Qualiance International IPO
smeliveAbout the company
Qualiance International is engaged in the design, engineering, manufacturing and exporting of performance apparel for institutional, governmental and branded customers across international markets. The company was incorporated in 2006 and offers a range of products, including military uniforms, tactical outerwear, high-visibility workwear, weather-resistant & all-weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It runs a manufacturing plant located in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 units per annum. The manufacturing unit caters to all manufacturing processes as well as specialised processes like seam sealing, bonded processes, ultrasonic welding, laser cutting and laminating. The capacity utilisation was recorded at 88% in FY26 as compared to 78% in both FY25 and FY24. Exports account for an overwhelming proportion of sales, i.e., 98.82% in FY26, out of which Switzerland accounts for the largest contributor to sales, from 56.44% in FY24 to 80.67% in FY26. Sales contribution from the USA decreased from 28.87% to 16.60%. The government of Switzerland accounted for 79.24% of the total revenue in FY26 from 55.76% in FY24. The Swiss government business segment alone contributed 71.85% of the government business revenue in FY26. In this, the Customs Department segment has grown from 2.37% in FY25 to 22.89% in FY26. In terms of product mix, woven garments have constituted 71.55% of the total in FY26, while knitted garments contributed 28.45% in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 08 Sep | ₹55 | ₹182 | -2 |
| 07 Sep | ₹57 | ₹184 | 0 |
| 06 Sep | ₹57 | ₹184 | +4 |
| 05 Sep | ₹53 | ₹180 | -1 |
| 04 Sep | ₹54 | ₹181 | -3 |
| 03 Sep | ₹57 | ₹184 | +2 |
| 02 Sep | ₹55 | ₹182 | +3 |
| 01 Sep | ₹52 | ₹179 | 0 |
Strengths
- Specialised expertise in high-performance technical garments
- In-house manufacturing with advanced processes such as seam sealing, laser cutting and ultrasonic welding
- More than 20 years of experience supplying uniforms and outerwear to the Swiss Government and other institutional buyers
- Strong presence in international export markets
- Experienced promoters and management team
- Existing manufacturing facility with established production capabilities
- Opportunity to expand manufacturing capacity through a new facility in Tiruppur
Risks
- High dependence on a limited number of customers
- Significant dependence on the Swiss market and Swiss Government orders
- Majority of revenue comes from exports, exposing the company to currency and international trade risks
- Dependence on purchase orders rather than long-term binding customer contracts
- Reliance on a limited number of suppliers for raw materials
- Imported raw materials expose the company to supply-chain and cost risks
- New manufacturing facility faces execution, approval and commissioning risks
- Outstanding legal and regulatory matters could affect financial performance
- Rising working-capital requirements may put pressure on cash flows
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
In Progress04 Sept 2026Bidding starts for all investor categories
0d since OpensToday · 04 Sept 20264d to ClosesIPO Closes
Upcoming08 Sept 2026Last day to place your bid
Basis of Allotment
Upcoming10 Sept 2026Share allotment finalised
Refund Initiation
Upcoming11 Sept 2026Refunds credited for non-allottees
Credit to Demat
Upcoming12 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Upcoming11 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹127,000 | 1 | ₹127,000 | 1 lot only |
| HNI | 2 | 2000 | ₹254,000 | 2 | ₹254,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,821,863 | 22.5 | 0 | 0.00x | 100% |
| NII | 15% | 546,559 | 6.75 | 4,880,772 | 8.93x | 11.2% |
| Retail | 35% | 1,275,304 | 15.75 | 6,453,038 | 5.06x | 19.8% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
04 Sep Day 1 | 0.79x | 0.00x | 1.40x | 0.00x | 0.00x | 0.50x | 2.69x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.