Qualiance International IPO Day 2: Subscribed 184.52x; NII bHNI leads at 365.25x
- Qualiance International IPO subscribed 184.52x on Day 2.
- NII (bHNI) leads with 365.25x subscription.
- Retail segment stands at 233.54x.
- QIB subscription remains at 8.43x.
- Issue closes on 2026-09-08.
*this image is generated using AI for illustrative purposes only.
Qualiance International IPO is subscribed 184.52x on Day 2, with Non-Institutional Buyers (bHNI) leading demand at 365.25x. 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 184.52x by 12:15 IST. The total subscription increased by 34.84x (+23.3%) in just one hour. All categories saw substantial growth, with NII (bHNI) and Retail segments showing the highest multiples.
| 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 | 8.43x | 184.65x | 365.25x | 233.54x | 184.52x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) recorded the highest subscription multiple at 365.25x. Retail investors followed with 233.54x. Qualified Institutional Buyers (QIB) subscribed 8.43x. Employee category remains at 0x.
Intra-day Timeline
Subscription data for Day 2 shows rapid acceleration between 11:15 and 12:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 8.43x | 148.81x | 189.67x | 149.68x |
| 12:15 | 8.43x | 184.65x | 233.54x | 184.52x |
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).
Given the heavy reliance on a single customer for nearly 57% of FY2026 sales, how might post-listing investor sentiment react if Qualiance International fails to diversify its client base within the next two fiscal years?
With 80.67% of revenue originating from Switzerland, what are the potential impacts on the company's valuation if geopolitical tensions or trade policies in Europe shift adversely in the near future?
How will the allocation of ₹38.00 crores for the new Tiruppur manufacturing facility influence Qualiance International's production capacity and margin structure by FY2028?
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