Qualiance International IPO
Textiles • ₹45.11 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹127
Lot Size
1000 shares
Issue Size
₹45.11 Cr
Open
04 Sept 2026
Close
08 Sept 2026
Subscription
425×
IPO Schedule
| Issue Open Date | 04 Sept 2026 |
| Issue Close Date | 08 Sept 2026 |
| Allotment Date | 09 Sept 2026 |
| Listing Date | 10 Sept 2026 |
About Qualiance International
Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government, and brand clients in international markets. 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 also undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. The company primarily generates revenue from exports to clients across Europe and North America. It holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard and Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit. It also holds Two Star Export House status from the Government of India. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu – Rs 38 crore General corporate purposes
Company Details
Founders / Promoters
Mr Vipul Badani
Founded
1994
Registrar
LINK
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Qualiance International — IPOFins Verdict
QuantitativeDriven by QIB demand at 299.9x and moderate disclosed risk (6/10), Qualiance International listed at a premium of 77.1% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- Qualiance International claims to have an in-house manufacturing facility in Tiruppur, Tamil Nadu, with a built-up area of over 45,000 square feet. The company claims to follow quality control process
- Qualiance International claims to derive most of its revenue from international markets, particularly Switzerland and the United States. Revenue from Switzerland increased from Rs 20.83 crore (56.44%)
- The company claims to have over 20 years of experience in manufacturing uniforms and outerwear for departments of the Government of Switzerland, including military and police agencies. The company cla
- The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 37.23 crore in FY24 to Rs 53.07 crore in FY25 to Rs 76.89 crore in FY26, while
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹127
Listing Price
₹224.9
Listing Gain/Loss
+77.09%
Listing Date
10 Sept 2026
Price Since Listing
Returns are measured against the ₹127 issue price.
Listing
₹224.9
+77.1%
Current
₹181.4
+42.8%
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FAQ
What is the price band of Qualiance International IPO?
The price band is ₹127 per share with a lot size of 1000 shares. Minimum investment: ₹1,27,000.
What does Qualiance International do?
Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government, and brand clients in international markets. 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 also undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. The company primarily generates revenue from exports to clients across Europe and North America. It holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard and Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit. It also holds Two Star Export House status from the Government of India. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu – Rs 38 crore General corporate purposes
Should I apply for Qualiance International IPO?
Qualiance International listed at ₹224.9 (+77.1% premium to the ₹127 issue price) after 425.1x subscription. IPOFins Score 8/10: Driven by QIB demand at 299.9x and moderate disclosed risk (6/10), Qualiance International listed at a premium of 77.1% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Qualiance International?
Qualiance International was founded by Mr Vipul Badani in 1994.