Qualiance International SME IPO opens today: GMP signals 43% listing gain — Check key details

The Qualiance International SME IPO opens for subscription on September 4, 2026, on the NSE SME platform, with strong investor interest already visible in the grey market. The Rs 45.11 crore public issue will remain open for three days and close on September 8.

The grey market premium (GMP) currently indicates a 43% premium over the issue price, suggesting a potentially strong listing for investors if the grey-market trend holds.

The IPO is entirely a fresh issue of 35.52 lakh equity shares, aggregating to Rs 45.11 crore. There is no offer-for-sale component in the issue.


The company fixed the price band at Rs 120–127 per share, and the lot size is 1,000 shares.

At the upper end of the price band, a retail investor will need to invest a minimum of Rs 2.54 lakh for 2,000 shares, equivalent to two lots. For high-net-worth individuals (HNIs), the minimum application is 3 lots, or 3,000 shares, requiring an investment of Rs 3.81 lakh.

The IPO will open on September 4, 2026, and close on September 8, 2026. The share allotment is expected to be finalized on September 9, while the company is tentatively scheduled to make its NSE SME debut on September 11, 2026.

Hem Securities Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar.

With the IPO opening today and the GMP pointing to a potential 43% listing premium, investors will be closely watching subscription figures over the next few days to gauge whether the strong grey-market sentiment translates into actual market demand.

Qualiance International SME IPO GMP Today

The Qualiance International SME IPO GMP today stands at Rs 55 per share, translating into a 43% premium over the upper issue price of Rs 127. Based on the current grey market premium, the IPO’s estimated listing price is Rs 182 per share.

GMP Note: The grey market premium is an unofficial indicator of market sentiment and does not guarantee the actual listing price. GMP can change before listing based on demand, market conditions and investor sentiment.

Objects of the Issue

Qualiance International plans to utilise the net proceeds from the IPO primarily to fund capital expenditure for setting up a new manufacturing facility in Tiruppur, Tamil Nadu. The company has earmarked approximately Rs 38 crore for the proposed facility.

Any balance remaining from the net proceeds will be deployed towards general corporate purposes, in accordance with applicable laws and regulations.

Financial Performance

Qualiance International reported a strong improvement in its financial performance in FY26, driven by higher revenue and a significant expansion in profitability. The company’s total income increased 47% to Rs 80.95 crore in FY26, compared with Rs 55.06 crore in FY25.

The bottom line recorded an even stronger growth. Profit after tax (PAT) jumped 142% to Rs 11.87 crore in FY26, from Rs 4.90 crore a year earlier, reflecting a substantial improvement in the company’s profitability.

About Qualiance International

Incorporated in August 2006, 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. The Company originally commenced operations as a partnership firm, M/s. Qualiance Exports, in 1994 and was subsequently incorporated as Qualiance International Private Limited before being converted into a public limited company in December 2025. 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 supports various manufacturing activities, including regular cut-and-sew operations and specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. The Company manufactures both knitted and woven garments based on customer specifications, technical drawings, patterns and performance requirements.

The Company primarily serves customers across Europe and North America, including government, institutional and brand clients. Its export-focused business contributed 98.82% of revenue from operations in Fiscal 2026. The Company follows quality and compliance standards applicable to international markets and holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, along with SEDEX SMETA audit compliance. The Company also holds the status of a Two Star Export House issued by the Government of India.

As of June 30, 2026, the Company had 255 payroll employees across its manufacturing facility and office operations, supported by contractual labour engaged based on production requirements.

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