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.

Clean Science Technology IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
June 22, 2021

Clean Science and Technology IPO to hit the market on 07 July 2021 and closes on 09 July 2021. The company to raise ₹1546 crores via initial public offer (Offer for sale only).

Clean Science Technology IPO may hit the market on 07 July 2021. The company plans to raise ₹1546 crore through the initial public offerings. The face value of equity shares is ₹1. The company was incorporated in 2003 in Pune with a name “Sri Distikemi Private Limited”. They changed their name to “Clean Science and Technology Private Limited” in 2006 in an extraordinary share holders general meeting. They are manufacturer of speciality chemical. The functionally critical specialty chemicals includes performance chemicals, pharmaceutical intermediates and FMCG chemicals. They are exporting their chemicals to Japan and USA. They have their own manufacturing facilities in Kurkumbh, MIDC (Maharashtra, India). Their vision to work on development of eco-friendly and sustainable manufacturing processes of specialty and fine chemicals. Check out Clean Science Technology IPO details.

Important Details:

EPS for FY18-19 – ₹09.19 (Page #87 of RHP)
EPS for FY19-20 – ₹13.15 (Page #87 of RHP)
EPS for FY20-21 – ₹18.68 (Page #87 of RHP)

RoNW for FY18-19 – 35.90% (Page #88 of RHP)
RoNW for FY19-20 – 40.82% (Page #88 of RHP)
RoNW for FY20-21 – 36.76% (Page #88 of RHP)

NAV as on March 31, 2021 was ₹50.81 (Page #88 of RHP)

Listed Industry Peer Group:

Vinati Organics
Fine Organic Industries
Atul
Camlin Fine Sciences
SRF
Navin Flourine International
PI Industries

Clean Science Technology IPO Review

Subscribe for Short Term and Long Term Gain

Brokerage Firm IPO Reviews

Capital Market: Subscribe
GEPL Capital: Subscribe
Motilal Oswal: Subscribe
Geojit Financial: Subsribe
ICICI Direct: Subscribe
Anand Rathi: Subscribe
Aditya Birla: Subscribe
Angel Broking: Subscribe
BP Equities: Subscribe
Canara Bank: Subscribe
HDFC Securities: Nutreal
IIFL Securities: Subscribe
JM Financial: None
LKP Securities: Subscribe
Reliance Securities: Subscribe
Sharekhan: None
Ventura Securities: Subscribe

Clean Science Technology IPO Date & Price Band

IPO Open:	07 July 2021
IPO Close:	09 July 2021
IPO Size:	Approx ₹1546 Crores
Fresh Issue:	Approx ₹- Crores
Offer for Sale:	Approx ₹1546 Crores
Face Value:	₹1 Per Equity Share
Price Band:	₹880 to ₹900 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	– Shares

Clean Science Technology IPO Market Lot

The Clean Science Technology IPO minimum market lot is 16 shares with ₹14,400 application amount. The retail investors can apply up-to 13 lots with 208 shares or ₹187,200 amount.

Minimum Lot Size:	Minimum 16 Shares
Minimum Amount:	₹14,400
Maximum Lot Size:	Maximum 208 Shares
Maximum Amount:	₹187,200

Clean Science Technology IPO Allotment & Listing

The Clean Science Technology IPO date is July and the close date is July 2021. The allotment date is July 2021 and the IPO to list on July 2021.

Basis of Allotment:	14 July 2021
Refunds:	15 July 2021
Credit to Demat Account:	16 July 2021
Listing Date:	19 July 2021

Clean Science Technology IPO Form

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

Clean Science Technology Company Financial Report

₹ in Crores
	Revenue	Expenses	Income
2018	₹247	₹177	₹49.00
2019	₹405	₹268	₹97.00
2020	₹430	₹248	₹134.50
2021 9M	₹399	₹203	₹147.90

Company Promoters

Ashok Ramnarayan Boob
Krishnakumar Ramnarayan Boob
Siddhartha Ashok Sikchi
Parth Ashok Maheshwari

About Clean Science Technology

Over 15 years of incorporation, we have grown to become the largest manufacturer of certain chemicals globally.

Clean Science And Technology Ltd. was incorporated in the year 2003 as a family-owned business enterprise. Adhering closely to their vision, They work on developing eco-friendly and sustainable manufacturing processes of specialty and fine chemicals, exporting to many countries across the world. With the primary aim of devising novel and clean processes for its products, they work extensively in developing better catalyst systems that are selective and cost-effective.

They are proud of their manufacturing facilities in Kurkumbh, MIDC (Maharashtra, India) that are automated to maintain high levels of accuracy and efficiency. Their Quality Control department is equipped with all the required testing facilities to seamlessly analyze incoming, in-process, and finished products.

They deliver uninterrupted supplies to their valued customers, and have customers from Japan to the USA, making us a truly global organization.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Clean Science Technology IPO Registrar

Link Intime India Private Limited
C 101, 247 ParkL.B.S.Marg
Vikhroli (West) Mumbai 400 083
Tel: +91 22 49186200
E-mail: cleanscience.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance ID: cleanscience.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number.: INR000004058

Note: Check Clean Science Technology IPO allotment status on Linkintime website allotment URL. Click Here

Clean Science Technology IPO Lead Managers

Axis Capital Limited
JM Financial Limited
Kotak Mahindra Capital Company Limited

Company Address

Clean Science And Technology Limited
Office No. 503, Pentagon Tower P-4,
Magarpatta City, Hadapsar,
Pune 411 013 Maharashtra, India
Contact Person: Mahesh Arvind Kulkarni
Company Secretary and Compliance Officer
Tel: +91 20 26899953
Fax: +91 20 26898894
E-mail: compliance@cleanscience.co.in
Website: www.cleanscience.co.in
Corporate Identity Number: U24114PN2003PLC018532

Clean Science Technology IPO FAQs

What is Clean Science Technology IPO?

Clean Science Technology IPO is a main-board IPO. They are going to raise ₹1546 Crores via IPO. The issue is priced at ₹880 to ₹900 per equity share. The IPO to be listed on BSE & NSE.

When Clean Science Technology IPO will open?

The IPO is to open on 07 July 2021 for QIB, NII, and Retail Investors.

What is Clean Science Technology IPO Investors Portion?

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

How to Apply the Clean Science Technology IPO?

You can apply Clean Science Technology 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 Clean Science Technology 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 “Clean Science Technology”. 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 Clean Science Technology IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Clean Science Technology”. 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.

What is Clean Science Technology IPO Size?

Clean Science Technology IPO size is ₹1546 crores.

What is Clean Science Technology IPO Price Band?

Clean Science Technology IPO Price Band is ₹880 to ₹900.

What is Clean Science Technology IPO Minimum and Maximum Lot Size?

The minimum bid is 16 Shares with ₹14,400 amount while maximum bid is 208 shares with ₹187,200.

What is Clean Science Technology IPO Allotment Date?

Clean Science Technology IPO allotment date is 14 July 2021.

What is Clean Science Technology IPO Listing Date?

Clean Science Technology IPO listing date is 19 July 2021. The IPO to list on BSE and NSE.

Note: The Clean Science Technology IPO details added as it is officially announced. The IPO grey market premium (Clean Science Technology IPO Premium) started. 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.