Qualiance International IPO Review 2026: Key Investor Insights
- September 2, 2026
- Posted by: Neeraj Pandey
- Category: IPO
Qualiance International IPO price band Rs 120 to Rs 127. Opens 4 Sep, closes 8 Sep 2026. Issue size Rs 45.11 Cr. Lists on NSE SME.
Quick Answer
The Qualiance International IPO is a Rs 45.11 crore SME bookbuilding issue priced between Rs 120 and Rs 127 per share, open for bidding from 4 to 8 September 2026. The Mumbai headquartered company designs, manufactures and exports performance garments such as military uniforms and tactical outerwear to overseas government and institutional buyers from its Tiruppur facility. It is an entirely fresh issue, and shares are proposed to list on NSE SME, with promoter holding coming down from 100 percent to about 73.6 percent after the issue.
The Qualiance International IPO is open for bidding from 4 September 2026 to 8 September 2026. It is a bookbuilding issue of Rs 45.11 crore, comprising an entirely fresh issue of 35,52,000 equity shares. The issue will be listed on the SME platform of NSE (NSE Emerge).
Originally set up as a partnership in 1994 and incorporated in 2006, Qualiance International designs, engineers, manufactures and exports performance garments such as military uniforms, tactical outerwear, high visibility workwear and police and border patrol uniforms to government, institutional and brand clients in Europe and North America, from its manufacturing facility in Tiruppur, Tamil Nadu.
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Qualiance International IPO Details
The Qualiance International IPO date is fixed between 4 September 2026 and 8 September 2026. The face value of Qualiance International shares is Rs 10 per share, and the issue price band is set between Rs 120 and Rs 127 per share. MUFG Intime India Private Limited (formerly Link Intime India Pvt. Ltd.) is the registrar of the issue. Check the latest Qualiance International IPO details in the table below.
| Particular | Details |
|---|---|
| Anchor Bid Date | 3 September 2026 |
| Open Date | 4 September 2026 |
| Close Date | 8 September 2026 |
| Allotment Date | 9 September 2026 |
| Listing Date | Expected around 11 September 2026 (not yet officially confirmed) |
| Issue Size | 35,52,000 shares (agg. up to Rs 45.11 Cr) |
| Fresh Issue | 35,52,000 shares (agg. up to Rs 45.11 Cr) |
| Offer for Sale | Nil |
| Face Value | Rs 10 per share |
| Lot Size | 1,000 Shares |
| Issue Price | Rs 120 to Rs 127 |
| Issue Type | SME Bookbuilding IPO |
| Listing At | NSE SME (NSE Emerge) |
Qualiance International IPO Share Reservation
Qualiance International IPO comprises a total issue size of 35,52,000 shares, of which 1,80,000 shares are reserved for the market maker on a firm basis. Of the remaining net offer of 33,72,000 shares, half is reserved for non-institutional investors (NII/HNI) and half for retail individual investors. The table below shows the share reservation.
| Investor Category | Shares Offered | Shares Percentage |
|---|---|---|
| NII (HNI) | 16,86,000 | 47.47% of total issue |
| Retail | 16,86,000 | 47.47% of total issue |
| Market Maker | 1,80,000 | 5.07% of total issue |
| Total | 35,52,000 | 100.00% |
Financial Health
Qualiance International reported revenue of Rs 38.46 crore and profit after tax of Rs 5.49 crore for FY2025, the latest full year covered in the DRHP. Net worth has recovered sharply, moving from a negative Rs 2.32 crore in FY2023 to Rs 19.31 crore as of 30 September 2025.
The DRHP available at the time of writing does not carry full audited financials for FY2026, the year that has just ended for the company. Investors should refer to the RHP, once filed, for the complete and most recent financial statements before applying.
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Technical Analysis
Based on the disclosed pre-issue EPS and share counts, here is how Qualiance International is placed on key valuation and return metrics. Some ratios below, particularly market capitalisation and price to book value, are computed using the disclosed share counts and the latest reported net worth, which is only current as of 30 September 2025.
| Key Indicators | Value |
|---|---|
| PE Ratio (Pre-issue, Price to Earnings) | 15.56 |
| EPS (Pre-issue, Earnings Per Share) | Rs 8.16 |
| RoNW | 35.44% |
| ROCE | 21.16% |
| Market Capitalisation (Post-issue, at upper price) | Rs 170.84 Cr |
| Price to Book Value (approx., based on 30 Sep 2025 net worth) | 6.51 |
| Indicators | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs) | 8.16 | 4.08 (computed on FY2025 PAT and post-issue shares) |
| PE Ratio (x) | 15.56 | 31.13 (computed) |
Qualiance International IPO Subscription Status
The Qualiance International IPO opens for bidding on 4 September 2026. As the issue has not yet opened at the time of writing, the category wise subscription status is yet to be announced. Stay informed on this page to check the live Qualiance International IPO subscription status once bidding data becomes available.
| Investor Categories | Shares Offered | Shares Percentage | Shares Subscribed | Subscription to the Times |
|---|---|---|---|---|
| NII (HNI) | 16,86,000 | 47.47% | Yet to be announced | Yet to be announced |
| Retail | 16,86,000 | 47.47% | Yet to be announced | Yet to be announced |
| Market Maker | 1,80,000 | 5.07% | Yet to be announced | Yet to be announced |
| Total | 35,52,000 | 100.00% | Yet to be announced | Yet to be announced |
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About Qualiance International Limited
Qualiance International Limited began operations as a partnership in 1994 and was incorporated as a private limited company in 2006, before converting to a public limited company in November 2025. The company designs, engineers, manufactures and exports performance garments, including 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 on a customer order basis, manufacturing garments to client specified designs and technical requirements, from a facility in Tiruppur, Tamil Nadu spanning over 45,000 square feet with an installed capacity of about 4,50,000 garment pieces a year. Capacity utilisation stood at 88 percent in FY2026 with production of 3,94,044 pieces. The business is heavily export oriented, with exports contributing 98.82 percent of revenue in FY2026. Switzerland was the largest market at 80.67 percent of turnover, and departments of the Government of Switzerland alone accounted for 79.24 percent of FY2026 revenue. As of mid-2026, the company had about 255 employees on its payroll.
Competitive Strengths: a specialised niche in technical and compliance heavy garments that keeps out ordinary garment makers, long standing relationships with demanding European military, government and institutional buyers, and an experienced promoter led management team, with Vipul Badani as Chairman and Managing Director bringing over 30 years of experience in technical garment manufacturing.
Qualiance International Limited Financials
Full multi-year restated financials for Qualiance International were not available in the public DRHP at the time of writing. The table below presents only the figures that have been disclosed and verified so far.
| Particular | Value |
|---|---|
| Revenue (FY2025) | Rs 38.46 Cr |
| Profit After Tax (FY2025) | Rs 5.49 Cr |
| Net Worth (as of 30 Sep 2025) | Rs 19.31 Cr |
| Net Worth (FY2023) | – Rs 2.32 Cr |
| EPS (Pre-issue) | Rs 8.16 |
Investors should treat the above as a partial picture and refer to the complete RHP financial statements, once filed, before making an investment decision.
Qualiance International Limited IPO Promoter Holdings
Qualiance International is promoted by Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani. Vipul Badani serves as Chairman and Managing Director, while Bhoomin R Badani is the Whole Time Director and CEO.
| Category | Pre-Issue | Post-Issue |
|---|---|---|
| Promoter and Promoter Group | 100.00% | 73.60% |
| Public | 0.00% | 26.40% |
Aim of the Qualiance International IPO
The primary aim of the Qualiance International IPO is to raise Rs 45.11 crore through the fresh issue. The company proposes to utilise the net proceeds towards the following objects.
- Funding capital expenditure requirements towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu (Rs 31.35 Cr)
- General corporate purposes
Should I Invest in the Qualiance International IPO?
Explore the pros and cons of Qualiance International below to understand the IPO’s potential to deliver returns before deciding whether to apply or avoid the issue.
Pros of Investing in Qualiance International
- Operates in a specialised, compliance heavy niche of technical and protective garments that keeps out ordinary apparel makers
- Long standing relationships with demanding European government, military and institutional buyers, who tend to stay once a supplier is qualified
- Net worth has turned around sharply, from negative Rs 2.32 crore in FY2023 to Rs 19.31 crore as of 30 September 2025, and the entire fresh issue funds a new manufacturing facility rather than an exit for promoters
Cons of Investing in Qualiance International
- Extremely high customer concentration, with departments of the Government of Switzerland alone accounting for 79.24 percent of FY2026 revenue
- Financial disclosure available in the DRHP is limited, with the latest full year figures for FY2025 and only an interim net worth figure as of 30 September 2025, and no full FY2026 audited numbers yet available
- The company had a negative net worth as recently as FY2023, so the financial turnaround is relatively recent, and as an SME issue, the stock may see low trading liquidity after listing
How to Apply for the Qualiance International IPO?
- Conduct thorough research on the Qualiance International IPO subscription status, issue size, lot size and other details.
- Open a demat account with Univest to access real time insights on subscription status, or use your existing demat account by navigating to the IPO section.
- Place a bid for a minimum of 1 lot of 1,000 shares, worth Rs 1,27,000 at the upper price band, or in multiples thereof.
- You will receive a mandate request after placing the bid. Approve the request on your UPI app to complete the application.
Note: You can apply for the Qualiance International IPO across multiple demat accounts to increase your chances of allotment.
How to Check Qualiance International Allotment Status?
You can check the Qualiance International IPO allotment status in different ways, including the NSE SME website and the registrar portal. Follow the steps below.
Check On NSE SME
- Visit the official NSE website.
- Navigate to the IPO allotment status section for the SME (Emerge) platform.
- Select SME as the issue type and choose Qualiance International IPO from the list.
- Choose whether to proceed with your PAN number or application number.
- Submit your details to view the allotment status online.
Check On the Registrar Portal
- Visit the official registrar portal of MUFG Intime India Private Limited.
- Click on the IPO allotment status option.
- Fill in the required details such as PAN, application number or DPID/Client ID.
- Click submit to check your Qualiance International IPO allotment status.
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
Let’s Wrap
The Qualiance International IPO is a Rs 45.11 crore SME bookbuilding issue priced between Rs 120 and Rs 127 per share, with shares proposed to list on NSE SME. The company operates in a specialised, compliance heavy export niche and has shown a sharp financial turnaround, but extreme customer concentration and limited recent financial disclosure are important factors to weigh. Investors should study the RHP once filed, subscription trends and their own risk appetite before applying, and consulting a financial advisor is recommended.
You can open a demat account with Univest to track the Qualiance International IPO and apply online once the issue opens for bidding.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Qualiance International
What is the Qualiance International IPO?
Ans. The Qualiance International IPO is an SME bookbuilding issue of 35,52,000 equity shares of face value Rs 10 aggregating up to Rs 45.11 crore. It is an entirely fresh issue priced between Rs 120 and Rs 127 per share.
What is the price band for this IPO?
Ans. The price band for this issue is set at Rs 120 to Rs 127 per equity share.
When does the issue open and close?
Ans. The issue opens on 4 September 2026 and closes on 8 September 2026.
What is the lot size for this issue?
Ans. The lot size is 1,000 shares, requiring a minimum investment of Rs 1,27,000 at the upper price band.
Who is the registrar for this offer?
Ans. MUFG Intime India Private Limited, formerly Link Intime India Pvt. Ltd., is the registrar and is responsible for the allotment process and refunds.
When is the Qualiance International IPO allotment date?
Ans. The Qualiance International IPO allotment is expected to be finalised on 9 September 2026. The listing date has not been officially confirmed at the time of writing.
Is the Qualiance International IPO a good investment?
Ans. Qualiance International operates in a specialised export garment niche with good return ratios and a recent financial turnaround, but the business is heavily concentrated on a small number of overseas government buyers and recent financial disclosure is limited. Investors should study the RHP and assess their risk profile before applying.
How can I apply for this issue?
Ans. You can apply online using UPI or ASBA through your broker or bank, including via a Univest demat account, by bidding for a minimum of 1 lot of 1,000 shares.
