Qualiance International shares list at 77% premium over IPO price on NSE SME platform

Qualiance International shares made a blockbuster market debut on Friday, listing at a premium of 77% over the issue price. The stock opened at Rs 224.90 apiece on the NSE SME platform, up 77.08% from the issue price of Rs 127.

The listing surpassed unlisted market expectations. The GMP for the stock hovered around 64%, signalling expectations of a strong debut.

The Rs 45.11-crore IPO, which opened for subscription on September 4, 2026, and closed on September 8, 2026, received an overwhelming response from investors. The issue was subscribed 459.22 times overall. The retail portion was subscribed 447.13 times, while the QIB and NII portions were subscribed 299.60 times and 699.59 times, respectively.


The IPO comprised entirely of a fresh issue of 35.52 lakh equity shares, aggregating to Rs 45.11 crore. There was no offer-for-sale (OFS) component.

Qualiance International had fixed the IPO price band at Rs 120–Rs 127 per share, with a lot size of 1,000 shares.

At the upper end of the price band, a retail investor was required 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 size was three lots, or 3,000 shares, requiring an investment of Rs 3.81 lakh.

Hem Securities Ltd. acted as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. served as the registrar to the IPO.

IPO 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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