Qualiance International IPO is a 100% book-built SME public issue of Qualiance International Limited. The company is engaged in the design, engineering, manufacturing and export of performance garments for institutional, government and branded customers in international markets. The IPO comprises only a fresh issue of 35,52,000 equity shares of face value ₹10 each. The shares are proposed to be listed on the SME Platform of NSE, also known as NSE Emerge.
The price band for the Qualiance International IPO has been fixed at ₹120 to ₹127 per equity share. At the upper price band, the issue size is approximately ₹45.11 crore. Of the total issue, 1,80,000 equity shares are reserved for the market maker, leaving 33,72,000 equity shares as the net issue to the public.
Qualiance International has a specialised manufacturing profile focused on technical and performance garments. 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 an existing manufacturing facility in Tiruppur, Tamil Nadu, with more than 45,000 square feet of built-up area and an installed capacity of 4,50,000 garment pieces per annum. It also plans to establish a new manufacturing facility in Tiruppur with a proposed annual base capacity of 10,80,000 pieces.
Table of Contents
Qualiance International IPO Details Information
| IPO Details | Information |
|---|---|
| IPO Name | Qualiance International IPO |
| Company Name | Qualiance International Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹120 to ₹127 Per Share |
| Issue Size | ₹42.62 Crore to ₹45.11 Crore |
| Fresh Issue | 35,52,000 Equity Shares |
| Offer for Sale | Nil |
| Market Maker Reservation | 1,80,000 Equity Shares |
| Net Issue to Public | 33,72,000 Equity Shares |
| IPO Open Date | 4 September 2026 |
| IPO Close Date | 8 September 2026 |
| Anchor Investor Bidding | 3 September 2026 |
| Basis of Allotment | 9 September 2026 |
| Refund Initiation | 10 September 2026 |
| Shares Credited to Demat | 10 September 2026 |
| Listing Date | 11 September 2026 |
| Listing Exchange | NSE SME / NSE Emerge |
| Lot Size | 1,000 Equity Shares |
| Minimum Application | 2 Lots / 2,000 Shares |
| Minimum Investment at Upper Band | ₹2,54,000 |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Manager | Hem Securities Limited |
| Market Maker | Hem Finlease Private Limited |
The RHP confirms that the entire issue consists of a fresh issue and that there is no Offer for Sale component. The company proposes to issue up to 35,52,000 equity shares, representing 26.40% of the post-issue paid-up equity share capital.
Qualiance International IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 3 September 2026 |
| IPO Opening Date | 4 September 2026 |
| IPO Closing Date | 8 September 2026 |
| Basis of Allotment | 9 September 2026 |
| Refund Initiation | 10 September 2026 |
| Shares Credited to Demat Account | 10 September 2026 |
| Listing Date | 11 September 2026 |
The RHP specifies 3 September 2026 as the anchor portion bidding date, 4 September 2026 as the issue opening date and 8 September 2026 as the issue closing date. The proposed listing is on 11 September 2026 on the NSE SME platform.
Qualiance International IPO Reservation
| Investor Category | Shares / Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 16,83,000 Shares |
| Non-Institutional Investors (NII) | Not Less Than 5,07,000 Shares |
| Individual Investors | Not Less Than 11,82,000 Shares |
| Market Maker | Up to 1,80,000 Shares |
| Anchor Investors | Up to 60% of QIB Portion |
Not more than 50% of the net issue can be allocated to QIBs. The company may allocate up to 60% of the QIB portion to Anchor Investors. Not less than 15% of the net issue is available for Non-Institutional Investors and not less than 35% is available for Individual Investors, subject to the applicable SEBI ICDR provisions.
Qualiance International IPO Lot Size
| Application | Lots | Shares | Amount at ₹120 | Amount at ₹127 |
|---|---|---|---|---|
| Individual Investors – Minimum | 2 | 2,000 | ₹2,40,000 | ₹2,54,000 |
| Individual Investors – Maximum | 2 | 2,000 | ₹2,40,000 | ₹2,54,000 |
| S-HNI – Minimum | 3 | 3,000 | ₹3,60,000 | ₹3,81,000 |
| S-HNI – Maximum | 7 | 7,000 | ₹8,40,000 | ₹8,89,000 |
| B-HNI – Minimum | 8 | 8,000 | ₹9,60,000 | ₹10,16,000 |
The market lot is 1,000 equity shares. Individual investors are required to apply for a minimum of two lots, equivalent to 2,000 shares. At the upper price band of ₹127, the minimum individual application amount is ₹2,54,000.
About Qualiance International Limited
Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. The business has its roots in 1994, when it began as the partnership firm M/s Qualiance Exports. The company was incorporated as Qualiance International Private Limited in 2006 and was converted into a public limited company in December 2025.
The company specialises in technical apparel and performance-oriented garments. Its 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.
Qualiance operates its existing manufacturing facility in Tiruppur, Tamil Nadu. The facility has more than 45,000 square feet of built-up area and installed production capacity of 4,50,000 garment pieces per annum. The company also undertakes specialised manufacturing processes in addition to conventional cut-and-sew operations.
The company’s official website states that it has capabilities including seam sealing, sew-free bonded assembly, laser cutting and perforation, ultrasonic welding, down filling, quilting, thermal transfer and lamination. It also lists certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, SEDEX SMETA, GOTS and GRS.
Official company information is available through Qualiance International Investor Relations.
Business Operations
Qualiance International operates as a specialised technical garment manufacturer serving institutional, government and branded customers.
- Military Uniforms: The company manufactures garments for military and defence-related institutional requirements.
- Tactical Outerwear: Its product range includes specialised tactical outerwear designed for demanding operating conditions.
- High-Visibility Workwear: The company produces high-visibility garments for industrial and workwear applications.
- Weather-Resistant Garments: Its portfolio includes weather-resistant and all-weather outerwear.
- Police and Border Patrol Uniforms: The company manufactures specialised uniforms for police and border security applications.
- Protective Workwear: It supplies performance-oriented protective clothing for industrial and institutional customers.
- Performance Activewear: The product portfolio also includes performance activewear for branded customers.
- Technical Garment Processes: The company undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, quilting and lamination.
- International Exports: Exports form the dominant portion of the company’s revenue, with Switzerland being its primary export destination in FY2026.
Industry Overview
The technical apparel and performance garment industry serves specialised customers requiring garments with specific characteristics such as durability, weather protection, safety, visibility and technical construction.
Demand in this segment is influenced by government procurement, defence and security requirements, industrial workwear demand, international brands and specialised outdoor and performance apparel markets.
Qualiance operates with a strong export orientation. According to the RHP, exports accounted for 98.82% of revenue from operations in FY2026, compared with 93.87% in FY2025 and 87.77% in FY2024. Switzerland was the company’s primary export destination during FY2026.
The company’s international exposure provides access to overseas institutional and branded customers but also means its performance is affected by international trade conditions, foreign exchange movements, geopolitical developments, tariffs, regulations and demand in overseas markets.
Business Strategy
Qualiance International’s growth strategy includes increasing manufacturing capacity, developing technical garment capabilities, expanding its customer base and strengthening its presence in international markets.
The company is establishing a new manufacturing facility at Pongupalayam Village, Avinashi, Tiruppur District, Tamil Nadu. The proposed facility is expected to have approximately 1,43,370 square feet of built-up area and a base production capacity of 10,80,000 pieces annually.
The company also develops new samples and collections based on technologies in cold-weather clothing, performance garments and industrial workwear. It works with prospective customers to develop samples according to their technical specifications and pricing requirements.
Its marketing strategy includes participation in international trade fairs, engagement with buying offices and relationships with sourcing agents. The company intends to continue developing relationships with international brands and institutional customers.
Qualiance International IPO Financial Information
The company’s restated financial statements in the RHP show significant improvement in revenue and profitability between FY2024 and FY2026. Revenue from operations increased from ₹3,722.94 lakh in FY2024 to ₹7,689.11 lakh in FY2026, while PAT increased from ₹283.93 lakh to ₹1,186.90 lakh during the same period.
Qualiance International Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹37.23 Crore | ₹53.07 Crore | ₹76.89 Crore |
| Other Income | ₹0.91 Crore | ₹1.98 Crore | ₹4.06 Crore |
| Total Income | ₹38.14 Crore | ₹55.06 Crore | ₹80.95 Crore |
| EBITDA | ₹4.86 Crore | ₹7.97 Crore | ₹16.72 Crore |
| Profit Before Tax | ₹3.40 Crore | ₹6.29 Crore | ₹16.06 Crore |
| Profit After Tax | ₹2.84 Crore | ₹4.90 Crore | ₹11.87 Crore |
| Net Worth | ₹8.92 Crore | ₹13.82 Crore | ₹24.74 Crore |
| Total Assets | ₹43.14 Crore | ₹57.53 Crore | ₹68.99 Crore |
The figures above are converted from the RHP’s restated financial statements, which are reported in ₹ lakh.
Revenue from operations grew from ₹53.07 crore in FY2025 to ₹76.89 crore in FY2026. PAT increased from ₹4.90 crore to ₹11.87 crore during the same period. EBITDA also increased from ₹7.97 crore in FY2025 to ₹16.72 crore in FY2026.
Qualiance International IPO Key Performance Indicators (KPIs)
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | ₹76.89 Crore | ₹53.07 Crore | ₹37.23 Crore |
| EBITDA | ₹16.72 Crore | ₹7.97 Crore | ₹4.86 Crore |
| EBITDA Margin | 21.74% | 15.02% | 13.06% |
| PAT | ₹11.87 Crore | ₹4.90 Crore | ₹2.84 Crore |
| PAT Margin | 15.44% | 9.23% | 7.63% |
| RoCE | 37.33% | 21.16% | 18.94% |
| RoE | 61.56% | 43.07% | 85.93% |
| Net Worth | ₹24.74 Crore | ₹13.82 Crore | ₹8.92 Crore |
The KPIs were approved by the company’s Audit Committee and certified by R K Jagetiya & Co., Chartered Accountants, according to the RHP.
At the issue price range of ₹120 to ₹127, the company’s FY2026 diluted EPS is ₹11.99. The P/E works out to approximately 10.00x at the floor price and 10.59x at the cap price. The RHP reports FY2026 RoNW of 47.98% and NAV per share of ₹24.99.
Objects of the Qualiance International IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
| S. No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Setting up a new manufacturing facility at Tiruppur, Tamil Nadu | ₹38.00 Crore |
| 2 | General Corporate Purposes | Balance amount, subject to applicable limits |
The largest portion of the IPO proceeds, ₹38 crore, is proposed to be used towards capital expenditure for the new manufacturing facility in Tiruppur. The amount allocated to general corporate purposes is to be finalised after determination of the issue price and cannot exceed 15% of gross proceeds or ₹10 crore, whichever is lower.
The estimated total project cost for the new manufacturing facility is ₹39.14 crore. This includes estimated civil work of ₹26.09 crore and plant and machinery of ₹13.05 crore. The remaining project requirement beyond the ₹38 crore IPO allocation is proposed to be met through internal accruals, including borrowings and cash and bank balances.
Qualiance International IPO Listing Performance
The Qualiance International IPO is scheduled to list on the NSE SME platform on 11 September 2026. As of 5 September 2026, the shares have not yet commenced trading, so the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME / NSE Emerge |
| Listing Date | 11 September 2026 |
| Issue Price | To be determined within ₹120–₹127 |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The RHP specifically states that the issue price should not be considered indicative of the post-listing market price and that no assurance can be given regarding active or sustained trading after listing.
Qualiance International IPO Subscription Status
The IPO opened for subscription on 4 September 2026 and is scheduled to close on 8 September 2026. Therefore, the final subscription figure will be available only after the issue closes.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail / Individual Investors | To be updated |
| Total Subscription | To be updated |
Subscription figures should be updated using the final exchange data after the IPO closes. The RHP defines the category-wise issue structure but does not provide final subscription figures.
Qualiance International IPO Review
Qualiance International Limited operates in a specialised technical garment manufacturing segment with a focus on institutional, government and branded customers. The company has been operating since 1994 and has developed manufacturing capabilities for technical outerwear, performance garments, workwear and uniforms.
A key positive aspect is the company’s recent financial growth. Revenue from operations increased from ₹53.07 crore in FY2025 to ₹76.89 crore in FY2026, while PAT increased from ₹4.90 crore to ₹11.87 crore. EBITDA margin also improved from 15.02% to 21.74%.
Another important factor is the planned manufacturing expansion. The new Tiruppur facility is expected to provide a base annual production capacity of 10,80,000 pieces compared with the existing installed capacity of 4,50,000 pieces. This expansion could increase the company’s manufacturing capacity if the facility is completed and operated as planned.
The company also has an established export orientation and has supplied garments to European institutional and government buyers. Its official website highlights its technical manufacturing capabilities, international certifications and relationships with institutional customers.
However, investors should carefully consider the risks disclosed in the RHP. The company derives a very high proportion of its revenue from exports, with 98.82% of FY2026 revenue from operations coming from exports. Switzerland alone contributed 80.67% of revenue from operations in FY2026.
Customer concentration is another material risk. The top customer contributed 56.93% of total sales in FY2026, while the top 10 customers accounted for 99.65%. The company also states that it does not have long-term purchase arrangements with customers and generally operates on the basis of purchase orders.
The RHP also identifies risks related to the proposed expansion, foreign exchange fluctuations, dependence on key personnel, supplier concentration, transportation, regulatory compliance and certain historical discrepancies in corporate records.
Overall, Qualiance International presents a specialised export-oriented manufacturing business with strong recent revenue and profitability growth and a substantial capacity-expansion plan. At the same time, investors should assess customer concentration, export dependence, foreign exchange exposure, execution risk for the new facility and the company’s disclosed regulatory and compliance matters before making an investment decision.
Qualiance International IPO Strengths
- Established operating history dating back to 1994.
- Specialised manufacturer of technical and performance garments.
- Diverse product portfolio covering military uniforms, tactical outerwear, workwear and performance apparel.
- Existing manufacturing facility in Tiruppur with 4,50,000 pieces annual installed capacity.
- Proposed new facility expected to add 10,80,000 pieces of annual base capacity.
- Strong growth in revenue from operations in FY2026.
- Significant improvement in PAT and EBITDA.
- FY2026 EBITDA margin improved to 21.74%.
- International customer base with significant European exposure.
- Multiple certifications supporting quality, environmental and social compliance.
- Experience supplying institutional and government customers.
Qualiance International IPO Risk Factors
- The company derives a substantial majority of its revenue from exports.
- Switzerland accounted for 80.67% of revenue from operations in FY2026.
- The top customer contributed 56.93% of sales in FY2026.
- The top 10 customers contributed 99.65% of sales in FY2026.
- The company does not have long-term purchase contracts with customers and generally works on purchase orders.
- The proposed new manufacturing facility is subject to implementation delays and cost overruns.
- The company is exposed to foreign exchange fluctuations.
- Dependence on international markets exposes the company to changes in trade policies, tariffs and geopolitical conditions.
- The company has historically experienced negative cash flows in certain activities.
- The RHP discloses certain historical discrepancies and delays in corporate and statutory filings.
- The company depends on its promoters, senior management and key personnel.
- Raw-material and supplier concentration may affect manufacturing operations.
- As an SME listing, the shares may experience different liquidity characteristics from mainboard-listed companies.
Qualiance International IPO Promoters
Qualiance International Limited is promoted by Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani. Collectively, the promoters held 77,09,741 equity shares before the IPO, representing 77.88% of the pre-issue share capital. Their post-issue holding is disclosed at 73.60%.
Qualiance International IPO Promoters Details
| Promoter | Position |
|---|---|
| Vipul Badani | Chairman & Managing Director |
| Bhoomin R Badani | Chief Executive Officer & Whole-time Director |
| Krupa Rajesh Badani | Non-Executive Director |
The RHP states that none of the equity shares held by the promoters are pledged.
Qualiance International IPO Management Team
The company is supported by management and senior personnel with experience in garment manufacturing, business operations, finance and corporate compliance.
| Name | Designation |
|---|---|
| Vipul Badani | Chairman & Managing Director |
| Bhoomin R Badani | Chief Executive Officer & Whole-time Director |
| Pradeep Devanand Prajapati | Company Secretary & Compliance Officer |
| Saira Tabrez Khan | Chief Financial Officer |
| Meena Santosh Petkar | Senior Management Personnel – General Manager |
Vipul Badani has a Diploma in Knitting Technology and more than 30 years of overall experience. Bhoomin R Badani holds an LLB and BMS qualification and has approximately 15 years of experience. Saira Tabrez Khan is a Master of Commerce, while Pradeep Devanand Prajapati is a qualified Company Secretary.
Qualiance International IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, processing refunds and facilitating the credit of allotted shares into investors’ demat accounts.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | MUFG Intime India |
| IPO Allotment Portal | MUFG Intime IPO Allotment Status |
| Contact Person | Shanti Gopalkrishnan |
| Contact Number | +91 810 811 4949 |
| [email protected] | |
| SEBI Registration No. | INR000004058 |
The RHP identifies MUFG Intime India Private Limited, formerly Link Intime India Private Limited, as the registrar to the issue.
Qualiance International IPO Lead Manager Details
Hem Securities Limited is the Book Running Lead Manager for the Qualiance International IPO.
| Particular | Details |
|---|---|
| Lead Manager | Hem Securities Limited |
| Address | 904, A Wing, Naman Midtown, Senapati Bapat Marg, Elphinstone Road, Lower Parel, Mumbai – 400013 |
| Contact Person | Neelkanth Agarwal / Deeksha Kaku |
| Telephone | +91 22 49060000 |
| [email protected] | |
| Investor Grievance Email | [email protected] |
| Website | Hem Securities Limited |
| SEBI Registration No. | INM000010981 |
The RHP identifies Hem Securities Limited as the Book Running Lead Manager and provides its contact and regulatory details.
Qualiance International Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Qualiance International Limited |
| Registered Office | 406 – B Wing, Knox Plaza, Next to Tangent Showroom, Mindspace, Malad West, Mumbai – 400064, Maharashtra |
| Corporate Office | 405-B, 407-B and 206-B Wing, Knox Plaza, Mindspace, Malad West, Mumbai – 400064 |
| Factory | Door No. 5/491-R, Lakshmi Nagar, Vengamedu, Angeripalayam Road, Chettipalayam Village, Tiruppur – 641603, Tamil Nadu |
| Telephone | +91 22 42666003 |
| [email protected] | |
| Website | Qualiance International Official Website |
| CIN | U17299MH2006PLC164026 |
The company’s official website confirms its Mumbai corporate office and Tiruppur manufacturing facility, while the RHP provides the registered office and corporate contact information.
How to Check Qualiance International IPO Allotment Status
Investors can check the Qualiance International IPO allotment status after the basis of allotment is finalised on or around 9 September 2026.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Qualiance International IPO from the issue list.
- Choose the applicable option such as PAN or application number.
- Enter the required details.
- Submit the information to view the allotment status.
The official registrar portal is MUFG Intime IPO Allotment Status.
Through NSE
Investors may also verify relevant issue and listing information through the official NSE platform after the applicable information is published.
The RHP states that the equity shares are proposed to be listed on the SME Platform of NSE, with NSE acting as the designated stock exchange.
Qualiance International IPO Conclusion
Qualiance International IPO provides investors with an opportunity to participate in a specialised technical garment manufacturing company with a long operating history and a strong export-oriented business model.
The company has demonstrated significant financial growth in recent years. Revenue from operations increased from ₹37.23 crore in FY2024 to ₹76.89 crore in FY2026, while PAT increased from ₹2.84 crore to ₹11.87 crore over the same period. EBITDA margin also improved to 21.74% in FY2026.
The proposed use of IPO proceeds is primarily focused on establishing a new manufacturing facility in Tiruppur. The new facility is planned with a base annual production capacity of 10,80,000 pieces, which would substantially expand the company’s manufacturing capacity if implemented successfully.
The company also has experience supplying technical garments to international institutional and government customers and maintains several quality, environmental and social certifications.
However, investors should give careful consideration to the risks disclosed in the RHP. Export dependence is very high, Switzerland represents a significant portion of revenue, and the company’s customer base is highly concentrated. The RHP also identifies risks relating to foreign exchange, expansion execution, suppliers, key personnel, cash flows and historical statutory filing discrepancies.
A detailed assessment of the company’s financial performance, valuation, customer concentration, export exposure, proposed expansion, regulatory disclosures and overall risk profile should be undertaken before making an investment decision. This IPO review is for informational purposes only and should not be considered investment advice.
Qualiance International IPO FAQs
What is Qualiance International IPO?
Qualiance International IPO is a 100% book-built SME public issue of Qualiance International Limited. The issue comprises 35,52,000 fresh equity shares and is proposed to be listed on the NSE SME platform.
What is the price band of Qualiance International IPO?
The price band of Qualiance International IPO is ₹120 to ₹127 per equity share. The face value of each equity share is ₹10.
What is the issue size of Qualiance International IPO?
The issue consists of 35,52,000 fresh equity shares and aggregates to approximately ₹42.62 crore at the floor price and ₹45.11 crore at the cap price.
What is the lot size of Qualiance International IPO?
The lot size is 1,000 equity shares. Individual investors need to apply for a minimum of two lots, or 2,000 shares. At the upper price band of ₹127, the minimum investment is ₹2,54,000.
When will the Qualiance International IPO open and close?
The IPO opens for subscription on 4 September 2026 and closes on 8 September 2026. The anchor investor bidding date is 3 September 2026.
What is the listing date of Qualiance International IPO?
Qualiance International shares are scheduled to list on 11 September 2026 on the NSE SME / NSE Emerge platform.
Who is the registrar for Qualiance International IPO?
MUFG Intime India Private Limited is the registrar to the Qualiance International IPO.
Who are the promoters of Qualiance International Limited?
Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani are the promoters of Qualiance International Limited.
What does Qualiance International Limited do?
Qualiance International Limited designs, engineers, manufactures and exports performance garments for institutional, government and branded customers. Its products include military uniforms, tactical outerwear, high-visibility workwear, weather-resistant garments, protective workwear and performance activewear.
What are the objects of the Qualiance International IPO?
The primary object of the fresh issue is to fund capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu. ₹38 crore is proposed to be used for this purpose, with the remaining proceeds intended for general corporate purposes within the applicable limits.
What are the financial results of Qualiance International?
For FY2026, the company reported revenue from operations of ₹76.89 crore, EBITDA of ₹16.72 crore and PAT of ₹11.87 crore. Its FY2026 EBITDA margin was 21.74% and PAT margin was 15.44%.
What is the GMP of Qualiance International IPO?
GMP, or Grey Market Premium, is an unofficial market indicator and is not part of the official IPO process. Any GMP figure should therefore be treated as indicative only and should not be considered a guaranteed listing price or return. The RHP and official company documents do not provide a GMP figure.
Is Qualiance International IPO a Mainboard IPO?
No. Qualiance International IPO is an SME IPO and the equity shares are proposed to be listed on the SME Platform of NSE, known as NSE Emerge.
