Qualiance International IPO
LISTEDSMEQUALIANCEListing Performance
▲ 77.09%
Issue Price
₹127
Listing Price
₹225
Listed On
11 Sep 2026
- Price Band
- ₹120 – ₹127
- Lot Size
- 1,000
- Lot Value
- ₹1,27,000
- Open Date
- 04 Sep04 Sep 2026
- Close Date
- 08 Sep08 Sep 2026
- Min Investment
- ₹1,27,000
About Qualiance International
Qualiance International is an integrated apparel manufacturer specializing in technical outerwear, performance products, workwear, uniforms, and lifestyle garments across both woven and knit categories. The company operates from its manufacturing facility located in Tiruppur, Tamil Nadu, which has an installed base production capacity of 4,50,000 pieces per annum. Its manufacturing capabilities include seam sealing, bonded and sew-free construction, ultrasonic welding, laser cutting and perforation, reflective fusing, down filling, and quilting. The business generates revenue primarily through the sale of woven and knitted garments to institutional buyers, workwear companies, and lifestyle brands in international markets, with a significant focus on exports to countries such as Switzerland, the United Kingdom, and the United States. A substantial portion of its product sales is derived from woven garments, supported by certifications aligning with global sustainability requirements.
Use of IPO Proceeds
Promoters
Vipul Badani
Chairman & Managing Director & Promoter · age 61
Over 30 years of experience in the Textile and Apparel Export Industry.
Pre-issue: 51%
Krupa Rajesh Badani
Non-Executive Director & Promoter · age 67
29 years of experience in the Textile and Apparel Export Industry.
Pre-issue: 26.5%
Bhoomin R Badani
Whole Time Director, Chief Executive Officer & Promoter · age 40
15 years of experience in the Textile and Apparel Export Industry.
Pre-issue: 4.5%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: NSE SME
Strengths (5)
- •In-house manufacturing facility with integrated quality control mechanisms.
- •Widespread reach in key international markets, primarily Switzerland.
- •Integrated expertise in manufacturing high-performance technical garments.
- •Globally recognized quality, safety, and sustainability certifications.
- •Qualified and experienced management team leading operations.
Risk Factors (5)
- •Derives 71.55% of product revenue solely from woven garments.
- •Over 99% of revenue relies heavily on the top 10 customers.
- •High geographic concentration risk with major exports to Switzerland.
- •The proposed new manufacturing facility faces risks of delays and cost overruns.
- •Heavy reliance on imported raw materials exposes the supply chain to disruptions.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 426.33x (QIB 299.60x, NII 516.46x, Retail 446.20x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,27,000 |
| Retail (max) | 1 | 1,000 | ₹1,27,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,16,000 |
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | 4.10x | — | 5.75x | 299.60x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 18.65x | — | 118.42x | 446.20x |
| Total | 12.49x | — | 83.62x | 426.33x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
446.20x
Allotment Ratio
1 lot per 447 applicants
Allotment Probability
~0.2%
Non-Institutional Investors (NII / HNI)
Subscription
516.46x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
299.60x
Allotment Type
Discretionary allotment
Total Subscription
426.33x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
04 Sep 2026 · Fri
Issue Closes
08 Sep 2026 · Tue
UPI Deadline
08 Sep 2026 · Tue
Allotment
09 Sep 2026 · Wed
Refund
10 Sep 2026 · Thu
Share Credit
10 Sep 2026 · Thu
Listing
11 Sep 2026 · Fri
Issue Opens
04 Sep 2026 · Fri
Issue Closes
08 Sep 2026 · Tue
UPI Deadline
08 Sep 2026 · Tue
Allotment
09 Sep 2026 · Wed
Refund
10 Sep 2026 · Thu
Share Credit
10 Sep 2026 · Thu
Listing
11 Sep 2026 · Fri
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | NSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹45.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Hem Securities Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 53.07 | 4.9 | 4.95 | — | 35.44% |
| FY24 | 37.23 | 2.84 | — | — | — |
| FY23 | 35.45 | 1.58 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 2.98 | 4.86 | 7.97 |
| Net Worth | -2.32 | 8.92 | 13.82 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
25.7x
Price ÷ EPS
EPS (FY25)
₹5
Earnings per share
RoNW
35.44%
Return on net worth
ROCE
21.16%
as reported in filing
EBITDA margin
15.0%
EBITDA ÷ revenue
Price/NAV
9.10x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | ₹200.00 Cr |
| Issued Capital | ₹99.00 Cr |
| Paid-up Capital | ₹99.00 Cr |
| Equity Shares (Pre-Issue) | 99,00,000 |
| Equity Shares (Post-Issue) | — |
| Preference Shares | 0 |
| ESOP Outstanding | 0 |
Source: Qualiance International offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Vipul Badani(Promoter)+51.00%
- Krupa Rajesh Badani(Promoter)+26.50%
- Rajesh Jagmohandas Badani(Promoter)+4.50%
- Pratiksha Vipul Badani(Promoter)+4.50%
- Bhoomin R Badani(Promoter)+4.50%
- Dhriti Drolia(Promoter)+4.50%
- Sneha Bhoomin Badani(Promoter)+4.50%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Qualiance International's filing.
Source: Qualiance International offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Qualiance International offer document (DRHP/RHP).
Board & Management
Board of Directors (4)
- Vipul Badani₹0.24 Cr p.a.
Chairman & Managing Director
Diploma in Knitting Technology
Over 30 years
- Bhoomin R Badani₹0.12 Cr p.a.
Whole Time Director & Chief Executive Officer
Bachelor of Laws (L.L.B) and Bachelor of Management Studies (B.M.S)
15 years
- Krupa Rajesh Badani
Non-Executive Director
- Dharini Jatania
Independent Director
Key Managerial Personnel (3)
- Pradeep Devanand Prajapati₹0.00 Cr p.a.
Company Secretary and Compliance Officer
Qualified Company Secretary
6.5 years
- Saira Tabrez Khan₹0.05 Cr p.a.
Chief Financial Officer
Master of Commerce
4.5 years
- Meena Santosh Petkar₹0.09 Cr p.a.
Senior Management Personnel (GM)
Higher Secondary Certificate
20 years
Source: Qualiance International offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Qualiance International's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Qualiance International Limited | — | 4.95 | 35.44 | 13.96 |
| Gokaldas Exports Limited | 27.1 | 22.36 | 9.4 | 281.46 |
| S P Apparels Limited | 18.87 | 37.9 | 11.11 | 341.27 |
Material Litigation
The Company has 9 outstanding tax proceedings (1 direct tax case for ₹0.15 lakhs and 8 indirect tax cases for ₹212.90 lakhs), totaling ₹213.05 lakhs in dispute. The Promoters/Directors have 2 outstanding direct tax proceedings involving ₹20.75 lakhs.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Qualiance International IPO opening?
The Qualiance International IPO opens on 04 Sep 2026 and closes on 08 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Qualiance International IPO?
The price band for the Qualiance International IPO is ₹120 to ₹127. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Qualiance International IPO?
The minimum lot size is 1000 shares with a minimum investment of ₹1,27,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Qualiance International IPO today?
The latest Grey Market Premium for Qualiance International is ₹65 (+51.18%). GMP is unofficial data and is not a guarantee of listing price.
When will the Qualiance International IPO list on NSE and BSE?
The Qualiance International IPO is expected to list on 11 Sep 2026 on NSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Qualiance International IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Qualiance International IPO a mainboard or SME issue?
Qualiance International is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Qualiance International IPO?
You can apply for the Qualiance International IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Qualiance International IPO?
The GMP-implied price (unofficial, not a forecast) is ₹192: the upper price band of ₹127 plus the latest grey market premium of ₹65, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Qualiance International IPO?
Based on the retail subscription of 446.20x, the estimated allotment ratio is 1 lot per 447 applicants (approximately 0.2% chance of allotment). This is an estimate and actual allotment may vary.
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