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.

Capital Small Finance Bank IPO Date, Review, Price, Allotment Details

By Jagat Joshi
February 14, 2024

Capital Small Finance Bank IPO Details: Capital Small Finance Bank IPO date is fixed, the IPO is to hit the market on February 7 and will close on February 9. Capital Small Finance Bank IPO to raise around ₹523.07 crores via IPO that comprises fresh issue of ₹450 crores and offer for sale up to 1,561,329 equity shares of ₹10 each. The retail quota is 15%, QIB is 50%, and HNI is 35%.

Capital Small Finance Bank commenced operations as India’s first small finance bank in 2016 and is among the leading SFBs in India in terms of cost of funds, retail deposits, and CASA deposits for Fiscal 2023. (Source: CRISIL MI&A Report). They had the highest proportion of retail deposits at 97.90% along with a CASA ratio of 41.88% resulting in the lowest cost of funds of 5.12% among the SFBs as of Fiscal 2023(Source: CRISIL MI&A Report).

They have the most diversified portfolio with sizeable books in multiple asset classes as compared to other SFBs with the highest proportion of secured lending of 99.82% as of fiscal 2023 among the SFBs. (Source: CRISIL MI&A Report). They have one of the best asset quality among the SFBs represented by GNPA and NNPA of 2.77% and 1.36%, respectively as of Fiscal 2023, and the lowest average GNPA at 2.45% and the third lowest average NNPA among the SFBs at 1.28% from Fiscals 2021 to Fiscal 2023 (Source: CRISIL MI&AReport). They are the only SFB to show an increasing trend in profit after tax, RoA, and RoE for both Fiscal 2022 and Fiscal 2023 depicting their consistent outperformance against comparable SFBs

They offer a range of banking products on the asset and liability side. Their asset products primarily include agriculture loans, MSME and trading loans (working capital, machinery loans, etc.), and mortgages (housing loans and loans against property), the details of which are outlined in the table below.

Agricultural loans
MSME and trading loans
Mortgage loans

They have an experience of over two decades in the banking industry has operated as the largest local area bank before our conversion into a small finance bank in the year 2016. They are one out of the two non-NBFC microfinance entities to receive the SFB license in 2015 (Source: CRISIL MI&A Report). The core strategy is to build a robust retail-focused banking franchise by enabling access to affordable credit in the states they operate in their well-defined niche catering to middle-income group segments with special emphasis on rural and semi-urban areas. They focus primarily on the middle-income customer segments i.e., customers with an average annual income of ₹0.4 million to ₹5 million. They target to be the primary banker to their customers and endeavor to achieve this objective through a mix of (i) a suite of their product offerings; (ii) customer service orientation; (iii) a deeply entrenched physical branch network; and (iv) evolving digital channels of service delivery.

Objects of the Issue

Gross proceeds of the Fresh Issue.
(Less) Fresh Issue Expenses.

Capital Small Finance Bank IPO Review (Apply or Not)

May Apply

Brokerage Firm IPO Review

Capital Small Finance Bank IPO Date & Price Band Details

IPO Open:	February 7, 2024
IPO Close:	February 9, 2024
IPO Size:	Approx ₹523.07 Crores
Fresh Issue:	Approx ₹450 Crores
Offer for Sale:	Approx 1,561,329 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹445 to ₹468 Per Share
IPO Listing on:	BSE & NSE
Retail Quota:	15%
QIB Quota:	50%
NII Quota:	35%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Capital Small Finance Bank IPO Market Lot

The Capital Small Finance Bank IPO minimum market lot is 32 shares with ₹14,976 application amount. The retail investors can apply up-to 13 lots with 416 shares or ₹194,688 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	32	₹14,976
Retail Maximum	13	416	₹194,688
S-HNI Minimum	14	448	₹209,664
B-HNI Minimum	67	2,112	₹1,003,392

Capital Small Finance Bank IPO Allotment & Listing Dates

The Capital Small Finance Bank IPO date is February 7 and the close date is February 9. The Capital Small Finance Bank IPO allotment will be finalized on February 12 and the IPO listing on February 14.

Anchor Investors Allotment:	February 6, 2024
IPO Open Date:	February 7, 2024
IPO Close Date:	February 9, 2024
Basis of Allotment:	February 12, 2024
Refunds:	February 13, 2024
Credit to Demat Account:	February 13, 2024
IPO Listing Date:	February 14, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Capital Small Finance Bank IPO Form

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

Capital Small Finance Bank Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹557.27	₹516.48	₹30.10
2022	₹632.40	₹569.83	₹18.28
2023	₹725.48	₹631.88	₹93.59
Sep 2023	₹415.21	₹287.57	₹54.39

Capital Small Finance Bank IPO Valuation – FY2023

Check Capital Small Finance Bank 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):	₹27.35 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	15.33%
Net Asset Value (NAV):	₹178.27 per Equity Share

Peer Group

IDFC First Ban
AU SFB
Equitas SFB
ESAF SFB
Suryoday SFB
Ujjivan SFB

Company Promoters

Sarvjit Singh Samra
Amarjit Singh Samra
Navneet Kaur Samra
Surinder Kaur Samra
Dinesh Gupta

Capital Small Finance Bank IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: Signatureglobal.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Capital Small Finance Bank IPO Allotment Status Check

Check Capital Small Finance Bank IPO allotment status on Linkintime website allotment URL. Click Here

Capital Small Finance Bank IPO Lead Managers aka Merchant Bankers

Nuvama Wealth Management Limited
DAM Capital Advisors Limited
Equirus Capital Private Limited

Company Address

Capital Small Finance Bank Limited
MIDAS Corporate Park,
3rd Floor, 37, G.T. Road,
Jalandhar 144 001, Punjab, India
Tel: +911815051111/2222
Website: www.capitalbank.co.in
E-mail: cs@capitalbank.co.in

Capital Small Finance Bank IPO FAQs

What is Capital Small Finance Bank IPO?

Capital Small Finance Bank IPO is a main-board IPO. They are going to raise ₹523.07 Crores via IPO. The issue is priced at ₹445 to ₹468 pr equity share. The IPO is to be listed on BSE & NSE.

When Capital Small Finance Bank IPO will open?

The IPO is to open on February 7, 2024 for QIB, NII, and Retail Investors.

What is Capital Small Finance Bank IPO Investors Portion?

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

How to Apply the Capital Small Finance Bank IPO?

You can apply for Capital Small Finance Bank 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 Capital Small Finance Bank 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 “Capital Small Finance Bank”. 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 Capital Small Finance Bank IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Capital Small Finance Bank”. 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 Capital Small Finance Bank IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Capital Small Finance Bank”. 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 Capital Small Finance Bank IPO Size?

Capital Small Finance Bank IPO size is ₹523.07 crores.

What is Capital Small Finance Bank IPO Price Band?

Capital Small Finance Bank IPO Price Band is ₹445 to ₹468.

What is Capital Small Finance Bank IPO Minimum and Maximum Lot Size?

The minimum bid is 32 Shares with ₹14,976 amount while the maximum bid is 67 shares with ₹1,003,392.

What is the Capital Small Finance Bank IPO Allotment Date?

Capital Small Finance Bank IPO allotment date is February 12, 2024.

What is the Capital Small Finance Bank IPO Listing Date?

Capital Small Finance Bank IPO listing date is February 14, 2024. The IPO is to list on BSE and NSE.

Note: The Capital Small Finance Bank IPO price band and date are officially announced. The IPO grey market premium (Capital Small Finance Bank IPO Premium) will be added to the IPO 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.