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.

Chemplast Sanmar IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
August 3, 2021

Chemplast Sanmar IPO to hit the market on 10 August 2021 and closes on 12 August 2021. The company to raise around ₹3850 crores via initial public offer that comprises ₹1300 crores fresh issue and offer for sale up to ₹2550 crores, face value of ₹5 each.

Chemplast Sanmar IPO date is finalized, the IPO to hit the market on 10 August 2021. The company to raise ₹3850 crores via IPO that comprises ₹1300 crores fresh issue and offer for sale up to ₹2550 crores of existing share holders. The August is the IPO month there are 4 IPOs that are hitting the market on 4th August while 2 on 9th August. The Chemplast to join the Aptus Value Housing on the same date. The company is 50 years old and a part of HL Chemicals Group. They are one of the oldest group in South India. They are major manufacturer of Speciality Chemicals that includes Specialty Paste PVC resin and Custom Manufactured Chemicals for agro-chemical, pharmaceutical and fine chemicals sector. They are also manufacturer of Caustic Soda, Chlorochemicals, Hydrogen Peroxide, Refrigerant gas and Industrial Salt. They have their manufacturing facilities in Tamil Nadu and Puducherry. Check out Chemplast Sanmar IPO details.

Important Details:

Largest manufacturer of specialty paste PVC resins in India.
Industry Experience of the management team.
Part of a well-known corporate group SHL Chemicals Group.
PAT is a worry as it went down drastically from 248 crores in 2018 to 46 crores in 2020. (Business might be affected with Covid).
Sanmar Holdings and Sanmar Engineering Services are the promoters of the company who held 100% shareholding in the company.

Chemplast Sanmar IPO Review

Apply with Risk

Brokerage Firm IPO Reviews

Axis Bank: Neutral
Capital Market: Avoid
Edelweiss Broking: Neutral
Marwadi Financial Services: Subscribe for Long Term
Angel Broking: Neutral
Choice Broking: May Apply (Subscribe for Long Term)

Chemplast Sanmar IPO Date & Price Band

IPO Open:	10 August 2021
IPO Close:	12 August 2021
IPO Size:	Approx ₹3850 Crores
Fresh Issue:	Approx ₹1300 Crores
Offer for Sale:	Approx ₹2550 Crores
Face Value:	₹5 Per Equity Share
Price Band:	₹530 to ₹541 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Discount:	N/A

Chemplast Sanmar IPO Market Lot

The Chemplast Sanmar IPO minimum market lot is 27 shares with ₹14,607 application amount. The retail investors can apply up-to 13 lots, 351 shares with ₹189,891 application amount.

Minimum Lot Size:	Minimum 27 Shares
Minimum Amount:	₹14,607
Maximum Lot Size:	Maximum 351 Shares
Maximum Amount:	₹189,891

Chemplast Sanmar IPO Date, Time Table, Allotment & Listing

The Chemplast Sanmar 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

Chemplast Sanmar IPO Form

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

Chemplast Sanmar Company Financial Report

₹ in Crores
	Income	Expense	PAT
2018	₹3153	₹2755	₹248.54
2019	₹1267	₹1038	₹118.46
2020	₹1266	₹1128	₹46.13
2021	₹3815	₹3402	₹410.20

Company Promoters

Sanmar Holdings Limited

About Chemplast Sanmar

Chemplast Sanmar is over fifty years old and is a part of the SHL Chemicals Group, which in turn is a constituent of the Sanmar Group, one among the oldest and most prominent corporate groups in South India.Fairfax India Holdings Corporation (Fairfax) a well-known international investor led by Mr Prem Watsa, based in Canada, has invested, through FIH Mauritius Investments Limited, in the SHL Chemicals Group since 2016. It is a major manufacturer of Speciality Chemicals such as Specialty Paste PVC resin and Custom Manufactured Chemicals for agro-chemical, pharmaceutical and fine chemicals sector. The company also produces other chemicals such as Caustic Soda, Chlorochemicals, Hydrogen Peroxide, Refrigerant gas and Industrial Salt. The manufacturing facilities are located at Mettur, Berigai and Vedaranyam in Tamil Nadu and Karaikal in the Union Territory of Puducherry.

The Chlorochemicals division of Chemplast, a result of backward integration by the Group, manufactures a wide range of products using a highly integrated manufacturing process.

The salt needed for chlorine manufacture is supplied by Chemplast’s Salt Pans at Vedaranyam. The power-intensive electrolysis process of manufacturing chlorine is significantly served by Chemplast’s own power plant.

All this makes Chemplast one of the most integrated chemical plants in the country with a closed manufacturing loop.

Custom Manufactured Chemicals – Chemplast Sanmar, is a leading supplier of intermediates for global Agrochemical, Pharmaceutical and Fine Chemical innovators. These intermediates involve complex multi step synthesis using unique chemistries. The manufacturing facility is located at Berigai, Tamil Nadu.

Chemplast has played a pioneering role in the field through its ingenious choice of feedstock and manufacturing processes, and efficient, eco-friendly practices. Its constant development of environment-friendly production processes has reduced the consumption of valuable natural resources.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus
Chemplast IPO Allotment Status

Chemplast Sanmar IPO Registrar

KFin Technologies Private Limited
Selenium Tower-B, Plot 31 & 32, Gachibowli
Financial District, Nanakramguda, Serilingampally
Hyderabad 500 032
Telangana, India
Tel: +91 40 6716 2222
E-mail: chemplast.ipo@kfintech.com
Website: www.kfintech.com

Note: Check Chemplast Sanmar IPO allotment status on KFintech website allotment URL. Click Here

Chemplast Sanmar IPO Lead Managers

ICICI Securities Limited
Axis Capital Limited
Credit Suisse Securities (India) Private Limited
IIFL Securities Limited
Ambit Private Limited
BOB Capital Markets Limited
HDFC Bank Limited
IndusInd Bank Limited
YES Securities (India) Limited

Company Address

Chemplast Sanmar Limited
9, Cathedral Road,
Chennai – 600 086, Tamil Nadu, India.
Tel.: + 91 44 2812 8500
Fax.: + 91 44 2811 1902
E-mail: grd@sanmargroup.com
Website: http://www.chemplastsanmar.com/

Chemplast Sanmar IPO FAQs

What is Chemplast Sanmar IPO?

Chemplast Sanmar IPO is a main-board IPO. They are going to raise ₹3850 Crores via IPO. The issue is priced at ₹530 to ₹541 per equity share. The IPO to be listed on BSE & NSE.

When Chemplast Sanmar IPO will open?

The IPO is to open on 10 August 2021 for QIB, NII, and Retail Investors.

What is Chemplast Sanmar IPO Investors Portion?

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

How to Apply the Chemplast Sanmar IPO?

You can apply Chemplast Sanmar 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 Chemplast Sanmar 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 “Chemplast Sanmar 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 Chemplast Sanmar IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Chemplast Sanmar 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 Chemplast Sanmar IPO Size?

Chemplast Sanmar IPO size is ₹3850 crores. The IPO comprises ₹1300 crores fresh issue and offer for sale of ₹2550 crores .

What is Chemplast Sanmar IPO Price Band?

Chemplast Sanmar IPO Price Band is ₹530 to ₹541 per equity share.

What is Chemplast Sanmar IPO Minimum and Maximum Lot Size?

The minimum bid is 27 Shares with ₹14,607 amount while maximum bid is 351 shares with ₹189,891.

What is Chemplast Sanmar IPO Allotment Date?

Chemplast Sanmar IPO allotment date is 18 August 2021.

What is Chemplast Sanmar IPO Listing Date?

Chemplast Sanmar IPO listing date is 24 August 2021. The IPO to list on BSE and NSE.

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

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.