Qualiance International IPO: IPO Date, Price, Allotment Details

By Wealthova | Last Updated: September 1, 2026

Qualiance International Limited, a specialized player in the institutional and performance garment manufacturing sector, is gearing up to make its primary market debut with an upcoming ₹45.11 Crore SME IPO. Operating with a core manufacturing facility in Tiruppur, Tamil Nadu, the company focuses on the design, engineering, and export of advanced performance apparel for international government, military, and institutional brand clients. Operating a highly robust, export-oriented business model, Qualiance International provides critical-wear mobility solutions, including tactical outerwear, military and police uniforms, high-visibility workwear, and weather-resistant performance apparel that meet stringent European compliance standards. The subscription window for this book-built issue opens on September 4, 2026, and closes on September 8, 2026. The issue price band is set between ₹120 to ₹127 per equity share, comprising entirely of a fresh issue of ₹45.11 Crore (35.52 lakh shares) with absolutely no Offer for Sale (OFS) component. The company plans to utilize the fresh capital primarily to fund major capital expenditure for setting up a brand-new manufacturing facility in Tiruppur, and for general corporate purposes. Set to list on the NSE SME platform, market participants are closely watching this niche, export-driven performance wear enterprise. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!



Qualiance International IPO Details

Quick IPO Factsheet

Bidding Opens

September 4, 2026

Bidding Closes

September 8, 2026

Issue Price

₹120 to ₹127

(Book Built)
Lot Size

1,000 Shares

(Min. 2 Lot for Retail)
Total Issue Size

₹45.11 Cr

Fresh Issue Size

₹45.11 Cr

Retail Category

35% Allocation

Face Value

₹10 Base

Market Structure

SME (NSE SME)




Qualiance International IPO Timeline

IPO Open Date September 4, 2026
IPO Close Date September 8, 2026
Basis of Allotment September 9, 2026
Initiation of Refunds September 10, 2026
Credit to Demat Account September 10, 2026
NSE SME Listing Date September 11, 2026



Deep-Dive Corporate Profile: What Does Qualiance International Limited Do?

Incorporated in 2006 (originating from a partnership formed in 1994), Qualiance International Limited is a highly specialized manufacturer and exporter of technical and performance garments. The company designs, engineers, and produces advanced functional apparel primarily tailored for institutional, government, defense, and brand clients across international markets.

Their core operational model and business highlights include:

  • Specialized Product Portfolio: The company focuses on high-specification critical wear, including military uniforms, tactical outerwear, high-visibility workwear, weather-resistant apparel, police and border patrol uniforms, and performance activewear.
  • Advanced In-House Manufacturing: Qualiance operates a dedicated manufacturing facility in Tiruppur, Tamil Nadu, spanning over 45,000 square feet. The plant currently boasts an installed production capacity of 450,000 garment pieces per annum.
  • Stringent International Compliance: The company engineers its garments to meet the rigorous product specifications and technical compliance requirements mandated by European military, government, and institutional buyers.
  • Export-Driven Revenue: Operating a highly export-centric model, a significant majority (approximately 90%) of the company's revenue is generated from international markets, predominantly serving European institutions.


Why is the Company Raising Funds? (Objects of the Issue)

The Qualiance International IPO comprises a total issue size of ₹45.11 Crore, structured entirely as a Fresh Issue of 35.52 lakh shares with absolutely no Offer for Sale (OFS) component. This means 100% of the net proceeds will be injected directly into the company's growth initiatives.

The company intends to deploy the fresh capital across the following strategic objectives:

  • Funding Capital Expenditure (₹31.35 Crore): The vast majority of the IPO proceeds are earmarked for a major infrastructure expansion. The company will utilize these funds to set up a brand-new manufacturing facility in Tiruppur, Tamil Nadu, significantly scaling its production capacity to meet growing international demand.
  • General Corporate Purposes: The remaining net proceeds will be allocated to a strategic reserve to manage ongoing operational contingencies, support broad corporate functions, and drive future business growth.
  • Issue Expenses: A standard portion of the funds will be utilized to cover the administrative, legal, and merchant banking costs associated with floating the public issue on the NSE SME platform.

🏗️ Capital Expenditure 69.50%
📑 Issue Expenses 15.49%
🏛️ General Corporate 15.01%



Company Financials

*All amounts are in ₹ Crores
📅 Period Ended 📈 Total Income 💼 Net Worth 💰 PAT 🏦 Assets
FY 2024 ₹38.14 ₹8.92 ₹2.84 ₹43.14
FY 2025 ₹55.06 ₹13.82 ₹4.90 ₹57.53
FY 2026 ₹80.95 ₹24.74 ₹11.87 ₹68.99



Qualiance International IPO Key Performance Indicators (KPIs)

Financial KPI (FY26)* Value
Return on Equity (ROE) 61.56% (FY26)
Return on Capital Employed (ROCE) 37.33% (FY26)
EBITDA Margin 21.74% (FY26)
PAT Margin 15.44% (FY26)
Debt to Equity Ratio 1.15 (FY26)
Return on Net Worth (RoNW) 47.98% (FY26)
Earnings Per Share (EPS) ₹11.99 (Pre-IPO) | ₹8.82 (Post-IPO)
Price/Earning (P/E) Ratio 10.59x (Pre-IPO) | 14.40x (Post-IPO)
Net Asset Value (NAV) ₹24.99 (Pre-IPO)



Promoters & Shareholding Pattern

Shareholder Category Pre-IPO Holding Post-IPO Holding
Promoter & Promoter Group 86.49% 63.66%
Public / Institutional / Others 13.51% 36.34%
💡
Smart Market Insights

Qualiance International Limited is promoted by Vipul Badani, Bhoomin R Badani, and Krupa Rajesh Badani. Prior to this issue, the promoter group held a dominant 86.49% equity stake. Post-issue, factoring in the ₹45.11 Crore fresh equity dilution (with zero Offer for Sale), the promoter holding will adjust to a strong majority of 63.66%. The major allocation of ₹31.35 Crore strictly towards capital expenditure to build a new manufacturing facility in Tiruppur allows the company to significantly scale production capacity for institutional and defense performance wear while maintaining solid promoter control.

Industry Peer Comparison

Company Name EPS (₹) P/E Ratio (Post-IPO) RoNW (%)
Qualiance International Ltd (IPO) 8.82 14.40x 47.98%
S. P. Apparels Limited 37.90 18.87x 11.11%
Gokaldas Exports Limited 22.36 27.10x 9.40%

*As per the official RHP, S. P. Apparels and Gokaldas Exports operate in the broader garment manufacturing space, whereas Qualiance specializes in institutional and defense critical-wear.



IPO Strengths & Key Risks

Strengths
Niche Technical & Defense Garment Focus: Qualiance operates in a highly specialized, high-margin segment of performance outerwear, high-visibility workwear, and military uniforms, creating significant barriers to entry compared to standard apparel manufacturing.
Exceptional Return Metrics & Growth: The company demonstrates outstanding financial health, more than doubling its Profit After Tax (PAT) in FY26 to ₹11.87 Crore and delivering a massive Return on Equity (ROE) of 61.56%.
Aggressive Capacity Expansion: With nearly 70% of the fresh IPO proceeds dedicated directly to funding capital expenditure for a new, state-of-the-art manufacturing facility in Tiruppur, the company is strongly positioned to scale output and capture growing international demand.
Sticky International B2B Clientele: By consistently meeting rigorous European military, government, and institutional technical compliance standards, the company fosters long-term, high-retention relationships with global clients.
Key Risks
Export Dependency & Geopolitical Risks: With the vast majority of revenues derived from international markets (predominantly Europe), the business is highly vulnerable to global trade tariffs, shipping freight disruptions, and regional economic slowdowns.
Stringent Quality & Compliance Vulnerability: Defense and institutional performance apparel require zero-defect manufacturing. Any failure to meet exact technical specifications can result in immediate order rejections, heavy penalties, and loss of institutional licenses.
Raw Material Price Volatility: Operations depend heavily on specialized technical fabrics, advanced synthetic fibers, and cotton. Unpredictable price spikes in these core raw materials can quickly compress operating margins.
Foreign Exchange Exposure: Operating a predominantly export-driven business model makes the company's top-line revenue and overall profitability highly sensitive to adverse currency fluctuations (particularly the INR against the Euro and USD).



💡

Smart Market Insights

Wealthova Verdict: SUBSCRIBE (FOR MEDIUM TO LONG TERM)

Qualiance International Limited has established a defensible, high-value niche within the garment manufacturing sector by specializing exclusively in technical critical-wear, military/police uniforms, tactical outerwear, and institutional performance apparel. Unlike commoditized fashion apparel exporters, Qualiance operates with high technical entry barriers, manufacturing zero-defect garments engineered to satisfy stringent European government and institutional compliance standards. This specialization has catalyzed explosive financial growth over the past three fiscal years, with total income leaping from ₹38.14 Crore in FY24 to ₹80.95 Crore in FY26, while Profit After Tax (PAT) expanded more than fourfold from ₹2.84 Crore to ₹11.87 Crore over the same period.

Operationally, the company showcases best-in-class efficiency and margin resilience, delivering an outstanding Return on Equity (ROE) of 61.56%, a Return on Capital Employed (ROCE) of 37.33%, and robust EBITDA margins of 21.74% in FY26. Importantly, the entire ₹45.11 Crore public issue is a 100% Fresh Issue with zero Offer for Sale (OFS), deploying ₹31.35 Crore (~69.50%) directly into capital expenditure to construct a new state-of-the-art manufacturing plant in Tiruppur. This capacity expansion provides immediate visibility for long-term export volume growth. However, prospective investors must evaluate key risk variables: near-total dependency on European export markets, vulnerability to foreign exchange swings, raw material cost inflation, and the strict adherence required for international military quality audits.

At the upper price band of ₹127 per share, Qualiance International commands a post-IPO P/E multiple of 14.40x (based on post-issue EPS of ₹8.82). When compared to broader listed textile peers like S. P. Apparels (P/E ~18.87x) and Gokaldas Exports (P/E ~27.10x), Qualiance offers superior return metrics and higher EBITDA margins at an attractive relative discount. Accounting for the mandatory retail application size of ₹2,54,000 (2 lots / 2,000 shares), this issue presents a fundamentally solid SUBSCRIBE opportunity for investors with appropriate risk appetite seeking high-growth SME exposure.

Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.



Qualiance International IPO Key Contacts & Advisors

Role / Entity Contact & Details
📋 IPO Registrar MUFG Intime India Pvt. Ltd.

C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai, Maharashtra, India, 400083

Website: mufgintime.co.in
🏢 Company Contact Qualiance International Limited

SF No. 341/3, Door No. 1/409, P.N. Road, Mettupalayam, Tiruppur, Tamil Nadu, India, 641602

Website: qualiance.in
💼 Merchant Bankers Hem Securities Limited

904, A Wing, Naman Midtown, Senapati Bapat Marg, Elphinstone Road, Mumbai, Maharashtra, India, 400013



Frequently Asked Questions (FAQs)

What are the opening and closing dates for the Qualiance International IPO?
The Qualiance International IPO opens for subscription on September 4, 2026, and closes on September 8, 2026. The basis of allotment will be finalized on September 9, 2026, with the official stock market listing scheduled on the NSE SME platform for September 11, 2026.
What is the minimum lot size and investment required for retail investors?
Retail investors are required to apply for a minimum of 2 lots (2,000 shares). At the upper price band of ₹127 per share, the minimum retail investment required is ₹2,54,000. High Net Worth Individuals (HNI / NII) generally apply for a minimum of 4 lots (4,000 shares), amounting to ₹5,08,000.
How can I check the allotment status for the Qualiance International IPO?
You can check your Qualiance International IPO allotment status online starting September 9, 2026, using any of the following methods:
  1. Wealthova (Recommended): Check directly on the Wealthova IPO Allotment Status Hub using your PAN number or Application Number for instant verification.
  2. Official Registrar Portal: Visit the official allotment portal of MUFG Intime India Pvt. Ltd.
  3. Stock Exchange Portal: Verify directly on the official NSE IPO allotment status page.
Where will the Qualiance International IPO be listed?
Qualiance International Limited is an SME public issue, and its equity shares will be listed exclusively on the NSE SME platform on September 11, 2026.
What is the total issue size and price for the IPO?
The total issue size is ₹45.11 Crore, consisting entirely of a Fresh Issue of ₹45.11 Crore (35.52 lakh shares) with absolutely no Offer for Sale (OFS) component. It is a book-built issue with a price band set between ₹120 to ₹127 per equity share.
Who is the registrar and lead manager for this public issue?
MUFG Intime India Pvt. Ltd. is acting as the official IPO Registrar. The Book Running Lead Manager for the issue is Hem Securities Limited.