Qualiance International IPO GMP ₹65 Today (17 Oct), Price Band, Subscription Status, Allotment Date

Qualiance International IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Qualiance International is an SME issue raising ₹45.11 Cr, offered in a band of ₹120–₹127 per share. At the upper end that is 12.7 times the ₹10 face value, so ₹117 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.

A retail application for Qualiance International needs one lot of 2000 shares, which works out to ₹2,54,000 at the upper band of ₹127. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is a single lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 4 lots.

For Qualiance International, bidding runs 4-8 Sept, allotment is finalised on 9 Sep 2026, the shares list on 11 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 3 days before listing decides what the holding is worth.

The issue is reserved 18.98% to qualified institutional buyers, 14.27% to non-institutional investors, 33.28% to retail. At 33.28%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The issue splits into ₹43 Cr of fresh capital (95.6%) and ₹2 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.

Revenue moved from ₹55.06 Cr in 31 Mar 2025 to ₹80.95 Cr in 31 Mar 2026 (+47%), while profit after tax went from ₹4.9 Cr to ₹11.87 Cr (+142.2%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.

Recently listed companies in the same space trade at a median price-to-earnings ratio of about 13.4. Comparing that with the multiple implied by this issue's ₹120–₹127 band is a more useful test of pricing than looking at the grey market premium alone.

With the retail portion subscribed 447.13 times, roughly one in 447 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.

MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for Qualiance International is published on their portal from 9 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹65 on the upper band of ₹127 implies a listing gain of roughly 51.2%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.