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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.

Bajaj Housing Finance IPO GMP Today, GMP Stable at ₹78

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Check out Bajaj Housing Finance IPO GMP aka IPO Grey Market Premium, Kostak rates, and Subject to Sauda rates as of today. Bajaj Housing Finance IPO GMP looks strong as per the subscription is going to be very good. Stay tuned for the latest IPO GMP numbers of Bajaj Housing Finance IPO.

Bajaj Housing Finance IPO GMP made a high of ₹79 on 12th September against a low of ₹20 that was on 21st August.

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Bajaj Housing Finance IPO

Bajaj Housing Finance IPO is to open on September 9, 2024. Bajaj Housing Finance is a Mainline IPO to raise ₹7000 crores via IPO. The Bajaj Housing Finance IPO price band is fixed at ₹65 to ₹70 with a market lot of 214 Shares.

Bajaj Housing Finance Limited is a non-deposit-taking Housing Finance Company (“HFC”), registered with the National Housing Bank (“NHB”) since September 24, 2015, and engaged in mortgage lending since Fiscal 2018. They have been identified and categorized as an “Upper Layer” NBFC (“NBFC-UL”) in India by the RBI since September 30, 2022, as part of its “Scale Based Regulations (SBR): A Revised Regulatory Framework for NBFCs” dated October 22, 2021.


Bajaj Housing Finance IPO GMP Live Rates day by day with Kostak rates.

DateIPO GMPKostakSubject to
Today₹78₹-₹14,000
15 September₹78₹-₹14,000
13 September₹78₹-₹14,000
12 September₹75₹2,500₹12,000
11 September₹65₹3,000₹8,000
10 September₹60₹3,000₹8,000
9 September₹55₹2,500₹6,000
8 September₹50₹2,500₹6,000
5 September₹50₹2,500₹6,000
4 September₹50₹2,500₹6,000
3 September₹55₹2,500₹6,000
2 September₹60₹2000₹7,000
31 Aug₹55₹1500₹5,000
30 Aug₹40₹-₹-
29 Aug₹40₹-₹-
28 Aug₹40₹-₹-
27 Aug₹40₹-₹-
26 Aug₹36₹-₹1,500
24 Aug₹36₹-₹1,500
23 Aug₹36₹-₹1,500
22 Aug₹20₹-₹1,250
21 Aug₹20₹-₹1,250

Bajaj Housing Finance IPO Details

IPO Open:September 9, 2024
IPO Close:September 11, 2024
IPO Size:Approx ₹6,560 Crores
Fresh Issue:Approx ₹3,560 Crores
Offer for Sale:Approx ₹3,000 Crores, 428,571,429 Equity Shares
Face Value:₹10 Per Equity Share
IPO Price Band:₹66 to ₹70 Per Share
IPO Listing on:BSE & NSE
Retail Quota:35%
Retail – 13,69,159 Forms
QIB Quota:50%
HNI Quota:15%
SHNI – 13,971 Forms
Big HNI – 27,942 Forms
Discount:N/A
DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:Click Here
Anchor Investors List:Click Here

Bajaj Housing Finance IPO Dates

The Bajaj Housing Finance IPO date is September 9 and the close date is September 11. The Bajaj Housing Finance IPO allotment will be finalized on September 12 and the IPO listing on September 16.

IPO Open Date:September 9, 2024
IPO Close Date:September 11, 2024
Basis of Allotment:September 12, 2024
Refunds:September 13, 2024
Credit to Demat Account:September 13, 2024
IPO Listing Date:September 16, 2024

About Company

Bajaj Housing Finance Limited is a non-deposit-taking Housing Finance Company (“HFC”), registered with the National Housing Bank (“NHB”) since September 24, 2015, and engaged in mortgage lending since Fiscal 2018. They have been identified and categorized as an “Upper Layer” NBFC (“NBFC-UL”) in India by the RBI since September 30, 2022, as part of its “Scale Based Regulations (SBR): A Revised Regulatory Framework for NBFCs” dated October 22, 2021. 

They offer financial solutions tailored to individuals and corporate entities for the purchase and renovation of homes and commercial spaces. Their mortgage product suite is comprehensive and comprises (i) home loans; (ii) loans against property (“LAP”); (iii) lease rental discounting; and (iv) developer financing. Furthermore, the company’s primary emphasis is on individual retail housing loans, complemented by a diversified collection of lease rental discounting and developer loans. Consequently, their financial products cater to every customer segment, from individual homebuyers to large-scale developers.
As of March 31, 2024 (unless indicated otherwise), they were a leading HFC in India across multiple parameters, including:

  • largest non-deposit-taking HFC (in terms of AUM) in India within seven years of commencing mortgage operations; 
  • second largest HFC and eighth largest NBFC-ULs (in terms of AUM) in India with an AUM of ₹913,704.0 million;
  • second most profit-making HFC in India with a strong return on average assets and return on average equity for Fiscal 2024;
  • one of the fastest growing among other HFCs/ NBFCs-UL based on AUM CAGR from Fiscal 2022 to 2024;
  • most diversified HFC in India offering a full suite of mortgage lending products;
  • highest salaried customer mix in home loan portfolio amongst large HFCs; 
  • focused on prime housing with higher average ticket size amongst large HFCs;
  • lowest GNPA ratio of 0.27% and NNPA ratio of 0.10%, among large HFCs in India;
  • highest possible credit ratings in India for both the long-term as well as short-term borrowing programs;
  • second highest loan disbursement by HFCs in India amounting to ₹446.6 billion for Fiscal 2024; and
  • second highest AUM per branch and AUM per employee amongst large HFCs in India.

Objects of the Issue

  • Augmenting their capital base to meet future business requirements of the Company toward onward lending
  • General corporate purposes

Bajaj Housing Finance IPO GMP aka Grey Market Premium FAQs:


What is Bajaj Housing Finance IPO GMP Today?

Bajaj Housing Finance IPO GMP is ₹78 as of today.

What is Bajaj Housing Finance IPO Kostak Rate Today?

Bajaj Housing Finance IPO Kostak Rate is ₹- as of today.

What is Bajaj Housing Finance IPO Subject to Sauda Today?

Bajaj Housing Finance IPO Subject to Sauda is ₹14,000 as of today.

What is Bajaj Housing Finance IPO Expected Returns?

Bajaj Housing Finance IPO Expected Returns is 111%.

Disclaimer:

  • IPO Grey Market Premium (Bajaj Housing Finance IPO GMP) mention is valid for the specific date as mentioned in the header.
  • We are not buying and selling IPO forms on IPO Grey Market.
  • Kostak Rate is the premium one gets by selling his/her IPO application (in an off-market transaction) to someone else even before allotment or listing of the issue.
  • Do not subscribe for IPO by just seeing the premium Price as it may change anytime before listing. Subscribe only considering the fundamentals of the companies.

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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

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17 Responses

    2. gmp means greay market price itna anuman hai ki jab listing hoga ye ipo to itna % return milega

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