Qualiance International IPO
ListedSMETextiles
459.22×
Subscribed
Price band
₹120 – ₹127
Lot size
1,000
1 lot = ₹1,27,000
Issue size
₹45.11 Cr
Open – close
04 Sept 2026
to 08 Sept 2026
Listing
11 Sept 2026
Listing gain
+77.09%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens04 Sept 2026
- Closes08 Sept 2026
- Allotment09 Sept 2026
- Listing11 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB299.60x
Non-institutionalNII / HNI699.59x
Big NIIabove ₹10L850.76x
Small NII₹2L – ₹10L402.57x
Retail individualRII447.13x
3,21,003 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 08 Sept 2026.
Chance of allotment
Retail447.13× subscribed
~1 in 447.1
Minimum 2 lots · 2,000 shares · ₹2,54,000 blocked
Retail is 447.13× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 447.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII699.59× subscribed
~1 in 699.6
Minimum 1 lot · 1,000 shares · ₹1,27,000 blocked
HNI is 699.59× subscribed. This category is allotted proportionately, so a bid receives roughly 1/699.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹81+63.8%
over the upper band · last seen 18 Sept 2026 · rising since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹120 – ₹127
Face value₹10
Lot size1,000shares
Minimum application₹1,27,000at cut-off
Total issue size₹45.11 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
Debt / equity1.15×
ROE61.56%
ROCE37.33%
RoNW47.98%
PAT Margin15.44%
EBITDA Margin21.74%
NAV24.99
Price to Book Value5.08
ISININE1XJ401012
RegistrarLINK
Lead managersHEM SECURITIES LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 16,83,000 | 47.38% |
| Anchor Investor | 10,09,000 | 28.41% |
| QIB (Ex. Anchor) | 6,74,000 | 18.98% |
| NII (HNI) | 5,07,000 | 14.27% |
| bNII > ₹10L | 3,36,000 | 9.46% |
| sNII < ₹10L | 1,71,000 | 4.81% |
| Retail | 11,82,000 | 33.28% |
| Market Maker | 1,80,000 | 5.07% |
Total issue 35,52,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,54,0002 lots · 2,000 sh
Individual investors (IND) (Max)₹2,54,0002 lots · 2,000 sh
S-HNI (Min)₹3,81,0003 lots · 3,000 sh
S-HNI (Max)₹8,89,0007 lots · 7,000 sh
B-HNI (Min)₹10,16,0008 lots · 8,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted10,09,000
Anchor portion₹12.81 Cr
Bid date03 Sept 2026
Lock-in ends (50%)09 Oct 2026
Lock-in ends (rest)08 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu₹38 Cr
- 02General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Qualiance International Limitedthis issue | 11.99 | — | 24.99 | 47.98% |
| Gokaldas Exports Limited | 13.11 | 60.84 | 4.63 | — |
| S P Apparels Limited | 40.09 | 23.21 | 10.67 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company derives a significant portion of its revenue from woven garments, which contributed 71.55% of revenue from product sales for the year ended March 31, 2026, amounting to ₹ 5,458.49 lakhs. Any decline in the sales of woven garments, due to factors such as increased competition, pricing pre
mediumThe Company depends on a limited number of customers for its revenue from operations. The share of the top customer for Fiscal year 2026, 2025, and 2024 was approximately 56.93%, 51.51%, and 38.13% respectively. The total sales to the top 10 customers for the year ended March 31, 2026, March 31, 202
mediumThe Company derives a majority portion of its revenues from exports, which amounted to ₹ 7,538.98 lakhs, ₹ 4,958.27 lakhs, and ₹ 3,239.81 lakhs during Fiscal 2026, Fiscal 2025, and Fiscal 2024 respectively, constituting 98.82%, 93.87%, and 87.77% of total revenues from operations. Switzerland has be
mediumThe Company's operations are subject to risks specific to each country from where its customers operate, including risks associated with competitive tender processes conducted by foreign government bodies and government-owned entities. The ability to secure such contracts depends on continued compli
Litigation
As on the date of this Red Herring Prospectus, there are no outstanding criminal litigations initiated against the Company, no outstanding criminal litigations initiated by the Company, and no outstanding actions by statutory or regulatory authorities initiated against the Company. The Company, its Directors, and its Promoters are not Willful Defaulters and there have been no violations of securities laws in the past or pending against them.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Qualiance International
Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government, and brand clients in international markets. 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 also undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. The company primarily generates revenue from exports to clients across Europe and North America. It holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard and Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit. It also holds Two Star Export House status from the Government of India. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu – Rs 38 crore General corporate purposes
Founded 1994MD Mr Vipul BadaniSector Textiles
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Qualiance International IPO GMP today?
The most recent grey-market premium recorded for Qualiance International is ₹81 per share — about 63.8% over the ₹127 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Qualiance International IPO subscribed?
Qualiance International is subscribed 459.22× overall (QIB 299.60×, NII 699.59×, retail 447.13×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Qualiance International IPO?
One lot is 1,000 shares, so a retail application at the ₹127 cut-off price blocks ₹1,27,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Qualiance International IPO?
The retail portion is subscribed 447.13×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 447. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Qualiance International IPO allotment date?
Allotment is scheduled for 2026-09-09, with listing on 2026-09-11. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.