Qualiance International IPO
Grey Market Premium (GMP)
Last updated: 4 Sept 2026, 3:00 pm IST
GMP trend over the last 141 readings: rising, from ₹0 to ₹55 (range ₹0 to ₹55).
GMP is an unofficial figure from grey market dealers and is not a guarantee of listing price.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 0x |
| NII | 8.41x |
| sNII (₹2L–₹10L) | 10.04x |
| bNII (above ₹10L) | 7.58x |
| Retail (RII) | 13.65x |
| Total | 8.63x |
Bidding day 1 · last updated 4 Sept 2026, 3:00 pm IST
IPO Details
- Open Date
- 4 Sept 2026
- Close Date
- 8 Sept 2026
- Listing Date
- 11 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹42.82 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| HNI (Min) | 3 | 3,000 | ₹3,81,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 10,09,000 | 29.92% |
| QIB (ex-anchor) | 6,74,000 | 19.99% |
| NII | 5,07,000 | 15.04% |
| — sNII (< ₹10L) | 1,71,000 | 5.07% |
| — bNII (> ₹10L) | 3,36,000 | 9.96% |
| Retail | 11,82,000 | 35.05% |
| Total | 33,72,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 38.14 | 2.84 | 4.86 | 8.92 | 43.14 | 19.17 | — |
| FY 2025 | 55.06 | 4.9 | 7.97 | 13.82 | 57.53 | 29.71 | — |
| FY 2026 | 80.95 | 11.87 | 16.72 | 24.74 | 68.99 | 28.5 | 11.99 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.59x
- P/E (post-issue)
- 14.4x
- RoNW
- 47.98%
- RoE
- 61.56%
- RoCE
- 37.33%
- Debt / Equity
- 1.15
- EPS (pre-issue)
- ₹11.99
- EPS (post-issue)
- ₹8.82
- EBITDA Margin
- 21.74%
- PAT Margin
- 15.44%
- P/BV
- 5.08x
- NAV / share
- ₹24.99
- Market Cap
- ₹170.84 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu | ₹38 Cr |
| General Corporate Purpose | Not disclosed |
Net-proceeds utilisation as disclosed in the offer document.
Promoters & Shareholding
Promoters: <p>Vipul Badani, Bhoomin R Badani, Krupa Rajesh Badani</p>
- Holding (pre-issue)
- 86.49%
- Holding (post-issue)
- 63.66%
- Dilution
- 22.83%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| BHARAT VENTURE OPPORTUNITIES FUND | Other | 2,57,000 | ₹127 | 3.26 | 25.47% |
| CARNELIAN AIF CATEGORY I TRUST-Scheme I | Other | 2,57,000 | ₹127 | 3.26 | 25.47% |
| HEM GROWTH OPPORTUNITIES FUND | Other | 2,57,000 | ₹127 | 3.26 | 25.47% |
| FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND | Other | 80,000 | ₹127 | 1.02 | 7.93% |
| 360 ONE LVF TREASURY SOLUTIONS FUND | Other | 79,000 | ₹127 | 1 | 7.83% |
| TATTVAM AIF TRUST-Aanjay Ageless AIF Fund | Other | 79,000 | ₹127 | 1 | 7.83% |
Anchor bidding took place on 3 Sept 2026. Anchor lock-in: 50% of shares unlock on 9 Oct 2026, the remainder on 8 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Qualiance International | 11.99 | — | — | 47.98% |
| Gokaldas Exports Ltd | 13.71 | — | 60.84x | 4.63% |
| S.p. Apparels Ltd | 40.22 | — | 23.21x | 10.67% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
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About the Qualiance International IPO
The Qualiance International SME IPO opens for subscription on 4 Sept 2026 and closes on 8 Sept 2026, offered at a price band of ₹120–127 per share, and is set to list on NSE. In total, the issue aims to mobilise ₹45.11 crore. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,54,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹42.82 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at tiruppur- tamil nadu (₹38 crore), alongside general corporate purpose.
Financials
In FY2026, Qualiance International reported revenue of ₹80.95 crore and a net profit of ₹11.87 crore. Revenue grew from ₹38.14 crore in FY2024 to ₹80.95 crore in FY2026 (+112.0%). Net worth stood at ₹24.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.4× post-issue earnings and 5.08× book value, against a return on net worth of 47.98% and a debt-to-equity ratio of 1.15. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gokaldas Exports Ltd and S.p. Apparels Ltd, with a median peer P/E of about 42×. The issue's own post-issue P/E works out to 14.4×.
Promoters
The promoters of the company are <p>Vipul Badani, Bhoomin R Badani, Krupa Rajesh Badani</p>. Promoter holding stands at 86.49% before the issue and comes down to 63.66% after listing.
Grey market premium (GMP)
In the unofficial grey market, Qualiance International shares are quoted at a premium of ₹55 implying an expected listing around ₹182, about +43.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Qualiance International IPO was subscribed 8.63 times overall. The strongest demand came from retail investors at 13.65 times, with qualified institutional buyers (QIB) at 0× and non-institutional investors (NII) at 8.41×.
What to weigh
When evaluating the Qualiance International IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Qualiance International
Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. The company 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 operate a manufacturing facility located in Tiruppur, Tamil Nadu with a total built up area of over 45,000 square feet over a land area of approximately 1,046.31 square meters and an installed capacity of 450,000 garment pieces per annum. They have manufactured garments based on product specifications and compliance requirements of European military, government and institutional buyers. Competitive Strengths: In-house manufacturing facility with quality control mechanism Widespread reach in international markets Integrated expertise in high performance technical garments
Qualiance International — Contact Details
- Registered office
- 406 - B Wing, Knox Plaza, Next to Tangent Showroom, Mindspace, Mal, ad West, Mumbai, Maharashtra, 400064
- Phone
- +91 22 42666003
- cs@qualiance.com
- Website
- www.qualiance.com/
- Registrar (IPO queries)
- qualiance.smeipo@in.mpms.mufg.com
Frequently asked questions
- What is the Qualiance International IPO price band?
- The Qualiance International IPO price band is ₹120 to ₹127 per share, with a lot size of 1000 shares.
- What is the Qualiance International IPO GMP today?
- The latest grey market premium for the Qualiance International IPO is ₹55, implying an expected listing near ₹182. GMP is an unofficial figure and not a guarantee of the listing price.
- When does the Qualiance International IPO open and close?
- The Qualiance International IPO opens on 4 Sept 2026 and closes on 8 Sept 2026.
- When is the Qualiance International IPO allotment and listing date?
- Allotment is expected on 9 Sept 2026. The shares are scheduled to list on 11 Sept 2026 on NSE.
- How many times was the Qualiance International IPO subscribed?
- The Qualiance International IPO was subscribed 8.63 times in total across all investor categories.
- What is the reservation split in the Qualiance International IPO?
- Of the total shares offered, retail investors get 35.05%, QIBs 19.99% (plus 29.92% anchor), non-institutional investors 15.04%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Qualiance International and what is their holding?
- The promoters are <p>Vipul Badani, Bhoomin R Badani, Krupa Rajesh Badani</p>. Promoter holding is 86.49% before the issue and 63.66% after listing.
- What is the P/E ratio of the Qualiance International IPO?
- At the upper price band, the Qualiance International IPO is valued at 10.59× pre-issue earnings and 14.4× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Qualiance International IPO?
- The net proceeds go primarily toward funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at tiruppur- tamil nadu, among 2 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Qualiance International IPO?
- The book-running lead manager is Hem Securities Ltd..
- Is Qualiance International a Mainboard or SME IPO?
- Qualiance International is an SME IPO, listing on NSE (SME platform).