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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
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? āŒ„
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? āŒ„
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Cool Caps IPO Date, GMP, Review, Price, Allotment, Analysis Details

IPO Watch
Cool Caps Industries SME IPO to open on March 10 and will close on March 15, 2022. Cool Caps Industries Limited is a manufacturer of plastic bottle caps and closures for soda bottles, soft drinks, mineral water, and others. Their manufacturing units are situated at Howrah in West Bengal and Kotdwar in Uttarakhand. They have a Pan-India presence and distribution network with branches at Kolkata, Guwahati, and Uttarakhand. They have some big clients like Bisleri International Pvt Ltd (North, East & North East India), United Breweries Kingfisher (Pan India), Foster, Rail Neer, Patanjali, Aqua Diamond among others. They have a manufacturing capacity of 100 million for water closures (Weight 1.5g and 1.35g) & 30 million CSD closures per month.
Cool Caps Industries is an NSE SME IPO and they are going to raise ā‚¹11.63 crores via SME IPO. The IPO price band is fixed at ₹36-38 with a market lot of 3000 shares. You can check Cool Caps IPO subscription status and Cool Caps IPO allotment status on their respective pages.

Cool Caps Industries

    Cool Caps IPO Review

    • May Apply

    Cool Caps IPO GMP

    • Cool Caps IPO GMP aka grey market premium is ā‚¹-.

    Cool Caps IPO Date & Price Band

     IPO Open:  10 March 2022
     IPO Close:  15 March 2022
     IPO Size:  Approx ā‚¹11.63 Crores
     Face Value:  ā‚¹10 Per Equity Share
     Price Band:  ā‚¹36 – ā‚¹38 Per Equity Share
     Listing on:  NSE SME
     Retail Quota:  50%
     NII Quota:  50%
     DRHP Draft Prospectus:  Click Here
     RHP Draft Prospectus:  Click Here

    Cool Caps Industries IPO Market Lot

    The Cool Caps Industries IPO minimum market lot is 3000 shares with ₹114,000 application amount.
     IPO Lot Size:  Minimum 3000 Shares for 1 lot
     Minimum Amount:  ā‚¹114,000 for 1 lot

    Cool Caps IPO Allotment & Listing Dates

    The Cool Caps Industries IPO date is 10 March 2022 and the IPO close date is 15 March 2022. The IPO allotment date is 21 March 2022 and the IPO may list on 24 March 2022.
     IPO Open Date:  10 March 2022
     IPO Close Date:  15 March 2022
     Basis of Allotment:  21 March 2022
     Refunds:  22 March 2022
     Credit to Demat Account:  23 March 2022
     IPO Listing Date:  24 March 2022

    Cool Caps IPO Form

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

    Cool Caps Company Financial Report

      ₹ in Crores
    Revenue Expense PAT
    2019 ₹19.20 ₹17.62 ₹1.37
    2020 ₹25.75 ₹21.42 ₹3.21
    2021 ₹31.30 ₹27.24 ₹2.92

    Company Promoters

    • Rajeev Goenka
    • Vanshay Goenka
    • M/S Purv Flexipack Private Limited

    Cool Caps IPO Registrar

    Link Intime India Private Limited
    C – 101, 247 Park, L.B.Ss. Marg,
    Vikhroli (West), Mumbai 400083, Maharashtra
    Tel: +91 22 49186200
    Fax: +91 22 49186195
    Website: www.linkintime.co.in
    Email: coolcaps.ipo@linkintime.co.in

    Cool Caps IPO Allotment Status Check

    Check Cool Caps Industries IPO allotment status on Linkintime website allotment URL. Click Here

    Cool Caps IPO Lead Managers

    • Holani Consultants Private Limited

      Company Address

      Cool Caps Industries Limited
      23 Sarat Bose Road, Flat No. 1C,
      1st Floor, Kolkata – 700020,
      West Bengal, India
      Tel. No.: +91– 9903921338
      E-mail: cs@coolcapsindustries.in
      Website: www.coolcapsindustries.in
      Contact Person: Arijit Ghosh
      Company Secretary and Compliance Officer

      Cool Caps IPO FAQs

      What is Cool Caps IPO?

      Cool Caps IPO is an NSE SME IPO. They are going to raise ₹11.63 Crores via IPO. The issue is priced at ₹36 – ā‚¹38 per equity share. The IPO is to be listed on NSE.

      When Cool Caps IPO will open?

      The IPO is to open on 10 March 2022 for NII, and Retail Investors.

      What is Cool Caps IPO Investors Portion?

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

      How to Apply the Cool Caps IPO?

      You can apply Cool Caps Industries 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 Cool Caps 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 “Cool Caps Industries”. 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 Cool Caps IPO through Upstox?

      Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Cool Caps Industries”. 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 Cool Caps IPO Size?

      Cool Caps IPO size is ₹11.63 crores.

      What is Cool Caps IPO Price Band?

      Cool Caps Industries IPO Price Band is ā‚¹36 – ā‚¹38 per equity share.

      What is Cool Caps IPO Minimum and Maximum Lot Size?

      The IPO bid is 3000 shares with ₹114,000.

      What is Cool Caps IPO Allotment Date?

      Cool Caps  IPO allotment date is 21 March 2022.

      What is Cool Caps IPO Listing Date?

      Cool Caps IPO listing date is 24 March 2022. The IPO to list on NSE SME.

      Note: The Cool Caps IPO details are announced officially. The IPO grey market premium (Cool Caps Industries IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.)


      Follow IPO Watch for the latest IPO news and their reviews, also keep following us on TwitterFacebook, and Instagram. For our latest videos, subscribe to our YouTube channel.

      Table of Contents

      Picture of Jagat Joshi

      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.
      Picture of Jagat Joshi

      Jagat Joshi