IPO Listed — 11 Sep 2026
Listing Price: ₹224.9
Qualiance International SME IPO GMP History | Listing Price ₹224.9 & Kostak Rate
Qualiance International SME IPO has been listed on September 11, 2026 at a listing price of ₹224.9, against the issue price of ₹127 — a gain of ₹97.9 (+77.09%). The GMP peaked at ₹81 on 11 September 2026 and reached a low of ₹50 on 1 September 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Qualiance International SME IPO raised ₹45.11 Cr. through its IPO at a price band of ₹120 to ₹127 per share, with a lot size of 1000 shares. The IPO was open for subscription from 04 Sep 2026 to 08 Sep 2026.
Table of Contents
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 11 Sep 2026 | ₹ 81 | 63.78% | ₹ 0 | ₹ 0 | |
| 10 Sep 2026 | ₹ 81 | 63.78% | ₹ 0 | ₹ 0 | |
| 09 Sep 2026 | ₹ 80 | 62.99% | ₹ 0 | ₹ 0 | |
| 08 Sep 2026 | ₹ 65 | 51.18% | ₹ 0 | ₹ 0 | |
| 07 Sep 2026 | ₹ 60 | 47.24% | ₹ 0 | ₹ 0 | |
| 06 Sep 2026 | ₹ 55 | 43.31% | ₹ 0 | ₹ 0 | |
| 05 Sep 2026 | ₹ 55 | 43.31% | ₹ 0 | ₹ 0 | |
| 04 Sep 2026 | ₹ 55 | 43.31% | ₹ 0 | ₹ 0 | |
| 03 Sep 2026 | ₹ 55 | 43.31% | ₹ 0 | ₹ 0 | |
| 02 Sep 2026 | ₹ 55 | 43.31% | ₹ 0 | ₹ 0 | |
| 01 Sep 2026 | ₹ 50 | 39.37% | ₹ 0 | ₹ 0 |
Qualiance International SME IPO Dates
| Event | Date |
|---|---|
| Open Date | 04 Sep, 2026 |
| Close Date | 08 Sep, 2026 |
| Allotment Date | 09 Sep, 2026 |
| Refund Date | 10 Sep, 2026 |
| Credit to Demat | 10 Sep, 2026 |
| Listing Date | 11 Sep, 2026 |
Qualiance International SME IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹127 |
| GMP-Based Estimate (Pre-Listing) | ₹208 (+63.8%) |
| Actual Listing Price | ₹224.9 (+77.09%) |
| Listing Gain / Loss | +₹97.9 per share |
| Listing Date | 11 Sep, 2026 |
Is Qualiance International SME IPO GMP Reliable?
Grey market premium for Qualiance International SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Qualiance International SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Qualiance International SME IPO IPO Kostak Rate Explained
The Kostak rate for Qualiance International SME IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Qualiance International SME IPO
Its product range covers military uniforms, tactical outerwear, high visibility workwear, weather resistant and all weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It has made garments to the specifications and compliance requirements of European military, government and institutional buyers.
The company runs one manufacturing facility at Tiruppur in Tamil Nadu. It has a built up area of more than 45,000 square feet on a land area of about 1,046.31 square metres, with an installed capacity of 4,50,000 garment pieces a year. It describes its strengths as in house manufacturing with quality control, reach in international markets and combined expertise in high performance technical garments.
Strengths & Risks
Strengths
- ✓ Profit has grown every year, from Rs 1.58 crore in FY2023 to Rs 2.84 crore in FY2024 and Rs 4.90 crore in FY2025, and it earned Rs 5.49 crore in just the half year to 30 September 2025.
- ✓ Sales grew strongly in FY2025, from Rs 38.14 crore to Rs 55.06 crore.
- ✓ EBITDA improved from Rs 2.98 crore in FY2023 to Rs 4.86 crore in FY2024 and Rs 7.97 crore in FY2025.
- ✓ Return ratios are good, with RoNW of 35.44% and RoCE of 21.16%, and the issue is priced at about 14.4 times earnings on an EPS of Rs 8.82.
- ✓ This is a specialised area. Military, police and protective garments have to meet strict specifications and compliance tests, which keeps ordinary garment makers out.
- ✓ It sells to European military, government and institutional buyers, which are demanding customers to qualify with and tend to stay once qualified.
- ✓ Net worth has turned around completely, from minus Rs 2.32 crore in FY2023 to Rs 19.31 crore as on 30 September 2025.
- ✓ The whole issue is fresh capital, and Rs 31.35 crore of it goes into a new manufacturing facility at Tiruppur, which will add capacity.
Risks
- ⚠ The financial data is old and incomplete for an issue opening in September 2026. The latest column is only a half year ending 30 September 2025, so there is no recent full year to judge the company on.
- ⚠ The FY2023 figures do not sit together. Net worth is shown as minus Rs 2.32 crore while reserves are shown as plus Rs 3.17 crore for the same year. This needs to be checked in the RHP.
- ⚠ There is no total borrowing row in the financial data available, so the debt level of the company cannot be assessed from here.
- ⚠ The company had negative net worth as recently as FY2023, so the recovery is recent and still short.
- ⚠ Almost the whole business depends on overseas government and institutional buyers. Such orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.
- ⚠ Export concentration brings currency risk and exposure to trade rules, duties and procurement policy changes in the buying countries.
- ⚠ The company runs a single facility at Tiruppur with an installed capacity of 4,50,000 pieces a year, which is modest, and any problem at that one location stops production.
- ⚠ Garment manufacturing is competitive and buyers can move orders to other countries on price, even in the technical segment.
- ⚠ Promoter holding will come down from 86.49% to 63.66% after the issue.
- ⚠ This is an SME issue. One lot is 1,000 shares, which is Rs 1.27 lakh at the upper band of Rs 127, and SME shares usually trade in low volume after listing.
Frequently Asked Questions about Qualiance International SME IPO
What is the GMP of Qualiance International SME IPO?
The current Grey Market Premium (GMP) of Qualiance International SME IPO is ₹ 81.
What is the Kostak Price of Qualiance International SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Qualiance International SME IPO is currently not available.
What is the Subject to Sauda Price of Qualiance International SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Qualiance International SME IPO?
Qualiance International SME IPO listed on September 11, 2026 at ₹224.9, against the issue price of ₹127 — a gain of +77.09%.
How did the GMP of Qualiance International SME IPO trend before listing?
The GMP of Qualiance International SME IPO was stable in its final days before listing. The GMP peaked at ₹81 on 11 September 2026. View the day-wise table above for the complete GMP history.
Explore Qualiance International SME IPO Further
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