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.
Dilip Davda

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.

Q-Line Biotech IPO

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.

Aptus Value Housing IPO Date, Review, Price, Form & Market Lot Details

IPO Watch
Aptus Value Housing IPO to hit the market on 10 August 2021 and closes on 12 August 2021. The company to raise around ₹2780 crores via initial public offer that comprises ₹500 crores fresh issue and offer for sale up to 64,590,695 shares, face value of ₹2 each.
 
Aptus Value Housing IPO date fixed, the IPO to hit the market on 10 August 2021. The company to raise ₹3000 crores via IPO that comprises ₹500 crores fresh issue and offer for sale up to 64,590,695 equity shares (₹2280 crores) of existing share holders. The company is providing housing finance to the low to middle-income families and self employed. They offer loan in the range of 5 to 25 lakh. Aptus Value Housing Finance is one of the largest housing finance companies in the South India. Check out Aptus Value Housing IPO details.
 
Important Details:
The majority stake holders of the company is Westbridge Capital, Sequoia Capital, Steadview Capital and Malabar Investment Advisors with 55% of it. The Westbridge Capital is holding the biggest stake with 36%. The company to dilute their stake around 15-20% (around 3000 crores) which is the estimated value of 20000 crore of the company. The company mission is to be a leader in affordable housing finance segment and make an impact in the lives of a million people by 2025.
Aptus Value Housing

    Aptus Value Housing IPO Review

    •  Apply with Risk

    Brokerage Firm IPO Reviews

    • Axis Bank: Neutral
    • Capital Market: May Apply
    • Edelweiss Broking: Neutral
    • Hem Securities: Apply 
    • Antique Stock Broking: Subscribe for long term
    • Choice Broking: Subscribe with caution
    • Marwadi Shares and Brokers: Subscribe
    • Geojit: Subscribe

    Aptus Value Housing IPO Date & Price Band

     IPO Open:  10 August 2021
     IPO Close:  12 August 2021
     IPO Size:  Approx ₹2780 Crores
     Fresh Issue:  Approx ₹500 Crores
     Offer for Sale:  Approx ₹2280 Crores (64,590,695 shares)
     Face Value:  ₹2 Per Equity Share
     Price Band:  ₹346 to ₹353 Per Share
     Listing on:  BSE & NSE
     Retail Portion:  35%
     Discount:  N/A

    Aptus Value Housing IPO Market Lot

    The Aptus Value Housing IPO minimum market lot is 42 shares with ₹14,826 application amount. The retail investors can apply up-to 13 lots, 546 shares with ₹192,738 application amount.
     Minimum Lot Size:  Minimum 42 Shares
     Minimum Amount:  ₹14,826
     Maximum Lot Size:  Maximum 546 Shares
     Maximum Amount:  ₹192,738

    Aptus Value Housing IPO Date, Time Table, Allotment & Listing

    The Aptus Value Housing IPO date is 10 August 2021 and the IPO close date is 12 August 2021. The allotment date is 18 August 2021 and the IPO may list on 24 August 2021.
     Price Band Announcement:  04 August 2021
     Anchor Investors Allotment:  09 August 2021
     IPO Open Date:  10 August 2021
     IPO Close Date:  12 August 2021
     Basis of Allotment:  18 August 2021
     Refunds:  20 August 2021
     Credit to Demat Account:  23 August 2021
     IPO Listing Date:  24 August 2021

    Aptus Value Housing IPO Form

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

    Aptus Value Housing Company Financial Report

      ₹ in Crores
    Revenue Expense PAT
    2018 ₹202 ₹101 ₹66.57
    2019 ₹337 ₹184 ₹111.56
    2020 ₹524 ₹276 ₹211.01
    2021
    ₹637 ₹184 ₹266.80

    Company Promoters

    • M Anandan
    • Padma Anandan
    • Westbridge Crossover Fund, LLC
     

    About Aptus Value Housing Finance

    Aptus Value Housing Finance India Ltd is a Home Loan Company. Aptus has been formed to primarily address the housing finance needs of self employed, belonging to Low and Middle Income Families primarily from semi urban and rural markets. Despite the vibrant growth of the housing finance sector especially over the past few years, India still has one of the most severe housing shortages today.The majority of India’s population and especially the self employed business segment from semi urban areas lack access to housing finance. There is thus an urgent need to respond to the needs of this underserved, last mile customers.

    Quick Links

    DRHP Draft Prospectus
    RHP Draft Prospectus
    Aptus Value Housing Allotment Status

    Aptus Value Housing IPO Registrar

    KFin Technologies Private Limited
    Selenium, Tower B, Plot No. – 31 and 32  
    Financial District  
    Nanakramguda, Serilingampally  
    Hyderabad, Rangareddi 500 032  
    Telangana, India
    Tel: +91 40 6716 2222
    E-mail: aptus.ipo@kfintech.com
    Website: www.kfintech.com  
    Investor grievance e-mail: einward.ris@kfintech.com
    Contact person: M. Murali Krishna
    SEBI Registration Number: INR000000221
    #Formerly known as Karvy Fintech Private Limited

    Note: Check Aptus Value Housing IPO allotment status on KFintech website allotment URL. Click Here

    Aptus Value Housing IPO Lead Managers

    • ICICI Securities Limited
    • Citigroup Global Markets India Private Limited
    • Edelweiss Financial Services Limited
    • Kotak Mahindra Capital Company Limited

    Company Address

    Aptus Value Housing Finance India Limited
    Registered Office and Corporate Office:
    No. 8B, Doshi Towers,
    8th Floor, No: 205, Poonamallee High Road,
    Kilpauk, Chennai 600 010, Tamil Nadu
    Telephone: +91 44 4565 0000
    Contact person: Sanin Panicker
    Company Secretary and Compliance Officer
    E-mail: cs@aptusindia.com
    Website: www.aptusindia.com
    Corporate Identity Number: U65922TN2009PLC073881

    Aptus Value Housing IPO FAQs

    What is Aptus Value Housing IPO?

    Aptus Value Housing IPO is a main-board IPO. They are going to raise ₹2780 Crores via IPO. The issue is priced at ₹346 to ₹353 per equity share. The IPO to be listed on BSE & NSE.

    When Aptus Value Housing IPO will open?

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

    What is Aptus Value Housing IPO Investors Portion?

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

    How to Apply the Aptus Value Housing IPO?

    You can apply Aptus Value Housing IPO via ASBA online via your bank account. You can also 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 Aptus Value Housing IPO through Zerodha?

    Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Aptus Value Housing Finance”. 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. Open Demat Account with Zerodha.

    How to Apply the Aptus Value Housing IPO through Upstox?

    Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Aptus Value Housing Finance”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve – mandate. Open Demat Account with Upstox.

    What is Aptus Value Housing IPO Size?

    Aptus Value Housing IPO size is ₹2780 crores. The IPO comprises ₹500 crores fresh issue and offer for sale of 64,590,695 equity shares.

    What is Aptus Value Housing IPO Price Band?

    Aptus Value Housing IPO Price Band is ₹346 to ₹353 per equity share.

    What is Aptus Value Housing IPO Minimum and Maximum Lot Size?

    The minimum bid is 42 Shares with ₹14,826 amount while maximum bid is 546 shares with ₹192,738.

    What is Aptus Value Housing IPO Allotment Date?

    Aptus Value Housing IPO allotment date is 18 August 2021.

    What is Aptus Value Housing IPO Listing Date?

    Aptus Value Housing IPO listing date is 24 August 2021. The IPO to list on BSE and NSE.

    Note: The Aptus Value Housing IPO final details is announced and updated as it is officially announced. The IPO grey market premium (Aptus Value Housing IPO Premium) updated on the respective page. You can check our IPO grey market page for daily updates.

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    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.
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    Jagat Joshi