Qualiance International Ltd IPO
Status: Closed
Overview
IPO date
04 Sept 2026 to 08 Sept 2026
Face value
₹ 10 per share
Price
₹ 120 to ₹127 per share
Issue Size
3,552,000 shares
(aggregating up to ₹ 45.11 Cr)
(aggregating up to ₹ 45.11 Cr)
Allotment Date
09 Sept 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Textiles
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T&C*
Strengths vs Risks of Qualiance International Ltd
Know the pros & cons
Strengths
- In-house manufacturing facility with quality control mechanism.
- Widespread reach in international markets.
- Integrated expertise in high performance technical garments.
- Qualified and Experienced Management Team.
Risks
- The company derives a significant portion of its revenue from the sale of woven garments. Any decline in the sales of the company's key product could have an adverse effect on its business, results of operations and financial condition.
- The company depends on a limited number of customers for its revenue from operations. Any failures to maintain relationships with such customers could adversely affect the company's revenue and financial condition.
- The company derives a majority portion of its revenues from exports and is subject to risk of international trade.
- The company's proposed expansion plans w.r.t. its new manufacturing facility being set up is subject to the risk of unanticipated delays in implementation and cost overruns.
- The company is subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect its results of operations.
- There are outstanding legal proceedings involving the Company, its Directors and the company's Promoters. Any adverse decisions could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
- The company depends on a limited number of suppliers for raw materials. Any interruption in the availability of raw materials could adversely impact its operations. Further, any failures by the company's suppliers to provide raw materials to it on time or at all, or as per its specifications and quality standards could have an adverse impact on the company's ability to meet its manufacturing and delivery schedules.
- The company has had negative cash flows from operating, investing and financing activities in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- There are certain discrepancies/errors noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956/ 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realization of the price for its product, which may adversely affect the company's business operation and financial condition.
- The Company is yet to place orders for the Plant & Machinery for the setup of new manufacturing facility. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- The company requires certain approvals, licenses, registrations and permits to operates its business, and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- Changes in technology may render the company's current technologies obsolete or requires it to undertake substantial capital investments, which could adversely affect the company's results of operations.
- Adverse publicity regarding the company's products could negatively impact it.
- The Company's logo and word trademark is not registered as on the Red Herring Prospectus. The company may be unable to protect its intellectual property against third party infringement or are found to infringe on the intellectual property rights of others, it could have a material adverse effect on the company's business, result of operations, and financial conditions.
- The company is dependent on its Promoters, the company's senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company's business, results of operations, financial condition and cash flows.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at the company's discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue"
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company has incurred indebtedness which exposes it to various risks which may have an effect on its business and results of operations.
- Information relating to capacity utilization of the company's manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates. Under-utilization of capacity of its manufacturing facilities and an inability to effectively utilize the company's manufacturing facilities may have an adverse effect on its business and future financial performance.
- The company's Contingent Liability and Commitments could affect its financial position.
- An increase in raw material costs or other input costs or loss of any of the company's suppliers due to delayed payments or otherwise, resulting in shortfall in the supply of its raw material may adversely impact the pricing and supply of the company's products and have an adverse effect on its business.
- Inventories and trade receivables form a major part of the company's current assets. Failures to manage its inventory and trade receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- There are certain delays noticed in some statutory filings with EPFO, ESIC, GST and other statutory authorities. Any Penalty or demand raised by statutory authorities in future may adversely affect its financial position of the Company.
- The company's manufacturing activities requires deployment of labour and depends on availability of labour. In case of unavailability of such labour, its business operations could be affected.
- The company's Promoter and Promoter Group members & Group Company has provided personal guarantees for loans availed by the Company. Its business, financial condition, results of operations and cash flows may be adversely affected by the invocation of all or any personal guarantees provided by the company's Promoter and Promoter Group members and Group Company.
- The company's insurance coverage may or may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
- The company's business is dependent on its manufacturing facilities and the company is subject to certain risks in its manufacturing process. Obsolescence, destruction, theft, breakdowns of the company's major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
- Compliance with labour law, labour shortage, strikes, work stoppages or increased wages demands by the company's employees or any other kind of disputes with its employees could adversely affect the company's business and results of operations.
- Its Group Company has incurred losses and has negative net worth in past and any operating losses in the future could adversely affect the results of operations and financial conditions of its group company.
- The company could be adversely affected by employee misconduct or errors that is difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Compliance with, and changes in, safety, health and environmental laws and labour regulations may adversely affect the company's business, prospects, financial condition and results of operations.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- If the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
- The company's actual results could differ from the estimates and projections used to prepare its financial statements.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of its Directors (Promoters) are interested in the Company to the extent of their shareholding and dividend entitlement.
- Dependence upon transportation services for supply and transportation of the company's products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customers.
- Absence of order book.
- Risk relating to sustainability of increase in PAT margin.
- Liquidity Risk and Dependence on Market Maker Continuity on the NSE SME Platform.
- The company may not be successful in implementing its business strategies.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The company is subject to restrictive convents under its credit facilities that limit the company's operational flexibility.
- The company's lenders have charge over assets in respect of finance availed by it.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- None of the company's Directors have prior experience serving on the board of a listed company, which may affect its ability to efficiently discharge certain responsibilities as a listed entity.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company is subject to the risk of failures of, or a material weakness in, the company's internal control systems. If the company is unable to establish and maintain an effective system of internal controls and compliances business and reputation could be adversely affected.
- The average cost of acquisition of Equity Shares by the company's Promoter, is lower than the face value of Equity Share.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence the company's profitability adversely.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by it and any sale of Equity Shares by the company's significant shareholders may dilute your shareholding and adversely affect the trading price of the Equity Shares.
- The company's Promoter and Promoter Group will jointly continue to retain majority shareholding in the Company after this Issue which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of NSE in a timely manner or at all.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP, IFRS and U.S. GAAP, which may be material to investors assessments of the company's financial condition, result of operations and cash flows.
- Any of the Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect trading price of its Equity Shares.
Qualiance International Ltd Peer Comparison
Understand the company’s industry standing
Qualiance International Ltd
Gokaldas Exports Ltd
S P Apparels Ltd
Face Value
10
5
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
80.95
4064.96
1596.76
EPS-Basis
11.99
13.71
40.22
EPS-Diluted
11.99
13.11
40.09
NAV Per Share
---
---
---
P/E-Basic EPS
10.59
60.84
23.21
P/E-Diluted EPS
---
---
---
RONW(%)
47.98
4.63
10.67
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 04 Sept 2026 & closes on 08 Sept 2026.
Qualiance International Limited began operations as a Partnership firm in 1994 and was incorporated as 'Qualiance International Private Limited' on August 24, 2006, under the provisions of the Companies Act, 1956 with the Registrar of Companies, Mumbai. Subsequently, the Company was converted into a Public Limited Company and the name was changed to 'Qualiance International Limited' vide a fresh certificate of incorporation dated 09th December 2025 issued by the Registrar of Companies, CPC.
The Company started the factory in Tiruppur, Tamil Nadu in 2017, which operate an installed capacity of 450,000 garment pieces per annum. It engages in the manufacturing of garments and apparels. 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 facility supports garment manufacturing activities from raw material sourcing and fabric development through external suppliers to the production of finished garments.
Apart from the regular cut and sew operations in the manufacturing cycle, it carry out specialized processes including seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. Over the past two decades, the Company has manufactured garments based on product specifications and compliance requirements of European military, government and institutional buyers. It supply garments to the various department of Government of Switzerland and European brands.
Company has filed a Draft Prospectus with SEBI for the IPO, consisting a fresh issue of 35,52,000 Equity shares of Rs 10.
Qualiance International Ltd IPO will close on 08 Sept 2026.
- In-house manufacturing facility with quality control mechanism.
- Widespread reach in international markets.
- Integrated expertise in high performance technical garments.
- Qualified and Experienced Management Team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vipul Badani | 5049000 | 51 | 5049000 | 37.53 |
| 2 | Bhoomin R Badani | 301500 | 3.05 | 301500 | 2.24 |
| 3 | Krupa Rajesh Badani | 2359241 | 23.83 | 2359241 | 17.54 |
| 4 | Pratiksha Vipul Badani | 130500 | 1.32 | 130500 | 0.97 |
| 5 | Rajesh Jagmohadas Badani | 61759 | 0.62 | 61759 | 0.46 |
| 6 | Dhriti Drolia | 445500 | 4.5 | 445500 | 3.31 |
| 7 | Sneha Bhoomin Badani | 215500 | 2.18 | 215500 | 1.6 |
- The company derives a significant portion of its revenue from the sale of woven garments. Any decline in the sales of the company's key product could have an adverse effect on its business, results of operations and financial condition.
- The company depends on a limited number of customers for its revenue from operations. Any failures to maintain relationships with such customers could adversely affect the company's revenue and financial condition.
- The company derives a majority portion of its revenues from exports and is subject to risk of international trade.
- The company's proposed expansion plans w.r.t. its new manufacturing facility being set up is subject to the risk of unanticipated delays in implementation and cost overruns.
- The company is subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect its results of operations.
- There are outstanding legal proceedings involving the Company, its Directors and the company's Promoters. Any adverse decisions could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
- The company depends on a limited number of suppliers for raw materials. Any interruption in the availability of raw materials could adversely impact its operations. Further, any failures by the company's suppliers to provide raw materials to it on time or at all, or as per its specifications and quality standards could have an adverse impact on the company's ability to meet its manufacturing and delivery schedules.
- The company has had negative cash flows from operating, investing and financing activities in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- There are certain discrepancies/errors noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956/ 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realization of the price for its product, which may adversely affect the company's business operation and financial condition.
- The Company is yet to place orders for the Plant & Machinery for the setup of new manufacturing facility. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- The company requires certain approvals, licenses, registrations and permits to operates its business, and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- Changes in technology may render the company's current technologies obsolete or requires it to undertake substantial capital investments, which could adversely affect the company's results of operations.
- Adverse publicity regarding the company's products could negatively impact it.
- The Company's logo and word trademark is not registered as on the Red Herring Prospectus. The company may be unable to protect its intellectual property against third party infringement or are found to infringe on the intellectual property rights of others, it could have a material adverse effect on the company's business, result of operations, and financial conditions.
- The company is dependent on its Promoters, the company's senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company's business, results of operations, financial condition and cash flows.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at the company's discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue"
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company has incurred indebtedness which exposes it to various risks which may have an effect on its business and results of operations.
- Information relating to capacity utilization of the company's manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates. Under-utilization of capacity of its manufacturing facilities and an inability to effectively utilize the company's manufacturing facilities may have an adverse effect on its business and future financial performance.
- The company's Contingent Liability and Commitments could affect its financial position.
- An increase in raw material costs or other input costs or loss of any of the company's suppliers due to delayed payments or otherwise, resulting in shortfall in the supply of its raw material may adversely impact the pricing and supply of the company's products and have an adverse effect on its business.
- Inventories and trade receivables form a major part of the company's current assets. Failures to manage its inventory and trade receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- There are certain delays noticed in some statutory filings with EPFO, ESIC, GST and other statutory authorities. Any Penalty or demand raised by statutory authorities in future may adversely affect its financial position of the Company.
- The company's manufacturing activities requires deployment of labour and depends on availability of labour. In case of unavailability of such labour, its business operations could be affected.
- The company's Promoter and Promoter Group members & Group Company has provided personal guarantees for loans availed by the Company. Its business, financial condition, results of operations and cash flows may be adversely affected by the invocation of all or any personal guarantees provided by the company's Promoter and Promoter Group members and Group Company.
- The company's insurance coverage may or may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
- The company's business is dependent on its manufacturing facilities and the company is subject to certain risks in its manufacturing process. Obsolescence, destruction, theft, breakdowns of the company's major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
- Compliance with labour law, labour shortage, strikes, work stoppages or increased wages demands by the company's employees or any other kind of disputes with its employees could adversely affect the company's business and results of operations.
- Its Group Company has incurred losses and has negative net worth in past and any operating losses in the future could adversely affect the results of operations and financial conditions of its group company.
- The company could be adversely affected by employee misconduct or errors that is difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Compliance with, and changes in, safety, health and environmental laws and labour regulations may adversely affect the company's business, prospects, financial condition and results of operations.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- If the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
- The company's actual results could differ from the estimates and projections used to prepare its financial statements.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of its Directors (Promoters) are interested in the Company to the extent of their shareholding and dividend entitlement.
- Dependence upon transportation services for supply and transportation of the company's products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customers.
- Absence of order book.
- Risk relating to sustainability of increase in PAT margin.
- Liquidity Risk and Dependence on Market Maker Continuity on the NSE SME Platform.
- The company may not be successful in implementing its business strategies.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The company is subject to restrictive convents under its credit facilities that limit the company's operational flexibility.
- The company's lenders have charge over assets in respect of finance availed by it.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- None of the company's Directors have prior experience serving on the board of a listed company, which may affect its ability to efficiently discharge certain responsibilities as a listed entity.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company is subject to the risk of failures of, or a material weakness in, the company's internal control systems. If the company is unable to establish and maintain an effective system of internal controls and compliances business and reputation could be adversely affected.
- The average cost of acquisition of Equity Shares by the company's Promoter, is lower than the face value of Equity Share.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence the company's profitability adversely.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by it and any sale of Equity Shares by the company's significant shareholders may dilute your shareholding and adversely affect the trading price of the Equity Shares.
- The company's Promoter and Promoter Group will jointly continue to retain majority shareholding in the Company after this Issue which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of NSE in a timely manner or at all.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP, IFRS and U.S. GAAP, which may be material to investors assessments of the company's financial condition, result of operations and cash flows.
- Any of the Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect trading price of its Equity Shares.
The Issue type of Qualiance International Ltd is Book Building - SME.
The minimum application for shares of Qualiance International Ltd is 2000.
The total shares issue of Qualiance International Ltd is 3552000.
Initial public offer of 35,52,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Qualiance International Limited ("The Company" or "QIL" or "The Issuer") at an issue price of Rs. 127 equity share (including share premium of Rs.117 equity share) for cash, aggregating Rs. 45.11 Crores ("Public Issue") out of which 1,80,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 127 equity share for cash, aggregating Rs. 2.29 Crores was reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. Issue of 33,72,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 127 equity share for cash, aggregating Rs. 42.82 Crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.40% and 25.07% respectively of the post- issue paid-up equity share capital of the company.
Price Band: Rs. 127 per equity share of face value of Rs. 10 each.
The floor price (Rs.127) is 12.70 times of the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.