Qualiance International, a Tiruppur-based manufacturer of technical and performance garments, is set to launch its Small and Medium Enterprise Initial Public Offering (SME IPO) from September 4 to September 8, 2026. The company aims to raise between INR 42.62 crore and INR 45.11 crore through the issuance of 35,52,000 shares at a price band of INR 120 to INR 127 per share. The shares are slated to list on NSE Emerge.
The company specializes in producing garments such as military and police uniforms, tactical outerwear, and high-visibility workwear, primarily for government, institutional, and international brand customers. Qualiance International operates on a customer-order basis, adhering to client-provided designs and specifications. Its manufacturing facility in Tiruppur boasts a capacity of 4,50,000 garments annually and includes advanced capabilities like seam sealing, ultrasonic welding, and laser cutting.
Financially, Qualiance International saw its revenue grow from INR 37.23 crore in FY2024 to INR 76.89 crore in FY2026. Net income also increased significantly, reaching INR 11.87 crore in FY2026 from INR 2.84 crore in FY2024. The business is heavily export-oriented, with 98.82% of its FY2026 revenue coming from exports. Switzerland was the largest market, contributing 80.67% of turnover, with Government of Switzerland departments alone accounting for 79.24% of FY2026 revenue, indicating significant customer concentration.
The IPO proceeds are earmarked for funding the capital expenditure required for a new manufacturing facility in Tiruppur, Tamil Nadu, with INR 38.00 crore allocated for this purpose. The remaining funds will be used for general corporate purposes. Promoters of Qualiance International include Vipul Badani, Krupa Rajesh Badani, and Bhoomin R Badani. The offer includes a reservation of 50% for Qualified Institutional Buyers (QIBs), 15% for High Net-worth Individuals (HNIs), and 35% for retail investors.
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