Qualiance International IPO
Listed +77.1%4–8 Sep 2026
Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹72 of every ₹100 of sales comes from its "Woven" segment. ₹97 of every ₹100 comes from Switzerland and USA.
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2Is it growing, and is profit turning into cash?Sales grew 2.1x from 2023-24 to 2025-26 (₹37.2 cr → ₹76.9 cr). Over 3 years it made ₹19.6 cr of profit and brought in ₹6.2 cr of cash from operations.
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3How much cushion does it have?It owes ₹1.15 for every ₹1 of its own money. The line for manufacturing is ₹2.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹127 you pay about ₹11 for every ₹1 of last year's profit. The listed peers the document names: ₹42 (middle of 2).
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5Who controls it, and what is on record?Promoters own 78% now and 57% after the IPO. The document discloses 2 legal matters.
Every check we run on an offer document, and how often each one fires →
Qualiance International GMP history
| When | GMP | Trackers |
|---|---|---|
| 11 Sept, 02:53 IST | ₹73 (+57.5%) | 1 |
| 10 Sept, 23:31 IST | ₹73 (+57.5%) | 1 |
| 10 Sept, 20:15 IST | ₹73 (+57.5%) | 1 |
| 10 Sept, 14:43 IST | ₹73 (+57.5%) | 1 |
| 10 Sept, 13:17 IST | ₹73 (+57.5%) | 1 |
| 10 Sept, 06:17 IST | ₹64 (+50.4%) | 1 |
| 10 Sept, 03:01 IST | ₹64 (+50.4%) | 1 |
| 9 Sept, 23:55 IST | ₹64 (+50.4%) | 1 |
| 9 Sept, 20:32 IST | ₹60 (+47.2%) | 1 |
| 9 Sept, 14:44 IST | ₹60 (+47.2%) | 1 |
| 9 Sept, 13:17 IST | ₹60 (+47.2%) | 1 |
| 9 Sept, 06:29 IST | ₹60 (+47.2%) | 1 |
Showing the latest 12 of 45 readings.
Grey-market premium is unregulated and self-reported: a sentiment read, not a promise. Today's GMP for every IPO · How often GMP has been right
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Latest update:
Listed at ₹225 vs ₹127 issue price (+77.1%) · Day-one close ₹236 · GMP before listing +57.5% implied, 19.6 pp below the actual open · Subscribed 459.29× (QIB 299.6× · NII 700.0× · Retail 447.1×) · Price band ₹120–₹127 · Closed 8 Sep 2026 · Listed 11 Sep 2026 (Confirmed)
How it actually listed
₹225 on open, against a ₹127 issue price +77.1%
It ended its first day at ₹236 (+85.9% against the issue price), per the NSE's price archive.
Before it listed, the grey market implied +57.5%. The shares opened 19.6 pp above what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Qualiance International does
We are engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. Our 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.
Qualiance International financials
Rs crore · Annual| 2023-24 | 2024-25 | 2025-26 | ||
|---|---|---|---|---|
| Sales | 37 | 53 | 77 | |
| Operating Profit | 5 | 8 | 17 | |
| OPM % | 13.1% | 15.0% | 21.7% | |
| Net Profit | 3 | 5 | 12 | |
| Total Debt | 19 | 30 | 28 |
Qualiance International IPO offer structure
Total issue size: ₹45 cr, all of it a fresh issue.
There is no offer for sale: all the money goes to the company.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu: ₹38 cr
- General Corporate Purposes
Qualiance International promoters and holding
- Vipul Badani: Chairman & Managing Director & Promoter
- Bhoomin R Badani: Whole Time Director, Chief Executive Officer & Promoter
- Krupa Rajesh Badani: Non-Executive Director & Promoter
Qualiance International risks and strengths
- Export of Knitted and Woven garments constitutes a significant portion of our business for which we do not have long-term sales contracts. (p.20)
- Our dependency on a limited number of customers for significant portions of our export revenues. (p.20)
- We derive a majority portion of our revenues from exports and are subject to risk of international trade. (p.22)
2 more the company lists
- Our proposed expansion plans w.r.t. our new manufacturing facility being set up are subject to the risk of unanticipated delays in implementation and cost overruns. (p.23)
- We are subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect our results of operations. (p.23)
Qualiance International peer comparison: DRHP median P/E 42.0x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Gokaldas Exports Limited | — | 60.8x | — | — | DRHP |
| S P Apparels Limited | — | 23.2x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Qualiance International market and competition
We face competition from apparel manufacturers across the globe. Within India, we compete with several apparel exporters targeting international markets, including established players such as Gokaldas Exports Limited and S P Apparels Limited.
Qualiance International outlook, as the document states it
To support future growth and increasing demand from premium international outdoor and performance wear brands, we plan to establish an additional manufacturing facility spread over approximately 1.41 acres in Tiruppur, dedicated to complex outerwear and high-performance products.
Qualiance International IPO: common questions
What was the Qualiance International IPO listing price?
The Qualiance International IPO listed at ₹225, 77.1% above its issue price of ₹127. Before listing, the grey-market premium had implied +57.5%, so the grey market was 19.6 points too low. The listing price is the opening price set by the pre-open call auction on listing day, as reported by the exchange. Listing price vs GMP for every recent IPO →
When does the Qualiance International IPO open and close?
The Qualiance International IPO opened for bidding on 4 Sep 2026 and closed on 8 Sep 2026. Under the T+3 timetable the basis of allotment is fixed on the working day after the close, refunds and demat credits follow a day later, and the shares list on the third working day after the close. Open, allotment and listing dates for every IPO →
What is the Qualiance International IPO price band?
The Qualiance International IPO price band is ₹120–₹127 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end. How book building sets the price →
What is the lot size and minimum investment for the Qualiance International IPO?
One lot is 1000 shares, and a retail application must be at least one lot. That is about ₹2,54,000 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category. Lot size and minimum investment, explained →
How much is the Qualiance International IPO subscribed?
The Qualiance International IPO closed on 8 Sep 2026 subscribed 459.29× in total, the final figure: investors bid for that many times the shares on offer. Each category (QIB, NII and retail) is counted separately, and when retail is oversubscribed its allotment is decided by a lottery for one lot each. What "subscribed 3x" means →
When does the Qualiance International IPO list?
The Qualiance International IPO listed on 11 Sep 2026 on NSE Emerge. On listing day the shares go through a pre-open call auction from 9 to 10 am that sets the opening price, and normal trading starts at 10 am. Allotted shares reach demat accounts the working day before. Every SME IPO in one place →
How do I check the Qualiance International IPO allotment status?
On the allotment status page published by MUFG Intime India, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. Allotment status links for every recent IPO →
Qualiance International IPO allotment status
Listed 11 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is MUFG Intime India.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →
Check it at the source: The offer document · MUFG Intime India (registrar) · NSE issues · SEBI offer documents
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Source: Qualiance International IPO data, IPO agent by Kredfit, updated 19 Oct 2026. https://ipoagent.kredfit.com/ipo/qualiance-international-limited-65067.htmlSource: <a href="https://ipoagent.kredfit.com/ipo/qualiance-international-limited-65067.html">Qualiance International IPO data – IPO agent by Kredfit</a> (updated 19 Oct 2026)