Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹43 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹170.84 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Hem Securities |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 38.14 | 55.06 | 80.95 | +47% |
| EBITDA | 4.86 | 7.97 | 16.72 | +110% |
| PAT | 2.84 | 4.90 | 11.87 | +142% |
| PAT Margin | 7.4% | 8.9% | 14.7% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Qualiance International | 14.4x | 61.56% | 14.7% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Vipul Badani, Bhoomin Badani, Krupa Badani |
| Pre-issue | 86.49% |
| Post-issue | 63.66% |
| Objects of Issue | |
|---|---|
| New manufacturing facility (Tiruppur) | ₹38.00 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Excellent growth — revenue +47% and PAT +142% in FY26.
- Very high ROE (~61.6%) with sharp margin expansion (EBITDA 14.5% → 20.7%).
- Reasonable valuation for the growth — ~14.4x post-issue P/E.
- Exceptional final demand — subscribed ~459x (QIB ~300x, NII ~700x, retail ~447x) and GMP ~₹61 (~48%).
- Export-oriented (~99% to Europe/North America); ISO/GOTS/GRS certified, Two-Star Export House.
- Heavy oversubscription (~459x) means a very low allotment probability for retail applicants.
- Heavy geography/customer concentration — ~99% of revenue is exports to Europe & North America; FX and tariff exposure.
- Moderate leverage (debt/equity 1.15) despite improvement from 2.15.
- High minimum ticket (~₹2.54 lakh) limits retail participation.
- SME segment — low post-listing liquidity and high volatility; only recently converted to a public company (Dec 2025).
Did the signal hold up? Updates after Sep 11
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Qualiance International IPO FAQs
Common questions about the Qualiance International IPO — GMP, price, dates, allotment and more.
What is Qualiance International IPO GMP today?
As of the latest update (Subscription: Sep 8 (final, IPO Watch) · GMP: Sep 9, ~7:20 AM IST (₹61, IPOGram)), the grey market premium (GMP) for Qualiance International IPO is around ₹61, implying an estimated listing price of about ≈ ₹188. GMP is unofficial & indicative
What is Qualiance International IPO price band?
The price band is ₹120 – ₹127 per share (face value ₹10).
What is Qualiance International IPO lot size?
The lot size is 1,000 · min ₹2,54,000 per application.
When is Qualiance International IPO allotment?
The tentative basis-of-allotment date is Sep 9.
When will Qualiance International IPO be listed?
The tentative listing date is Sep 11, 2026 on NSE SME.
What is the expected listing price of Qualiance International IPO?
Based on the current grey market premium of ₹61, the estimated listing price is around ≈ ₹188 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Qualiance International IPO?
Our view: Apply · Subscribe
In simple terms, this company makes specialised uniforms and protective clothing — military, police and safety gear — mostly for buyers overseas, and it has been growing fast and earning healthy profits. Demand was exceptional: the issue closed subscribed about 459 times, with big institutions, wealthy individuals and retail all piling in, and the grey market points to a strong listing. Bidding is now closed and allotment is being finalised — if you applied, the heavy oversubscription means a low chance of allotment. The things to remember for the listing: nearly all its sales depend on a handful of foreign markets, and it is a small, thinly-traded SME, so expect volatility once it lists. This is IPOSignal's research view, not investment advice.
What is Qualiance International IPO subscription status?
As of Final · Day 3 (Sep 8), the issue was subscribed 459.2× overall — NII / HNI 699.6×, Retail 447.1×, QIB 299.6×.
Who is the registrar of Qualiance International IPO?
The registrar is MUFG Intime India; the lead manager(s): Hem Securities.