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.

Equitas Small Finance Bank IPO Date, Review, Price Band, Form & Market Lot Details

IPO Watch
Equitas Small Finance Bank aka ESFB IPO to hit the market on 22 October as per the speculations. Equitas Small Finance Bank IPO to raise Rs.517.60 crores. The Equitas Small Finance Bank was established in 2007 founded by Equitas. The headquarter is based in Chennai. The revenues was reported around 1787 crores in 2018 while net income was around 31 crore. Check out the Equitas Small Finance Bank IPO date, price band, and market lot details.
 

Equity Shares outstanding prior to the Issue = 1,05,34,01,602 Shares
Fresh Issue of Shares 8,48,48,484 @33/- = Rs. 280.00 Crores
Offer for Sale of 7,20,00,000 Shares @33/- = Rs.237.60 Crores
Equity Shares outstanding after the Issue = 1,13,38,250,086 Shares

Category-wise Break up:
Anchor: 4,23,27,273 Shares = 139.68 Crores
QIB: 2,82,18,182 Shares = 93.12 Crores
NII: 2,11,63,636 Shares = 69.84 Crores
RII: 4,93,81,818 Shares = 162.96 Crores (Lot size: 450 = 1,08,771 Forms)
EHL SH Quota: 1,54,54,545 Shares = 51.00 Crores
Empl. Quota: 3,03,030 Shares = 1.00 Crores
Total Issue: 15,68,48,484 Shares = 517.60 Crores.

Subscription required for 1X
RII = 1,08,771 Forms
NII = 69.84  Crores

Equitas Small Finance Bank IPO Review:

  • Apply with Short Term and Long Term Gain

Brokerage Firm IPO Reviews:

  • ICICI Direct: Subscribe
  • Capital Market: Avoid

Equitas Small Finance Bank IPO Dates & Price Band:

 IPO Open:  20 October 2020
 IPO Close:  22 October 2020
 IPO Size:  Approx ₹517.60 Crore (Approx)
 Face Value:  ā‚¹10 Per Equity Share
 Price Band:  ā‚¹32 – ₹33 Per Share
 Listing on:  BSE & NSE
 Retail Portion:  35%
 Equity:  72,000,000 Shares

Equitas Small Finance Bank IPO Market Lot:

 Lot Size:  Minimum 450 Shares & Maximum 5850 Shares
 Minimum Amount:  ā‚¹14,850
 Maximum Amount:  ā‚¹1,93,050

Equitas Small Finance Bank IPO Allotment & Listing:

 Basis of Allotment:  27 October 2020
 Refunds:  28 October 2020
 Credit to Demat Account:  29 October 2020
 Listing Date:  02 November 2020

Equitas Small Finance Bank IPO Form:

How to apply the Equitas Small Finance Bank IPO? You can apply Equitas 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 Equitas Small Finance Bank IPO in the Invest section. The other option you can apply Equitas Small Finance Bank IPO via IPO forms download via NSE and BSE. Check out the Equitas Small Finance Bank (ESFB) forms – click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Equitas Small Finance Bank (ESFB) Financial:

  ₹ in Crore
Revenue Expense PAT
2016
2017 1213 1109 104.1
2018 1773 1741 31.8
2019 2395 2184 210.6
2020 Q1
1366 1259 106.5

Company Promoters:

  • EQUITAS HOLDINGS LIMITED

Listed Industry Peer Group (Page #90 of RHP):

  • AU Small Finance Bank
  • Ujjivan Small Finance Bank
  • DCB Bank
  • City Union Bank
  • Bandhan Bank
  • Shriram City Union Finance
  • Shriram Transport Finance
  • Cholamandalam Investment & Finance
  • Mahindra & Mahindra Financial Services
  • Sundaram Finance
  • CreditAccess Grameen
  • Spandana Sphoorty Financial 


    Quick Links:

    DRHP Draft Prospectus
    RHP Draft Prospectus

    Equitas Small Finance Bank (ESFB) IPO Registrar:

    KFin Technologies Private Limited
    Selenium, Tower B, Plot No. 31 & 32
    Financial District, Nanakramguda
    Serilingampally
    Hyderabad 500 032, Rangareddi
    Telangana, India
    Tel: +91 40 6716 2222
    E-mail: equitassmallfinance.ipo@kfintech.com
    Investor grievance e-mail:
    einward.ris@kfintech.com
    Website: www.kfintech.com
    Contact Person: M. Muarli Krishna
    SEBI Registration No.: INR000000221
    Note: Check Equitas Small Finance Bank IPO allotment status on KFintech website allotment URL. Click Here

    Equitas Small Finance Bank (ESFB) IPO Lead Managers:

    • JM Financial Limited
    • Edelweiss Financial Services Limited
    • IIFL Securities Limited

    Company Address:

    Equitas Small Finance Bank Limited
    4th Floor, Phase II,
    Spencer Plaza, No. 769,
    Mount Road, Anna Salai,
    Chennai 600 002, Tamil Nadu
    Tel: +91 44 4299 5000
    Website: www.equitasbank.com
    Contact Person: Sampathkumar K. Raghunathan
    Company Secretary and Compliance Officer
    E-mail: secretarial@equitas.in
    Corporate Identity Number: U65191TN1993PLC025280

    Equitas Small Finance Bank IPO FAQs:

    When Equitas Small Finance Bank IPO will open for Anchor Investors?

    The Anchor Investors bidding date is 19 October 2020, Monday.

    When Equitas Small Finance Bank IPO will open for QIB, NII, and Retail?

    The IPO to open on 20 October 2020, Tuesday for QIB, NII, and Retail Investors.

    What is Equitas Small Finance Bank IPO Investors Portion?

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

    How to Apply the Equitas Small Finance Bank IPO?

    You can apply Equitas Small Finance Bank IPO via ASBA online via your bank account. You can 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 in Share Holders Quota?

    If you have atleast 1 share of Equitas Holdings in your demat account till 13th October 2020. You can apply in share holder and retail quota.

    What is the IPO Size?

    The IPO Size is 532 Crore with Offer for Sale of 280 crores and fresh issue 72,000,000 shares.

    What is Equitas Small Finance Bank IPO Allotment Date?

    Equitas Small Finance Bank IPO allotment date is 27 October 2020, Tuesday. You can check IPO allotment here.

    What is Equitas Small Finance Bank IPO Listing Date?

    Equitas Small Finance Bank IPO listing date is 2 November 2020, Monday. The IPO to list on NSE and BSE.

    Note: The IPO price band and dates will be added as it will be officially announced. The IPO grey market premium (IPO GMP) will be added on the 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.
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    Jagat Joshi