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.

Campus Activewear IPO Date, Review, Price, Allotment, Analysis Details

By Jagat Joshi
May 9, 2022

Campus Activewear IPO date is fixed, the IPO is to hit the market on April 26, 2022 and will close on April 28, 2022. Campus Activewear IPO to raise around ₹1,400 crores via IPO that comprises offer for sale up to 47,950,000 equity shares of ₹5 each. The retail quota is 35% while QIB is 50% and HNI is 15%.

Campus Activewear is one of the largest footwear brands in India selling sports and athleisure footwear. The company is based in Delhi planning to expand its distribution network in western and southern India. ‘Campus’ is the largest sports and athleisure brand in India in terms of value and volume in Fiscal 2021. They have around 17% market share in the branded sports and athleisure footwear industry in India in Fiscal 2021.

Campus shoes’ product range includes footwear for men, women, and kids like Running Shoes, Walking Shoes, Casual Shoes, Sandals, Floaters, Slippers, Flip Flops, and more. They are selling their products via online and offline channels. As per the latest reports, the sales increased from new-age digital sales channels. You can check Campus Activewear IPO subscription status and Campus Activewear IPO allotment status on their respective pages.

Campus Activewear IPO Important Details:

One of the largest sports and athleisure footwear brands in India.
Covering around 17% market share in Fiscal 2021.
One of the very few established Indian brands in a segment that is primarily dominated by international brands.
Digital sales increased from 20 crores to 400 crores in the last 3 years.
At Present, promoters hold a 78.21% stake in the company.
They have around 100 exclusive brand stores, Around 65 company-owned, and others are on a franchise model.
Campus Activewear added 190 new distributors & 53 distributors in FY 22.
Around 75% of sales come from non-metro cities and tier-I regions contribute the rest.

Campus Activewear IPO Review (Good or Bad)

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Campus Activewear IPO Date & Price Band

IPO Open:	26 April 2022
IPO Close:	28 April 2022
IPO Size:	Approx ₹1,400 Crores
Fresh Issue:	Approx ₹[.] Crores
Offer for Sale:	Approx 47,950,000 Equity Shares
Face Value:	₹10 Per Equity Share
Price Band:	₹278 to ₹292 Per Share
Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	₹27 for Employees
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Campus Activewear IPO Market Lot

The Campus Activewear IPO minimum market lot is 51 shares with ₹14,892 application amount. The retail investors can apply up-to 13 lots with 663 shares or ₹193,596 amount.

Minimum Lot Size:	Minimum 51 Shares for 1 lot
Minimum Amount:	₹14,892 for 1 lot
Maximum Lot Size:	Maximum 663 Shares for 13 lot
Maximum Amount:	₹193,596 for 13 lot

Campus Activewear IPO Allotment & Listing Dates

The Campus Activewear IPO date is 26 April 2022 and the close date is 28 April 2022. The Campus Activewear IPO allotment will be finalized on 04 May 2022 and the IPO listing on 09 May 2022.

Price Band Announcement:	20 April 2022
Anchor Investors Allotment:	25 April 2022
IPO Open Date:	26 April 2022
IPO Close Date:	28 April 2022
Basis of Allotment:	04 May 2022
Refunds:	05 May 2022
Credit to Demat Account:	06 May 2022
IPO Listing Date:	09 May 2022

Campus Activewear IPO Form

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

Campus Activewear Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2019	₹597	₹530	₹38.60
2020	₹734	₹635	₹62.37
2021	₹715	₹645	₹26.86
2022	₹-	₹-	₹-

Campus Activewear IPO Valuation – FY2021

Check Campus Activewear IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	₹0.88 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	8.60%
Net Asset Value (NAV):	₹10.29 per Equity Share

Peer Group

Bata India Limited
Relaxo Footwears Limited

Company Promoters

Hari Krishan Agarwal
Nikhil Aggarwal

Campus Activewear IPO Registrar

Link Intime India Private Limited
C 101, 247 ParkL.B.S. Marg
Vikhroli (West), Mumbai 400 083
Maharashtra, India
Telephone: +91 22 4918 6200
E-mail: campus.ipo@linkintime.co.in
Investor grievance e-mail: campus.ipo@linkintime.co.in
Website: www.linkintime.co.in

Campus Activewear IPO Allotment Status Check

Check Campus Activewear IPO allotment status on Linkintime website allotment URL. Click Here

Campus Activewear IPO Lead Managers

JM Financial Limited
BofA Securities India Limited
CLSA India Private Limited
Kotak Mahindra Capital Company Limited

Company Address

Campus Activewear Limited
D-1, Udyog Nagar, Main Rohtak Road,
New Delhi –110041, Delhi, India
Contact Person: Archana Maini
Company Secretary and Compliance Officer
Telephone:+91 11 4327 2500
E-mail: investors@campusshoes.com
Website: www.campusactivewear.com

Campus Activewear IPO FAQs

What is Campus Activewear IPO?

Campus Activewear IPO is a main-board IPO. They are going to raise ₹1,400 Crores via IPO. The issue is priced at ₹278 to ₹292 per equity share. The IPO is to be listed on BSE & NSE.

When Campus Activewear IPO will open?

The IPO is to open on 26 April 2022 for QIB, NII, and Retail Investors.

What is Campus Activewear IPO Investors Portion?

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

How to Apply the Campus Activewear IPO?

You can apply Campus Activewear 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.

How to Apply the Campus Activewear 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 “Campus Activewear”. 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 Campus Activewear IPO through Upstox?

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

How to Apply the Campus Activewear IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Campus Activewear”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Campus Activewear IPO Size?

Campus Activewear IPO size is ₹1,400 crores.

What is Campus Activewear IPO Price Band?

Campus Activewear IPO Price Band is ₹278 to ₹292.

What is Campus Activewear IPO Minimum and Maximum Lot Size?

The minimum bid is 51 Shares with ₹14,892 amount while the maximum bid is 663 shares with ₹193,596.

What is the Campus Activewear IPO Allotment Date?

Campus Activewear IPO allotment date is 05 May 2022.

What is the Campus Activewear IPO Listing Date?

Campus Activewear IPO listing date is 09 May 2022. The IPO is to list on BSE and NSE.

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

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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.