Q-Line Biotech NSE SME IPO review

The company is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables.
It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments.
As the company has no listed peers, it is trying to extract fancy price for its IPO.
Based on its overall financial data, the issue appears fully priced.
Well-informed investors may park moderate funds for long term.

About Company

Q-Line Biotech Ltd. (QBL) is engaged in the business of developing, manufacturing and marketing of diverse range of reagents (including kits and POC devices) & consumables and manufacturing, importing, distribution/supply of diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and IVD products for different diagnostic healthcare needs since 2013 directly or through its distributor/s majorly to diagnostic service providers, hospitals and medical colleges.

The company has established its brands over a period of 12 years through its experience, R & D, manufacturing capabilities and quality assurance. The core segments of operations of the Company in IVD Industry include Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids).

QBL’s key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipment’s & devices. Further during the Covid-19 pandemic, the company diversified its focus and with the technical collaboration of third-party institutes and through its own R&D team developed a range of Covid testing kits viz. RT-PCR Kits, RNA Extraction Kits, VTM Kits etc.

It is research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products. Further, for its certain Class of Reagent & equipment’s and devices manufacturing business, the company has entered into technical collaboration with certain international companies. Under the agreement terms, it undertakes the manufacturing of these Reagent and equipment’s and devices as per the technical collaboration and specifications provided by the partners or companies.

With the help of these collaborations the equipment and devices adhere to strict quality control, international standards and certifications. As of March 31, 2026, the company employed 19 personnel at R&D laboratories, which constituted 5.25% of its total permanent employee strength. As of March 31, 2026, it had 362 employees on its payroll and additional 223 contract employees in various departments.

Issue Details / Capital History

The company is coming out with its maiden book building route IPO of 6253200 equity shares of Rs. 10 each to mobilize Rs. 214.48 cr. at the upper cap. The company has announced a price band of Rs. 326 - Rs. 343 per share. The minimum application to be made is for 800 shares and in multiples of 400 shares thereon, thereafter. The IPO opens for subscription on May 21, 2026, and will close on May 25, 2026. The IPO constitute 26.81% of the post-IPO paid-up capital of the company. The shares will be listed on NSE SME Emerge. From the net proceeds of the IPO, it will utilize Rs. 93.50 cr. for working capital, Rs. 90.00 cr. for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.

The company raised Rs. 27.44 cr. in a pre-IPO placement of 800000 shares in May 2026, at Rs. 343 per share.

The IPO is jointly lead managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd., Purva Sharegistry (India) Pvt. Ltd., is the registrar to the issue. HEM group’s Hem Finlease Pvt. Ltd., is the market maker as well as a syndicate member.

The company has issued initial equity capital at par value. It raised further equity shares in the price range of Rs. 125 – Rs. 417 between March 2019 and May 2026. It has also issued bonus shares in the ratio of 2 for 1 in March 2016, and 9 for 1 in August 2025. The average cost of acquisition of shares by the promoters is Rs. 0.00, Rs. 0.04, and Rs. 18.34 per share.

Post-IPO, company’s current paid-up equity capital of Rs. 17.07 cr. will stand enhanced to Rs. 23.33 cr. Based on the upper band of the IPO pricing, the company is looking for a market cap of Rs. 800.16 cr.

IPO Lead Managers & Registrar

Financial Performance

On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income/ net profit, of Rs. 184.81 cr. / Rs. 32.10 cr. (FY23), Rs. 206.45 cr. / Rs. 34.44 cr. (FY24), Rs. 322.58 cr. / Rs. 28.13 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 38.69 cr. on a total income of Rs. 236.50 cr. Though it posted growth in its top lines for the reported periods, its bottom line posted inconsistency. For FY25, it posted lower net profit of Rs. 28.13 cr., and for 9M-FY26, though the top line is Rs, 236.50 cr. it posted bumper profit of Rs. 38.69 cr. in a pre-IPO period, that not only raise eyebrows, but also concern over its sustainability going forward. Despite higher other income for FY25, it marked lower net following extra-ordinary item of Rs. 16.97 cr. Its contingent liability stood at Rs. 61.64 cr. as of December 31, 2025, that raises alarm. Its overall borrowings of Rs. 242.57 cr. as of December 31, 2025, raise concern.

For the last two fiscals, the company has reported an average EPS of Rs. 25.00, and an average RoNW of 23.17%. The issue is priced at a P/BV of 2.44 based on its NAV of Rs. 140.81 per share as of December 31, 2025, but its post-IPO NAV data is missing from the offer documents.

If we attribute FY26 super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 15.51, and based on FY25 earnings, the P/E stands at 28.44. The issue appears fully priced, based on its bumper earnings for 9M-FY26, which may not be sustained.

For the reported periods, the company has posted PAT margins of 17.56% (FY23), 16.92% (FY24), 8.97% (FY25), 16.65% (9M-FY26), and RoCE margins of 22.14%, 19.25%, 17.66%, 13.32%, respectively, for referred periods.

All amounts in Indian Rupees crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹184.81	₹154.97	₹32.10	₹251.58
2024	₹206.45	₹175.85	₹34.44	₹339.25
2025	₹322.58	₹261.43	₹28.13	₹455.49
Dec 2025	₹236.50	₹186.96	₹38.69	₹561.34

Dividend Policy

The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.

Comparison with Listed Peers - for Fiscal 2025

As per the offer document, the company has no listed peers to compare with.

Name of the Company	Face Value (₹)	EPS basic (₹)	EPS Diluted (₹)	RONW (%)	P/E Ratio	NAV (₹)
Powerica Limited	5	15.26	15.26	15.37 %	24.45	99.76
Listed Peers
Cummins India Limited	2	72.15	72.15	26.45%	64.13	272.78
Kirloskar Oil Engines Limited	2	33.71	33.60	15.85%	43.24	212.60
NTPC Green Energy Limited	10	0.67	0.67	2.58%	129.40	21.88
Acme Solar Holdings Limited	2	4.55	4.53	5.59%	50.74	74.54
Adani Green Energy Limited	10	8.37	8.37	11.90%	101.53	76.62

Disclaimer: Above table shows earnings and P/E ratio as of 2025-26

Merchant Banker's Track Record

The two merchant bankers associated with this issue have handled 79 issues in the past three years, out of which 8 issues closed below the issue price on listing date.

Conclusion - Apply for medium to long term

QBL is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables. It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments. As the company has no listed peers, it is trying to extract fancy price for its IPO. Based on its overall financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.

Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.

He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.

Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.

FAQ Accordion

Q-Line Biotech IPO FAQs

1. What is Q-Line Biotech IPO? ⌄

Q-Line Biotech IPO is SME IPO. The company is going to raise ₹214 Crores via IPO. The issue is priced at ₹326 to ₹343 per equity share. The IPO is to be listed on NSE SME.

2. When Q-Line Biotech IPO will open for subscription? ⌄

The IPO is to open on May 21, 2026 for QIB, NII, and Retail Investors. The IPO will close on May 25,2026.

3. What is Q-Line Biotech IPO Investors Portion? ⌄

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

4. How to Apply the Q-Line Biotech IPO? ⌄

You can apply for Q-Line Biotech IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

5. What is Q-Line Biotech IPO Issue Size? ⌄

Q-Line Biotech IPO issue size is ₹214 crores.

6. What is Q-Line Biotech IPO Price Band? ⌄

Q-Line Biotech IPO Price Band is ₹326 to ₹343.

7. What is Q-Line Biotech IPO Lot Size? ⌄

The minimum bid is 800 Shares with ₹2,74,400 amount.

8. What is the Q-Line Biotech IPO Allotment Date? ⌄

Q-Line Biotech IPO allotment date is May 26,2026.

9. What is the Q-Line Biotech IPO Listing Date? ⌄

Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Anupam Rasayan IPO Date, Review, Price Band, Form & Market Lot Details

By Jagat Joshi
March 5, 2021

Anupam Rasayan IPO date announced, IPO to open on 12 March and closes on 16 March 2021. The company incorporated in 1984 based in Surat. They are one of the leading manufacturer of specialty chemicals in India. Their business has 2 verticals that are 1. Life Science related specialty chemicals that are used in agrochemicals, personal care, and pharmaceutical sector and 2. other specialty chemicals i.e. pigment & dyes, polymer additives, etc. They has long tern partnership in business with Syngenta Asia Pacific Pte Ltd, Sumitomo Chemical Company Ltd, and UPL Limited. They also supply their products in United States, Japan and Europe as well. Check out Anupam Rasayan IPO date, price band and more details.

Anupam Rasayan IPO Review

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Anupam Rasayan IPO Date & Price Band

IPO Open:	12 March 2021
IPO Close:	16 March 2021
IPO Size:	Approx ₹760 Crore
Face Value:	₹10 Per Equity Share
Price Band:	₹553 to ₹555 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	– Shares

Anupam Rasayan IPO Market Lot

Minimum Lot Size:	Minimum 27 Shares
Minimum Amount:	₹14985
Maximum Lot Size:	Maximum 351 Shares
Maximum Amount:	₹194805

Anupam Rasayan IPO Allotment & Listing

Basis of Allotment:	19 March 2021
Refunds:	22 March 2021
Credit to Demat Account:	23 March 2021
Listing Date:	24 March 2021

Anupam Rasayan IPO Form

How to apply the Anupam Rasayan IPO? You can apply Anupam Rasayan IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Anupam Rasayan IPO in the Invest section. The other option you can apply Anupam Rasayan IPO via IPO forms download via NSE and BSE. Check out the Anupam Rasayan forms – click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Anupam Rasayan Company Financial Report

₹ in Crore
	Revenue	Expense	Net Income
2017	–	–	–
2018	349	299	40.1
2019	521	455	49.3
2020	539	468	51.2
2021 – 9M	563	496	47.1

Company Promoters

Mr. Anand S Desai
Dr. Kiran C Patel
Ms. Mona A Desai
Kiran Pallavi Investments LLC
Rehash Industrial
Resins Chemicals Private Limited

About Anupam Rasayan

Anupam Rasayan India Limited® is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India. Our business verticals are (i) life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives. With our customers at the heart of everything we do, our focus is to manufacture products with sustainability using our continuous process technology through flow chemistry and photo chemistry, greater R&D and engineering capabilities to deliver values for our customers for their complex and multi-step synthesis projects.

Since 1984 Anupam Rasayan India Limited® has been a valuable partner to our customers for custom manufacturing of multi-synthesis molecules such as (i) life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives on exclusive basis for our customers. Certain of our facilities are ISO 9001:2015 and ISO 14001:2015 certified company with sound technology, environment consciousness, rich history of innovation through research, and total commitment to excellence towards quality and sustainability.

We have developed a strong R&D structure to drive company growth. Thanks to our R&D team, Anupam Rasayan India Limited® has secured a strong market position. Because we strongly believe that continued investment in Research and Development activities is imperative for continued success and growth. Our dedicated Research and Development Centre is a perfect testimony of the commitment to this belief.

Green manufacturing and Green growth have always been to the top of our agenda, we have developed new eco-friendly, safer and novel routes for many products. Most of these products have been introduced on an exclusive basis for our customers.

We have Six manufacturing sites that are located in the state of Gujarat: 4 sites are in Sachin, Surat and 2 state of art sites are in Jhagadia, Gujarat.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Anupam Rasayan IPO Registrar

KFintech Private Limited
Selenium Building, Tower-B, Plot No 31 & 32,
Financial District,Nanakramguda, Serilingampally,
Rangareddi, Telangana India – 500 032.
Phone: 1-800-3454001
Email: anupamrasayan.ipo@kfintech.com
Website: https://karisma.kfintech.com/

Note: Check Anupam Rasayan IPO allotment status on KFintech website allotment URL. Click Here

Anupam Rasayan IPO Lead Managers

Ambit Private Limited
Axis Capital Limited
IIFL Holdings Limited
JM Financial Consultants Private Limited

Company Address

Anupam Rasayan India Limited
8110, GIDC Industrial Estate,
Sachin, Surat 394 230
Phone: (+91 261) 239 8991
Email: investors@anupamrasayan.com
Website: http://www.anupamrasayan.com/

Anupam Rasayan IPO FAQs

When Anupam Rasayan IPO will open for QIB, NII, and Retail?

The IPO is to open on 12 March 2021 for QIB, NII, and Retail Investors.

What is Anupam Rasayan IPO Investors Portion?

The investors’ portion for QIB-50%, NII-15%, and Retail 35%.

How to Apply the Anupam Rasayan IPO?

You can apply Anupam Rasayan IPO via ASBA online via your bank account. You can apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Burger King IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Anupam Rasayan”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate.

What is Anupam Rasayan IPO Size?

Anupam Rasayan IPO size is ₹760 crores.

What is Anupam Rasayan IPO Price Band?

Anupam Rasayan IPO Price Band is ₹553 – ₹555.

What is Anupam Rasayan IPO Minimum and Maximum Lot Size?

The minimum bid is 27 Shares with ₹14985 amount while maximum bid is 351 shares with ₹194805.

What is Anupam Rasayan IPO Allotment Date?

Anupam Rasayan IPO allotment date is 19 March 2021.

What is Anupam Rasayan IPO Listing Date?

Anupam Rasayan IPO listing date is 24 March 2021. The IPO to list on BSE and NSE.

Note: The Anupam Rasayan IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Anupam Rasayan IPO GMP) will be added on the grey market page as it will start)

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.