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IPO Open

Fri, Sep 4, 2026

IPO Close

Tue, Sep 8, 2026

Price Band

₹120 to ₹127

Market Cap*

₹170.84 Cr * on Upper Price

IPO Details

  • IPO Date
    4 to 8 Sep, 2026
  • Listing Date
    Fri, Sep 11, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹120 to ₹127
  • Lot Size
    1,000 Shares
  • Sale Type
    Fresh capital only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    NSE SME
  • Total Issue Size
    35,52,000 shares (agg. up to ₹45 Cr)
  • Reserved for Market Maker
    1,80,000 shares (agg. up to ₹2 Cr) Hem Finlease Pvt.Ltd.
  • Fresh Issue(Ex Market Maker)
    33,72,000 shares (agg. up to ₹43 Cr)
  • Net Offered to Public
    33,72,000 shares (agg. up to ₹43 Cr)
  • Share Holding Pre Issue
    99,00,000 shares
  • Share Holding Post Issue
    1,34,52,000 shares

  • IPO Open
    Fri, Sep 4, 2026
  • Allotment
    Wed, Sep 9, 2026
  • Credit of Shares
    Thu, Sep 10, 2026
  • IPO Close
    Tue, Sep 8, 2026
  • Refund
    Thu, Sep 10, 2026
  • Listing
    Fri, Sep 11, 2026

Issue Reservation

Qualiance International IPO comprises a total issue size of 35,52,000 shares. The net offer to the public is 33,72,000 shares, after excluding 1,80,000 shares allotted on a firm basis. Of the Net offer 16,83,000 are allocated to QIB, 5,07,000 (15.04%) allocated to NII 11,82,000 (35.05%) allocated to RII.

Investor Category Shares % of Net Issue % of Total Issue
QIB 16,83,000
NII (HNI) 5,07,000 15.04% 14.27%
Retail 11,82,000 35.05% 33.28%
Firm Reservations
Market Maker 1,80,000 5.07%
Total 35,52,000 100.00% 100.00%

IPO Lot Size

Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 2,000 ₹2,54,000
Individual investors (IND) (Max) 2 2,000 ₹2,54,000
S-HNI (Min) 3 3,000 ₹3,81,000
S-HNI (Max) 7 7,000 ₹8,89,000
B-HNI (Min) 8 8,000 ₹10,16,000

About Qualiance International Ltd.                                                     Updated on Sep 1, 2026

Incorporated in August 2006, Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for institutional, government and brand clients in international markets. The Company originally commenced operations as a partnership firm, M/s. Qualiance Exports, in 1994 and was subsequently incorporated as Qualiance International Private Limited before being converted into a public limited company in December 2025. 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 supports various manufacturing activities, including regular cut-and-sew operations and specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. The Company manufactures both knitted and woven garments based on customer specifications, technical drawings, patterns and performance requirements.

The Company primarily serves customers across Europe and North America, including government, institutional and brand clients. Its export-focused business contributed 98.82% of revenue from operations in Fiscal 2026. The Company follows quality and compliance standards applicable to international markets and holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, along with SEDEX SMETA audit compliance. The Company also holds the status of a Two Star Export House issued by the Government of India.

As of June 30, 2026, the Company had 255 payroll employees across its manufacturing facility and office operations, supported by contractual labour engaged based on production requirements.

Competitive Strengths 

  • Strong export-focused business model.
  • Widespread reach across international markets.
  • Qualified and experienced Promoters and management team.
  • Integrated expertise in high-performance technical garments.
  • Specialized manufacturing capabilities for performance apparel.
  • Multiple international quality, safety and sustainability certifications.
  • Skilled workforce supporting manufacturing and operational capabilities.
  • In-house manufacturing facility supported by a quality control mechanism.

Company Financials (Restated)

Qualiance International Ltd.’s revenue increased by 47% and profit after tax (PAT) rose by 142% between the financial year ending with March 31, 2026 and March 31, 2025.  (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 68.99 57.53 43.14
Total Income 80.95 55.06 38.14
Profit After Tax 11.87 4.90 2.84
EBITDA 16.72 7.97 4.86
NET Worth 24.74 13.82 8.92
Reserves and Surplus 24.75 14.54 10.41
Total Borrowing 28.50 29.71 19.17

Recently Listed IPOs in Other Textile Products

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Fascinate Textiles Ltd. SME ₹64.83 Cr ₹151 10.33 ₹114.80 -23.97% ₹88.95
Shreedhar Spinners Ltd. SME ₹30.68 Cr ₹53 13.44 ₹57.10 +7.74% ₹114.30
Harikanta Overseas Ltd. SME ₹24.30 Cr ₹91 14.66 ₹75.77 -16.74% ₹66.50

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu
    38.00
  • 2 General Corporate Purposes
  • Total
    38.00

Key Performance Indicator (KPI)

KPI Mar 31, 2026 Mar 31, 2025
ROE 61.56% 43.07%
ROCE 37.33% 21.16%
Debt/Equity 1.15 2.15
RoNW 47.98% 35.44%
PAT Margin 15.44% 9.23%
EBITDA Margin 21.74% 15.02%
NAV 24.99 13.96
Price to Book Value 5.08 9.10

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 11.99 8.82
P/E (x) 10.59 14.4
Market Cap at Offer Price ₹126Cr. ₹170.84 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 86.49% 63.66%
Public 13.51% 36.34%
Total 100% 100%

Company Promoters: Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani.

IPO Registrar

MUFG Intime India Pvt.Ltd.

IPO Lead Manager(s)

  1. Hem Securities Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Qualiance International Ltd. Address
406 – B Wing, Knox Plaza
Next to Tangent Showroom
Mindspace, Mal, ad West
Mumbai, Maharashtra, 400064

IPO FAQs

Qualiance International IPO is a SME IPO of 35,52,000 equity shares of the face value of ₹10 aggregating up to ₹45 Crores. The issue is priced at ₹120 to ₹127. The minimum order quantity is 1000.

The IPO opens on Fri, Sep 4, 2026, and closes on Tue, Sep 8, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.

Angel One customers can apply online in Qualiance International IPO using UPI as a payment gateway. Angel One customers can apply in Qualiance International IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Qualiance International IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Qualiance International IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Qualiance International IPO opens on Fri, Sep 4, 2026 and closes on Tue, Sep 8, 2026.

Qualiance International IPO lot size is 1000, and the minimum amount required for application is ₹2,54,000, with 2 lots being the minimum application size.

You can apply in Qualiance International IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Qualiance International IPO will be done on Wednesday, September 9, 2026, and the allotted shares will be credited to your demat account by Thu, Sep 10, 2026. Check the Qualiance International IPO allotment status.

The Qualiance International IPO listing date is not yet announced. The tentative date of listing is Fri, Sep 11, 2026.

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