Qualiance International Limited IPO: price band, issue size, subscription, GMP and listing details

Qualiance International Limited launched an SME IPO on NSE Emerge with an issue size of ₹45.11 crore in a price band of ₹120 to ₹127 per share. The issue opened on September 4, 2026 and closed on September 8, 2026, with listing on September 11, 2026. The IPO was entirely a fresh issue of ₹45.11 crore with no offer for sale (OFS), which means the proceeds are proposed to be used by the company (and not received by selling shareholders).

What Qualiance International Limited does

Qualiance International Limited designs, engineers, manufactures and exports technically complex performance garments. Its product basket includes military and police uniforms, tactical and weather-resistant outerwear, high-visibility workwear, and activewear. The company’s positioning in the IPO context is oriented towards made-to-spec manufacturing for institutional or government buyers and for brand customers, mainly across Europe and North America.

Manufacturing operations are centred at a facility in Tiruppur, Tamil Nadu, spread across about 45,000 square feet, with installed capacity of about 450,000 pieces per year. The company highlights in-house technical processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination, along with multiple quality, environmental, safety and social compliance certifications.

A defining feature of the operating profile in the disclosed period is export dependence. Exports contribute the vast majority of operating revenue, described as about 88% to 99% across FY2024 to FY2026. This links the company’s revenue and collections to export order flow, customer procurement cycles, and sustained adherence to quality and compliance requirements.

IPO structure, investor demand, and grey market premium (GMP)

Qualiance International Limited’s IPO was structured as an SME issue on NSE Emerge. The lot size was 1,000 shares, and the price band was set at ₹120 to ₹127.

The IPO was subscribed 91.14 times in total, based on recorded bids during the issue period. Category-wise, qualified institutional buyers (QIBs) subscribed 5.75 times, non-institutional investors (NIIs) subscribed 135.70 times, and retail individual investors (RIIs) subscribed 120.73 times. The reservation structure in the disclosures specifies 50% for QIBs, 15% for NIIs, and 35% for RIIs. The anchor allocation framework states that up to 60% of the QIB portion was available for anchor investors, with a 33.33% reservation for domestic mutual funds within the anchor portion.

Grey market premium (GMP) is an unofficial indicator and can change. The provided observations around the close and listing period showed GMP values ranging from ₹55 to ₹81, referenced to the ₹127 issue price, across September 7, 2026 to September 11, 2026.

Fresh issue proceeds and proposed use of funds

The IPO was a 100% fresh issue, so the capital raised is proposed to be deployed by the company after issue-related expenses (to the extent payable by the company with respect to the fresh issue).

The primary stated objective is capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu. The disclosures specify a proposed amount of ₹38.00 crore towards this capex objective. The company also lists general corporate purposes as an objective; however, the amount earmarked for this purpose is not specified in the objective break-up provided.

In the IPO description, the company’s strategy is framed around supporting growth in engineered performance garment exports, with an emphasis on investing further in technology and adding capacity via an additional Tiruppur facility to serve premium international outdoor/performance and workwear brands. It also references strengthening operational efficiency through digital production tracking, alongside continued compliance-led manufacturing.

Business milestones and evolution

Qualiance International Limited traces its operating roots to 1994, when it started operations as a partnership firm, M/s Qualiance Exports, in Mumbai, Maharashtra (effective October 5, 1994). The business later converted into a private limited company, Qualiance International Private Limited, with a certificate dated August 24, 2006. A key operational shift noted in the milestones is the commencement of factory operations in Tiruppur, Tamil Nadu in 2017.

The company’s milestone list also points to turnover thresholds crossed over time: it crossed ₹25 crore in 2021, ₹50 crore in 2025, and ₹75 crore in 2026. It also converted from a private limited company to a public limited company in 2025.

The business model is described as order-based and purchase-order driven. In an export-led manufacturing model, this structure can influence revenue visibility and production planning, since order continuity is tied to repeat purchase orders rather than long-duration contracted volumes.

Financial performance across FY2024–FY2026

Across the reported financial years, the company’s revenue and profit after tax (PAT) increased, and PAT margin rose to 15.44% in FY2026. Total revenue moved from ₹37.23 crore in FY2024 to ₹53.07 crore in FY2025 and ₹76.89 crore in FY2026. PAT increased from ₹2.84 crore in FY2024 to ₹4.90 crore in FY2025 and ₹11.87 crore in FY2026.

Alongside the financial trajectory, the IPO disclosures report an EBITDA margin of 21.74% and a debt-to-equity ratio of 1.15 times. Export contribution, described as about 88% to 99% across FY2024–FY2026, is a key contextual factor when tracking operating results because performance is closely linked to export-led execution and customer ordering patterns.

Valuation metrics, listing outcome, key risks, and what to monitor

The IPO context includes valuation and return metrics such as a pre-IPO price-to-earnings (P/E) multiple of 10.59 times, earnings per share (EPS) of ₹11.99, and price-to-book of 5.08 times. Return ratios reported include return on equity (ROE) of 61.56%, return on capital employed (ROCE) of 37.33%, and return on net worth (RoNW) of 47.98%. These figures are presented as reported metrics in the IPO dataset.

The IPO is marked closed in the snapshot. The stock listed on September 11, 2026 at ₹224.90, which corresponds to a 77.09% gain over the upper end of the price band (₹127), as per the provided listing data.

Key risks highlighted in the supplied context focus on concentration and export exposure:

Revenue concentration in woven garments: The context notes that revenue is heavily concentrated in woven garments, which can make results sensitive to category-level demand shifts or pricing pressure.

Customer concentration and purchase-order dependence: Customer concentration is described as extreme, and orders are purchase-order based, so the loss of a large buyer can affect volumes, factory utilisation, and cash flows.

Export and geography concentration: Most revenue comes from exports, especially one geography, which can expose the business to trade barriers, tender changes, or disruptions that affect orders, margins, and collections.

Monitoring points investors typically track in this context include:

Execution of the proposed new Tiruppur manufacturing facility capex in line with the stated objective.

Customer and geography concentration trends within the export-led revenue base.

Operating profitability indicators such as reported EBITDA margin and PAT margin as capacity expands.

Balance-sheet leverage and working-capital intensity, in line with the reported debt-to-equity ratio and the company’s order-based model.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.