SME
    listed

    Qualiance International LT IPO

    Updated 15 Sept 2026, 2:12 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    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

    Listing price

    ₹224.90

    NSE QUALIANCE, special pre-open price

    Listing gain

    +77.1%

    Listing price against the issue price

    First-day close

    ₹236.10

    Since issue

    +85.9%

    ₹236.1 close, 11 Sept 2026

    As NSE lists it

    The exchange's own issue data, NSE symbol QUALIANCE · read 15 Sept 2026, 2:36 pm

    Price band
    ₹120–127
    Bidding
    4 Sept 2026 – 8 Sept 2026
    Subscribed (NSE)
    Shares offered
    Listed
    11 Sept 2026
    Issue price
    ₹127

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    11 Sept 2026, 10:33 pm₹76₹203
    11 Sept 2026, 10:31 pm₹76₹203
    11 Sept 2026, 6:20 pm₹76₹203
    11 Sept 2026, 6:19 pm₹76₹203
    11 Sept 2026, 1:35 pm₹76₹203
    11 Sept 2026, 1:33 pm₹76₹203
    11 Sept 2026, 12:30 pm₹76₹203
    11 Sept 2026, 12:25 pm₹76₹203
    11 Sept 2026, 12:20 pm₹76₹203
    11 Sept 2026, 11:58 am₹76₹203
    10 Sept 2026, 11:47 pm₹73₹192
    10 Sept 2026, 11:07 pm₹75₹192
    10 Sept 2026, 11:00 pm₹65₹192
    10 Sept 2026, 10:30 pm₹73₹192
    10 Sept 2026, 10:29 pm₹65₹192
    10 Sept 2026, 6:26 pm₹75₹192
    10 Sept 2026, 6:25 pm₹65₹192
    10 Sept 2026, 4:50 pm₹73₹192
    10 Sept 2026, 1:38 pm₹65₹192
    10 Sept 2026, 11:43 am₹65₹192
    10 Sept 2026, 11:40 am₹65₹192
    10 Sept 2026, 11:39 am₹65₹192
    9 Sept 2026, 10:39 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
    ₹225
    Listing gain
    +77.1%
    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.

    Subscription by category

    As of 8 Sept 2026, 6:54 pm.

    Total subscription

    321.81x

    Qualified Institutional299.60×
    Non Institutional699.59×
    Retail Individual447.13×

    Full issue details

    Details as published for this issue, read 11 Sept 2026, 10:29 am. Verify against the RHP before applying.

    IPO Details

    IPO Date4 to 8 Sep, 2026
    Listed onFri, Sep 11, 2026
    Face Value₹ 10 per share
    Price Band₹120 to ₹127
    Issue Price₹127 per share
    Lot Size1,000 Shares
    Sale TypeFresh capital only
    Issue TypeBookbuilding IPO
    Listing AtNSE SME
    Total Issue Size35,52,000 shares (agg. up to ₹ 45 Cr)
    Reserved for Market Maker1,80,000 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 Public33,72,000 shares (agg. up to ₹ 43 Cr)
    Share Holding Pre Issue99,00,000 shares
    Share Holding Post Issue1,34,52,000 shares
    NSE SymbolQUALIANCE
    ISININE1XJ401012

    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 CategoryShares% of Net Issue% of Total Issue
    QIB16,83,00049.91%47.38%
    − Anchor Investor10,09,00028.41%
    − QIB (Ex. Anchor)6,74,00018.98%
    NII (HNI)5,07,00015.04%14.27%
    − bNII > ₹10L3,36,0009.46%
    − sNII < ₹10L1,71,0004.81%
    Retail11,82,00035.05%33.28%
    Firm Reservations
    Market Maker1,80,0005.07%
    Total35,52,000100.00%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

    Individual investors (IND) (Min)₹2,54,000
    Individual investors (IND) (Max)₹2,54,000
    S-HNI (Min)₹3,81,000
    S-HNI (Max)₹8,89,000
    B-HNI (Min)₹10,16,000
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Individual investors (IND) (Min)22000₹2,54,000
    Individual investors (IND) (Max)22000₹2,54,000
    S-HNI (Min)33000₹3,81,000
    S-HNI (Max)77000₹8,89,000
    B-HNI (Min)88000₹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 DateThu, Sep 3, 2026
    Shares Offered10,09,000
    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)

    Total Income

    31 Mar 202438.14
    31 Mar 202555.06
    31 Mar 202680.95

    Profit After Tax

    31 Mar 20242.84
    31 Mar 20254.90
    31 Mar 202611.87

    EBITDA

    31 Mar 20244.86
    31 Mar 20257.97
    31 Mar 202616.72

    NET Worth

    31 Mar 20248.92
    31 Mar 202513.82
    31 Mar 202624.74
    Company Financials (Restated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets68.9957.5343.14
    Total Income80.9555.0638.14
    Profit After Tax11.874.902.84
    EBITDA16.727.974.86
    NET Worth24.7413.828.92
    Reserves and Surplus24.7514.5410.41
    Total Borrowing28.5029.7119.17
    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.

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    IPO Objects of the Issue

    Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu38.00
    General Corporate Purpose0.02
    Issue Expenses7.09
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu38.00
    2General Corporate Purpose0.02
    3Issue Expenses7.09
    Total45.11

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    ROE

    Mar 31, 202543.07%
    Mar 31, 202661.56%

    ROCE

    Mar 31, 202521.16%
    Mar 31, 202637.33%

    RoNW

    Mar 31, 202535.44%
    Mar 31, 202647.98%

    PAT Margin

    Mar 31, 20259.23%
    Mar 31, 202615.44%

    EBITDA Margin

    Mar 31, 202515.02%
    Mar 31, 202621.74%
    Key Performance Indicator (KPI): The percentage ratios only; the table's absolute figures stay in the table. Figures as published in the table below.
    KPIMar 31, 2026Mar 31, 2025
    ROE61.56%43.07%
    ROCE37.33%21.16%
    Debt/Equity1.152.15
    RoNW47.98%35.44%
    PAT Margin15.44%9.23%
    EBITDA Margin21.74%15.02%
    NAV24.9913.96
    Price to Book Value5.089.10

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)11.998.82
    P/E (x)10.5914.4
    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

    Pre IPO

    • Promoter and Promoter Group86.49%
    • Public13.51%

    Post IPO

    • Promoter and Promoter Group63.66%
    • Public36.34%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group86.49%63.66%
    Public13.51%36.34%
    Total100%100%

    Company Promoters: Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani.

    Qualiance International IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid forTotal Applications
    QIB (Ex Anchor)299.606,74,00020,19,29,000162
    NII *699.595,07,00035,46,94,0000
    bNII (> ₹10L)850.763,36,00028,58,54,000
    sNII (< ₹10L)402.571,71,0006,88,40,000
    Individual Investor447.1311,82,00052,85,08,0002,64,254
    Total459.2223,63,0001,08,51,31,0003,21,003

    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 ExpensesEst Amt (₹ Cr.)
    1Fees payable to the BRLM (including underwriting commission3.19
    2Fees Payable to Registrar to the Issue0.03
    3Fees Payable for Advertising, Marketing Expenses0.07
    4Fees Payable to Regulators including Stock Exchange0.17
    5Payment for Printing & Stationery, Postage, etc0.01
    6Fees Payable to Auditor, Legal Advisors and other Professionals0.18
    7Others, (Fees payable for Marketing & distribution expenses, Selling Commission, Brokerage, Processing Fees*, Underwriting fees and Miscellaneous Expenses3.45
    Total7.09

    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