Qualiance International IPO Day 1: Subscribed 46.21x; Retail leads at 62.79x
- Qualiance International IPO subscribed 46.21x on Day 1
- Retail category leads with 62.79x subscription
- NII (bHNI) shows strong interest at 72.28x
- Issue price band set between ₹120 and ₹127
- IPO closes on 08-09-2026
*this image is generated using AI for illustrative purposes only.
Qualiance International IPO is subscribed 46.21 times on Day 1, with retail investors leading the demand at 62.79 times. The issue remains open for further bidding.
Subscription Status
The subscription momentum was evident early in the day. By 12:15 PM IST on 07-09-2026, the issue had already crossed the 46x mark.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 12:15 | 4.11x | 46.37x | 62.79x | 46.21x |
Category-wise Breakdown
Retail investors showed the highest enthusiasm, subscribing to their quota 62.79 times. Non-Institutional Buyers (bHNI) followed closely at 72.28 times. Qualified Institutional Buyers (QIB) subscribed 4.11 times. Employee participation was recorded at 0 times.
| Category | Subscription Multiple |
|---|---|
| QIB | 4.11x |
| NII (bHNI) | 72.28x |
| NII (sHNI) | 46.37x |
| Retail | 62.79x |
| Employees | 0x |
| Total | 46.21x |
Offer Details
- Price band: ₹120.00000 - ₹127.00000
- Issue size: 360000 - 500000
- Min bid qty: 2000
- Open: 2026-09-04 10:00:00
- Close: 2026-09-08 16:00:00
About the Company
Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. The company began operations as a partnership firm in 1994 and was incorporated as a company in 2006. The 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 located in Tiruppur, Tamil Nadu with a total built up area of over 45,000 square feet over a land area of approximately 1,046.31 square meters and an installed capacity of 450,000 garment pieces per annum.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from operations | 76.89 | 53.07 | 37.23 |
| Total Profit | 11.87 | 4.90 | 2.84 |
Objects of the Issue
- Funding the capital expenditure requirements towards setting up a new manufacturing facility at Tiruppur-Tamil Nadu (₹38.00 crores)
- General Corporate Purposes
Risk Factors
- Significant Revenue Concentration from Woven Garments
- Heavy Dependence on Limited Number of Key Customers
- High Export Dependency and International Trade Risks
- Foreign Exchange Rate Fluctuation Exposure
- Supplier Concentration and Raw Material Supply Risks
Will the high retail subscription multiple of 62.79x lead to significant listing gains, or is the valuation already stretched given the current price band?
How might the planned ₹38 crore expansion in Tiruppur impact Qualiance International's production capacity and revenue growth trajectory over the next 2-3 years?
Given the heavy reliance on a limited number of key customers, what is the company's strategy to diversify its client base post-IPO to mitigate concentration risk?
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