on September 8, 2026 6:54:06 PM (Day 3). The public issue subscribed 447.13 times in the individual investors category, 299.60 times in the QIB category, and 699.59 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 3,21,003
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLM (including underwriting commission | 3.19 |
| 2 | Fees Payable to Registrar to the Issue | 0.03 |
| 3 | Fees Payable for Advertising, Marketing Expenses | 0.07 |
| 4 | Fees Payable to Regulators including Stock Exchange | 0.17 |
| 5 | Payment for Printing & Stationery, Postage, etc | 0.01 |
| 6 | Fees Payable to Auditor, Legal Advisors and other Professionals | 0.18 |
| 7 | Others, (Fees payable for Marketing & distribution expenses, Selling Commission, Brokerage, Processing Fees*, Underwriting fees and Miscellaneous Expenses | 3.45 |
| Total | 7.09 |
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
qualiance.smeipo@in.mpms.mufg.com
IPO Lead Manager(s)
Hem Securities Ltd.
Contact Details
Qualiance International Ltd. Address
406 - B Wing, Knox Plaza
Next to Tangent Showroom
Mindspace, Mal, ad West
Mumbai, Maharashtra , 400064
+91 22 42666003
cs@qualiance.com
Qualiance International LT IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Qualiance International shares make blockbuster listing at 77% premium on NSE Emerge
Moneycontrol.com · 11 Sept 2026
Qualiance International SME shares to list today: GMP signals 64% listing gain
The Economic Times · 11 Sept 2026
Qualiance International IPO Allotment Status: Check Allocation
HDFC Sky · 10 Sept 2026
Qualiance International IPO Allotment Status: Check Allotment Status, Subscription Data And Share Allocation Online
HDFC Sky · 9 Sept 2026
Qualiance International IPO Day 3 Subscription Status: Issue Booked 459.22 Times
HDFC Sky · 8 Sept 2026
Qualiance International IPO Day 2: Subscribed 451.75x; QIB surges 3412%; NII leads at 850.39x
scanx.trade · 8 Sept 2026
Qualiance International IPO Day 3 Subscription Status 8 Sep 2026
Univest · 8 Sept 2026
Qualiance International IPO Allotment Status: 38.85x Subscribed, Check Online
Univest · 8 Sept 2026