Qualiance International IPO

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. Incorporated in August 2006, the company originated from a partnership firm established in 1994. 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 4,50,000 garment pieces annually. It serves customers primarily across Europe and North America and has an export-focused business model. The company holds multiple international quality, environmental, social and sustainability certifications.

Qualiance International IPO Overview

Qualiance International Limited IPO is a bookbuilding issue of ₹45.11 crore comprising 35.52 lakh shares. The issue consists entirely of a fresh issue, with no offer-for-sale component. The IPO opens for subscription on 4 September 2026 and closes on 8 September 2026. The price band has been fixed at ₹120 to ₹127 per share, with a lot size of 1,000 shares. Individual investors must apply for a minimum of two lots, or 2,000 shares, requiring ₹2.54 lakh at the upper price band. S-HNI investors must apply for at least three lots, or 3,000 shares, amounting to ₹3.81 lakh. The IPO allotment is expected to be finalised on 9 September 2026, with refunds and credit of shares scheduled for 10 September 2026. The tentative listing date is 11 September 2026 on NSE SME. Hem Securities Ltd. is the book-running lead manager, MUFG Intime India Pvt. Ltd. is the registrar and Hem Finlease Pvt. Ltd. is the market maker.

Qualiance International Limited IPO Details

Particulars	Details
IPO Date	4 September 2026 to 8 September 2026
Listing Date	11 September 2026
Face Value	₹10 per share
Issue Price Band	₹120 to ₹127 per share
Lot Size	1,000 Shares
Total Issue Size	35,52,000 shares (aggregating up to ₹45.11 Cr)
Fresh Issue	35,52,000 shares (aggregating up to ₹45.11 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	99,00,000 shares
Share Holding Post Issue	1,34,52,000 shares
Market Maker Portion	1,80,000 shares

Qualiance International Limited IPO Reservation

Investor Category	Shares Offered
QIB	16,83,000 shares
Retail	11,82,000 shares
NII (HNI)	5,07,000 shares
Market Maker	1,80,000 shares

Qualiance International Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,54,000
Retail (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

Qualiance International Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	86.49%
Post-Issue	63.66%

Qualiance International Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹11.99
Price/Earnings (P/E) Ratio	14.40x
Return on Net Worth (RoNW)	47.98%
Net Asset Value (NAV)	₹24.99
Return on Equity	61.56%
Return on Capital Employed (ROCE)	37.33%
EBITDA Margin	21.74%
PAT Margin	15.44%
Debt to Equity Ratio	1.15

Objectives of the Proceeds

1. ₹38 crore will be utilised towards capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu.

2. The remaining net proceeds will be utilised towards general corporate purposes, subject to applicable regulatory and issue-related requirements.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	68.99	57.53	43.14
Revenue	80.95	55.06	38.14
Profit After Tax	11.87	4.90	2.84
Reserves and Surplus	24.75	14.54	10.41
Total Borrowings	28.50	29.71	19.17

IPO Strengths

1. Strong export-focused business model.

2. Widespread reach across international markets.

3. Qualified and experienced Promoters and management team.

4. Integrated expertise in high-performance technical garments.

5. Specialised manufacturing capabilities for performance apparel.

6. Multiple international quality, safety and sustainability certifications.

7. Skilled workforce supporting manufacturing and operational capabilities.

8. In-house manufacturing facility supported by a quality control mechanism.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	P/E (x)	RoNW (%)
Qualiance International Ltd.	11.99	11.99	—	47.98
Peer Group
Gokaldas Exports Ltd.	13.71	13.11	60.84	4.63
S.P. Apparels Ltd.	40.22	40.09	23.21	10.67