Qualiance International IPO: Price Band, Lot Size, Financials & Review
Qualiance International IPO listed on NSE on Fri, 11 Sep 2026. The issue was subscribed 459.29x overall.
- Open Date
- 4 Sep 2026
- Close Date
- 8 Sep 2026
Last updated
- Price band
- ₹120 – ₹127
- Lot size
- 1,000 shares
- Min. investment
- ₹2,54,000
- Issue size
- ₹45.11 Cr
- Last GMP
- +₹81
- Subscribed
- 🔥 459.29x
Qualiance International IPO details
Qualiance International IPO is a ₹45.11 Cr book-building IPO on the SME segment, listing on NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Fri, 4 Sep 2026 to Tue, 8 Sep 2026. Allotment was finalised on Wed, 9 Sep 2026, and the shares listed on NSE on Fri, 11 Sep 2026.
The price band is ₹120 to ₹127 per share and the lot size is 1000 shares, so the minimum retail application is ₹2,54,000. Retail investors can apply for up to 2 lots (2,000 shares, ₹2,54,000).
MUFG Intime India Pvt Ltd is the registrar, and Hem Securities Ltd. is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Qualiance International IPO GMP before listing was +₹81 (+63.78% against the upper price band of ₹127), implying an estimated listing price of ₹208. Across 10 days of tracking, GMP ranged from +₹55 (02 Sep) to +₹81 (10 Sep).
| Last GMP | +₹81 |
|---|---|
| GMP vs upper band | +63.78% |
| Estimated listing price | ₹208 |
| Highest (10 Sep) | +₹81 |
| Lowest (02 Sep) | +₹55 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Qualiance International IPO day-wise GMP.
Subscription
Day-wise subscription →Qualiance International IPO was subscribed 459.29x overall: QIB 299.60x, NII 699.95x and retail 447.13x.
| Category | Subscribed |
|---|---|
| QIB | 299.60x |
| NII | 699.95x |
| └ bNII (above ₹10 lakh) | 851.29x |
| └ sNII (₹2–10 lakh) | 402.57x |
| Retail | 447.13x |
| Total | 459.29x |
Final figures at the close of bidding on 8 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Qualiance International IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 10,09,000 | 28.41% |
| Market Maker | 1,80,000 | 5.07% |
| Qualified Institutions | 6,74,000 | 18.98% |
| Non-Institutional | 5,07,000 | 14.27% |
| └ BNII | 3,36,000 | 9.39% |
| └ SNII | 1,71,000 | 4.85% |
| Retail Investors | 11,82,000 | 33.28% |
| Total | 35,52,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Qualiance International IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| Retail (Max) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,81,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,16,000 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹127, the issue is priced at 10.59x pre-issue earnings and 14.40x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 42.03x (2 companies).
Promoter holding falls from 86.49% before the issue to 63.66% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹11.99 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 10.59x |
| EPS (post-issue) EPS on the enlarged share capital | ₹8.82 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 14.40x |
| Promoter holding (pre-issue) | 86.49% |
| Promoter holding (post-issue) | 63.66% |
Qualiance International Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹55.06 Cr to ₹80.95 Cr, and profit after tax rose from ₹4.9 Cr to ₹11.87 Cr. The PAT margin for 31 Mar 2026 was 14.66%.
| 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 |
| Reserve & Surplus | 24.75 | 14.54 | 10.41 |
| Total Borrowings | 28.50 | 29.71 | 19.17 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 61.56 | 43.07 | 85.93 |
| ROCE % | 37.33 | 21.16 | 18.94 |
| Debt / Equity | 1.15 | 1.15 | 1.10 |
| RoNW % | 47.98 | 35.44 | 31.82 |
| Pat Margin % | 15.44 | 9.23 | 7.63 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Qualiance International Ltd | 10 | — | 11.99 | 11.99 | 47.98% | 24.99 |
| Gokaldas Exports Ltd | 5 | 60.84 | 13.11 | 13.11 | 4.63% | 294.95 |
| S P Apparels Ltd | 10 | 23.21 | 40.22 | 40.22 | 10.67% | 376.36 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu |
| 2 | General Corporate Purposes |
About Qualiance International Limited
Incorporated in August 2006, Qualiance International Limited is a Tiruppur-based manufacturer and exporter of technical and performance garments, catering primarily to government, institutional and international brand customers across Europe and North America. The Company traces its origins to 1994, when it commenced operations as a partnership firm, M/s. Qualiance Exports. It was subsequently incorporated as Qualiance International Private Limited and converted into a public limited company in December 2025.
The Company specializes in the design, engineering, manufacturing and export of performance-oriented and technical apparel. Its product portfolio includes military and police uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, protective workwear and performance activewear. Products are manufactured based on customer-provided designs, technical drawings, patterns, specifications and performance requirements.
Qualiance International operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of approximately 450,000 garment pieces per annum. The facility supports both conventional cut-and-sew manufacturing and specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. The Company manufactures both knitted and woven garments, enabling it to cater to a wide range of technical and performance apparel requirements.
The Company has an export-oriented business model, with customers primarily located in Europe and North America. Export revenue accounted for 98.82% of revenue from operations in Fiscal 2026. Its operations are supported by various international quality, environmental, safety and sustainability 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 is also recognized as a Two Star Export House by the Government of India.
As of June 30, 2026, Qualiance International had 255 employees across its manufacturing facility and office operations, supplemented by contractual labour engaged according to production requirements.
Competitive Strengths
Strong export-oriented business model with an established presence in international markets.
Diverse customer base comprising government, institutional and international brand clients.
Experienced Promoters and management team with industry knowledge.
Integrated expertise in technical and high-performance garment manufacturing.
Specialized manufacturing capabilities, including seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination.
Multiple international certifications covering quality, environmental, safety and sustainability standards.
Skilled workforce supporting manufacturing and operational activities.
In-house manufacturing facility with dedicated quality control systems.
Promoters
Vipul Badani
Bhoomin R Badani
Krupa Rajesh Badani
Contact details
Qualiance International Ltd.
406 - B Wing, Knox Plaza,
Next to Tangent Showroom,
Mindspace, Mal, ad West,
Mumbai, Maharashtra, 400064
Email: cs@qualiance.com
Telephone: +91 22 42666003
Website:https://www.qualiance.com/
Qualiance International IPO FAQs
- What is the Qualiance International IPO price band?
- The Qualiance International IPO price band is ₹120 to ₹127 per share.
- What is the Qualiance International IPO lot size and minimum investment?
- The Qualiance International IPO lot size is 1000 shares. The minimum retail investment is ₹2,54,000 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,000 shares), costing ₹2,54,000.
- When was Qualiance International IPO open for subscription?
- Qualiance International IPO was open for subscription from Fri, 4 Sep 2026 to Tue, 8 Sep 2026.
- What is the Qualiance International IPO subscription status?
- Qualiance International IPO was subscribed 459.29x overall: QIB 299.60x, NII 699.95x and retail 447.13x. Day-wise and category-wise figures are on the subscription page.
- What was the Qualiance International IPO GMP before listing?
- The last Qualiance International IPO GMP before listing was +₹81 (+63.78% against the upper price band of ₹127), implying an estimated listing price of ₹208. Across 10 days of tracking, GMP ranged from +₹55 (02 Sep) to +₹81 (10 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Qualiance International IPO allotment date?
- The Qualiance International IPO basis of allotment was finalised on Wed, 9 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Qualiance International IPO listing date?
- Qualiance International IPO listed on NSE on Fri, 11 Sep 2026.
- Is the Qualiance International IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Qualiance International IPO?
- The registrar for the Qualiance International IPO is MUFG Intime India Pvt Ltd, and the book running lead manager is Hem Securities Ltd..
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.