Qualiance International IPO Day 1: Subscribed 89x; Retail and NII surge 93% intraday
- Qualiance International IPO is subscribed 89 times on Day 1.
- Non-Institutional Buyers (bHNI) lead with 156.21x subscription.
- Retail investors subscribe 117.28 times, up 86.8% intraday.
- QIB demand stands at 5.75x, up 39.9% from midday levels.
- Issue closes on 2026-09-08; price band is ₹120.00000 - ₹127.00000.
*this image is generated using AI for illustrative purposes only.
Qualiance International IPO is subscribed 451.75x on Day 2, with Qualified Institutional Buyers (QIB) surging 3412.3% to 296.09x. Non-Institutional Buyers (bHNI) lead demand at 850.39x. The issue closes today.
Subscription Status
Subscription momentum accelerated sharply on Day 2, with the total subscription jumping from 149.68x at 11:15 IST to 451.75x by 16:15 IST. The total subscription increased by 302.07x (+201.8%) in just five hours. All categories saw substantial growth, with QIB showing the highest percentage increase and NII (bHNI) recording the highest multiple.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 07-09-2026 | 5.75x | 89.63x | 156.21x | 117.28x | 89.00x |
| Day 2 | 08-09-2026 | 296.09x | 395.74x | 850.39x | 435.30x | 451.75x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) recorded the highest subscription multiple at 850.39x. Retail investors followed with 435.30x. Qualified Institutional Buyers (QIB) subscribed 296.09x, marking a significant jump from the previous day. Employee category remains at 0x.
Intra-day Timeline
Subscription data for Day 2 was last updated at 11:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 8.43x | 148.81x | 189.67x | 149.68x |
Offer Details
- Price Band: ₹120.00000 - ₹127.00000
- Issue Size: 360000 - 500000
- Min Bid Qty: 2000
- Open Date: 2026-09-04
- Close Date: 2026-09-08
What's Next
- Allotment Date: 2026-09-09
- Listing Date: 2026-09-11
About the Company
Qualiance International designs, engineers, manufactures, and exports performance garments for institutional, government, and brand clients in international markets. Incorporated in 2006, the company operates a manufacturing facility in Tiruppur, Tamil Nadu. Its product portfolio includes military uniforms, tactical outerwear, and protective workwear.
Financial Highlights
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 76.89 | 53.07 | 37.23 |
| Total Profit (₹ crores) | 11.87 | 4.90 | 2.84 |
| Total Assets (₹ crores) | 68.99 | 57.53 | 43.14 |
Objects of the Issue
- Funding capital expenditure for a new manufacturing facility in Tiruppur-Tamil Nadu (₹38.00 crores).
- General Corporate Purposes.
Risk Factors
- Heavy dependence on limited key customers; top customer accounts for 56.93% of sales in FY2026.
- High export dependency; 98.82% of revenue comes from exports, with Switzerland accounting for 80.67%.
- Significant revenue concentration from woven garments (71.55% in FY2026).
How might the significant oversubscription by retail and NII investors impact Qualiance International's listing premium and initial trading volatility?
Given the heavy reliance on a limited number of key customers, what are the potential risks to revenue stability if major contracts are not renewed post-IPO?
How will the proposed expansion of manufacturing capacity in Tiruppur affect the company's economies of scale and profit margins in the coming fiscal years?
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