The Qualiance International IPO is currently open for subscription, having opened on 04 Sep 2026 with the bidding window running until 08 Sep 2026. Key details on record: a ₹45 Cr book-built issue from the SME segment, price band of ₹120–₹127 per share, grey market premium of +₹55 (+43.3%). Shares are expected to list on 11 Sep 2026.
Last updated: 05 Sep 2026, 12:56 IST · auto-refreshed from live GMP, subscription feeds and the company's RHP
| Date | GMP | Est. Gain |
|---|---|---|
| 05 Sep | +₹55 | +43.3% |
| 04 Sep | +₹55 | +43.3% |
Est. gain = GMP as % of the upper band price (indicative listing premium).
Unlisted shares of Qualiance International are changing hands at a premium of +₹55 over the issue price, with the premium climbing through the day. That implies an indicative listing near ₹182, roughly +43.3% above the upper band. For one retail lot of 1,000 shares, that translates to an estimated paper profit of about ₹55,000.
GMP is an unofficial, unregulated market signal. It moves daily and does not guarantee the actual listing price. The grey market premium is an unofficial, off-exchange quote where shares change hands before listing. A rising GMP usually means the market expects a strong debut; a fading one suggests cooling enthusiasm. SEBI does not recognise grey-market trades, there is no settlement guarantee, and the actual listing price is decided by normal order-book demand on debut day.
One market lot comprises 1,000 shares. Applications above ₹2 lakh fall under the non-institutional (HNI) category.
Mark these dates, the full subscription-to-listing cycle typically wraps up in under two weeks. India now runs on a T+3 settlement cycle, meaning bidding closes, allotment is finalised and shares hit Demat accounts within roughly three working days of the close, with listing following the very next trading day. Refunds for unsuccessful applicants happen automatically, ASBA/UPI blocks are released without any forms or follow-ups:
The issue was subscribed 13.78x as of Sep 04, 2026 18:54. Demand has been brisk. Qualified institutional buyers (QIBs) bid 4.1x their reserved portion; Non-institutional investors (NIIs) bid 13.8x their reserved portion; the retail category bid 19.29x their reserved portion.
QIB demand reflects what mutual funds, insurers and alternative funds think of the valuation; NII (HNI) bookings often track expected listing pops; retail demand shows crowd sentiment. A book that is strong across all three categories is far more reassuring than one carried by a single segment. Remember: heavier oversubscription also means a lottery-style retail allotment, so apply only what you can comfortably bid for.
Live figures from the registrar/exchange; they change while bidding is open.
On a restated consolidated basis, the company revenue increased by 47% and profit after tax (PAT) rose by 142% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 68.99 | 57.53 | 43.14 |
| Total Income | 80.95 | 55.06 | 38.14 |
| Profit After Tax | 11.87 | 4.90 | 2.84 |
| EBITDA | 16.72 | 7.97 | 4.86 |
| Net Worth | 24.74 | 13.82 | 8.92 |
| Reserves | 24.75 | 14.54 | 10.41 |
| Total Borrowings | 28.50 | 29.71 | 19.17 |
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹2.84 Cr to ₹11.87 Cr over two years; the borrowings-to-net-worth ratio has eased to about 1.15. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
As disclosed under "Competitive Strengths" in the company's offer document.
Promoter holding comes down after the issue. Some dilution is inherent to every IPO, the question is whether the fresh-money component is funding growth (capacity, debt reduction) or simply an exit for early shareholders. Weigh the split between the fresh issue and the offer-for-sale alongside this number before forming a view.
visit MUFG Intime India Pvt.Ltd., open the IPO status page, select "Qualiance International IPO", enter PAN or application number and view your status.
Enter your application number and PAN on the exchange allotment page to see the shares allotted.
The mandate shows "blocked" until allotment, then the amount is either debited for allotted shares or released automatically.
Shares are scheduled to list on 11 Sep 2026.
Grey-market math points to an indicative listing near ₹182 (+43.3%).
New listings open with a special pre-open call auction: the exchange matches buy and sell orders to discover an opening price, after which normal trading begins. Newly listed counters trade in price bands (circuit limits) on day one, which caps how far the stock can swing from its base price. If you applied and were allotted, shares are already in your Demat before the bell, you can sell at open or hold; if you missed the allotment, you can still buy on debut, but chasing a euphoric opening is a well-known way to overpay.
A detailed business-model breakdown is added by the research desk once the official prospectus (DRHP/RHP) disclosures are fully parsed.
Peer comparison data is not available in the RHP for this issue. Some SME IPOs do not include a peer group section in the offer document.
The stated objects, typically a mix of debt repayment, working-capital funding, capacity expansion and general corporate purposes, are set out in the Red Herring Prospectus. The DostIpo desk summarises the object-by-object break-up here once the RHP is parsed in full; until then, treat the prospectus as the authoritative source.
Applying takes under five minutes if your Demat account and UPI ID are ready. There are two standard routes:
Open Zerodha Console, Groww, Upstox, Angel One or any UPI-enabled broker, go to the Invest/Orders IPO section, select Qualiance International, enter your lot quantity and bid price (or choose cut-off), add your UPI ID and approve the mandate in your UPI app. Funds stay blocked in your own account until allotment, nothing leaves upfront.
Log in to your bank’s net-banking, find the IPO/ASBA section, pick the issue, enter your Demat DP ID and bid details, then submit. The exact amount is blocked and released automatically if no shares are allotted.
Track Qualiance International IPO GMP day-by-day on the dedicated GMP page →
The sections below are generated automatically by the DostIpo intelligence engine from timestamped snapshots: RHP disclosures, live subscription captures and grey-market tracking. Every claim traces back to a stored data point; where inputs are still missing, the engine says so instead of filling gaps.
Composite of seven weighted categories, category-by-category evidence below.
GMP implies 43% listing premium on the upper band
Overall subscription at 13.78x during the window; QIB portion at 4.1x
PAT moved from Rs2.84 Cr to Rs11.87 Cr (+318%) across restated years
Post-IPO P/E of 14.4x looks reasonable against typical Indian market multiples
promoters retain 63.66% post-issue
high leverage (D/E 1.15); EBITDA margin stable/up at 21%; 7 material litigation item(s) per RHP (-6); 2 related-party transaction(s) per RHP (-2)
Industry overview captured from RHP (6 points); relative valuation vs peers pending
| Strongest Pillar | Subscription Strength (15/15) |
|---|---|
| Weakest Pillar | Risk Factors (0/15) |
This is an automated reading of the evidence above, not investment advice.
3/3 signals signals contributed.
sub velocity 0/100gmp velocity 50/100eod acceleration 50/100
Fundamentals are notably stronger than current market sentiment; the grey market may be underpricing the balance sheet.
Income Tax demand under Section 168; GST scrutiny notice (Form GST ASMT-10) for FY 2019-20 regard (Source: AI-read of full RHP)
Outstanding unsecured loan from promoter/director; Outstanding unsecured loan from promoter/director (Source: AI-read of full RHP)
Borrowings climbed from Rs19.17 Cr to Rs28.5 Cr over the restated years. (Restated financials)
Demand has plateaued; most of the book formed early in the window.
Data: 13.78x subscribed but momentum 30/100
All intelligence outputs are data-based observations for education, not recommendations. Methodology: see the Data Methodology page.
| Strongest Pillar | Subscription Strength (15/15) |
|---|---|
| Weakest Pillar | Risk Factors (0/15) |
This is an automated reading of the evidence below, not investment advice.
DostIpo is not SEBI-registered. This is an automated, data-based signal for education only. Read the RHP risk factors and consult a SEBI-registered adviser; whether to invest is entirely your decision.
The price band is ₹120–₹127 per share.
Lot size is 1,000 shares; minimum estimated investment ~₹120,000 (lower band).
The IPO opens on 04 Sep 2026 and closes on 08 Sep 2026.
The allotment date is 09 Sep 2026 (official registrar/exchange date; minor delays are possible).
Estimated grey market premium is +₹55. GMP is unofficial and not a listing-price guarantee.
Listing is scheduled for 11 Sep 2026 on NSE SME. The listing price is set by market demand on debut day, GMP is only an unofficial hint.
MUFG Intime India Pvt.Ltd. is managing the issue. Allotment status can be checked on its official portal using PAN, application number or DP/client ID once the basis of allotment is finalised.
You can apply through any UPI-enabled broking app (Zerodha, Groww, Upstox, Angel One etc.) or via ASBA through your bank's net-banking. One lot is the minimum application; retail applications are capped at ₹2 lakh.
Subscription shows how many times the shares on offer were bid for. As of the latest update, the issue is subscribed 13.78x overall. Higher retail and QIB demand generally signals stronger conviction, though it also means lottery-based allotment.
That depends on valuation, sector outlook and the company's financials after listing, not on day-one moves. Read the RHP's risk factors and financial statements, and consider consulting a SEBI-registered adviser. DostIpo's verdict reflects short-horizon signals only.
Last updated: 05 Sep 2026, 12:56 IST