Qualiance International Limited IPO — Subscription & GMP
- Price band
- ₹120 – ₹127
- Lot size
- 1000
- Issue size
- ₹32.3 Cr
- Bidding
- 04 Sept 2026 → 08 Sept 2026
- Allotment
- —
- Listing
- 11 Sept 2026
Listing outcome
Official exchange pricesGMP was out by 33.8 percentage points in the buyer’s favour — it implied +43.31% and the issue listed +77.09%. Counted in our running GMP accuracy record.
Schedule
- 04 Sept 2026IPO open date
- 08 Sept 2026IPO close date
- 09 Sept 2026Allotment date†
- 09 Sept 2026Funds unblock or debit†
- 11 Sept 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsBusiness Model Summary: Qualiance International Limited
Overview Qualiance International Limited operates as an export-focused specialized manufacturer and engineering solutions provider specializing in technical, performance, and institutional garments. The company sits at the intersection of textile science and industrial engineering, catering heavily to government entities, defense agencies, and international lifestyle/performance brands.
Key Pillars of the Business Model
1. Specialized Technical Manufacturing & Engineering - Focuses on high-end, value-added engineered garments rather than standard mass-market apparel. - Operates a purpose-built, advanced manufacturing facility in Tiruppur, Tamil Nadu, equipped for sophisticated garment construction. - Employs advanced in-house processes such as seam sealing, sew-free bonded assembly, laser cutting and perforation, ultrasonic welding, down filling, quilting, and thermal transfer & lamination.
2. B2B Institutional and Government Contracting - Major emphasis on fulfilling specialized government tenders and institutional requirements (e.g., supplying defense, police, postal, railway, and security departments). - Long-standing relationships with institutional clients, such as multi-decade supply arrangements with departments under the Swiss Confederation (e.g., Armasuisse, SBB, AMZ, EZV).
3. Global B2B Brand Supply Partnerships - Supplies technical activewear, high-visibility clothing, and cold-weather clothing systems to prominent international brands and retailers. - Core product categories cover technical outerwear, tactical garments, high-visibility workwear, performance activewear, and specialized extreme-environment apparel (rated for sub-zero temperatures down to -40°C).
4. Export-Dominated Revenue Model - Highly export-oriented operations with the vast majority of revenue derived from international markets, predominantly led by European nations like Switzerland, alongside the UK and the USA.
Customer Base - Government and institutional agencies (Defense procurement, national railways, police and security departments) - Global technical apparel and performance activewear brands - Specialized safety, workwear, and tactical equipment distributors
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹11.99 | ₹8.82 |
| P/E ratio | 10.59× | 14.39× |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Offer composition
Fresh equity vs offer for sale- Fresh equity
- ₹45.11 Cr · 100.00%
- Offer for sale
- —
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 43 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 864 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | — | 20.19 Cr | — |
| 1(a)Foreign Institutional Investors(FIIs) | — | 3.96 Cr | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 1.76 Cr | — |
| 1(c)Mutual funds | — | 42.90 L | — |
| 2Non Institutional Investors | — | 35.49 Cr | — |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 28.60 Cr | — |
| 2.1(b)Individuals(Other than RIIs) | — | 27.81 Cr | — |
| 2.1(c)Others | — | 42.31 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 6.88 Cr | — |
| 2.2(a)Corporates | — | 4.80 L | — |
| 2.2(b)Individuals(IND category bidding for more than 2 Lots) | — | 6.77 Cr | — |
| 3Individual Investors (IND category bidding for 2 Lots) | — | 52.85 Cr | — |
| Total | 25.43 L | 108.53 Cr | 426.78× |
Source: NSE issue information
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
| # | Anchor investor | Shares | % of anchor | Amount |
|---|---|---|---|---|
| 1 | Bharat Venture Opportunities Fund | 2.57 L | 25.47% | ₹3.26 Cr |
| 2 | Scheme 1 | 2.57 L | 25.47% | ₹3.26 Cr |
| 3 | Hem Growth Opportunities Fund Finavenue Capital Trust-Finavenue | 2.57 L | 25.47% | ₹3.26 Cr |
| 4 | Growth Fund | 80,000 | 7.93% | ₹1.02 Cr |
| 5 | ONE LVF Treasury Solutions Fund Tattvam AIF Trust -Aanjay Ageless | 79,000 | 7.83% | ₹1.00 Cr |
| 6 | AIF Fund | 79,000 | 7.83% | ₹1.00 Cr |
Read from NSE's anchor allocation report · 44 d ago. Published only because the 6 rows reconcile exactly against the 10.09 L shares the filing itself declares.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹120 – ₹127
- Lot size
- 1000 shares
- Min. bid quantity
- —
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 25.43 L
- Issue size
- ₹32.3 Cr
- Offer structure
- 100% fresh equity — all proceeds to the company
- Max bid · QIB
- 23.63 L
- Max bid · NII
- 16.89 L
Timeline & process
- Bidding opens
- 04 Sept 2026
- Bidding closes
- 08 Sept 2026
- Bidding hours
- 10.00 a.m. to 5.00 p.m. (Bidding Timings on Issue Closure upto 4:00 P.M.)
- UPI mandate cutoff
- 08-Sep-2026 (upto 5:00 PM) The cut-off time for UPI mandate acceptance is 05:00 PM on last day of IPO bidding. Further bids with confirmed status of mandate amount blocked (RC100) shall be considered as valid applications and hence investors are advised to submit their UPI applications in IPO well in advance to avoid any last minute technical/systemic constraints that may hamper their ability to participate in IPOs by successfully accepting the mandate.
- Allotment
- —
- Listing
- 11 Sept 2026
Intermediaries
- Registrar
- MUFG Intime India Private Limited
- Sponsor bank
- Kotak Mahindra Bank Limited
- Lead managers
- Hem Securities Limited