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.

Fino Payments Bank IPO Listing on 12 November on NSE & BSE

By Jagat Joshi
November 11, 2021

Fino Payments Bank IPO to list on NSE and BSE on 12 November 2021, Friday at 10:00 AM. The Fino Payments Bank was not looking good from the start as the grey market was not active and the demand was less. The IPO subscribed 2.03x times in that Qualified Institutional Buyer (QIB) 1.65x, Non-institutional Bidders (NII) 0.21x, and Retail (RII) 5.92x. The company reported a profit of ₹20.47 crores in 2021 against a loss of ₹32.04 crores in 2020. The revenues jumped in 2021 to ₹791 crores against ₹691 crores in 2020. The stock will list in B Group. As per the market speculations the stock might list flat or below IPO price. Check out the Fino Payments Bank IPO listing details as given below:

Latest Update: Fino Payments Bank IPO listed at 6% discount. The Fino Payment bank share price listed at ₹543.90 on NSE and ₹548.00 on BSE respectively. Happy Investing!

Fino Payments Bank Share Price Live Quote

Details	BSE Listing	NSE Listing
IPO Price	₹577.00	₹577.00
List Price	₹543.90	₹548.00
High Price	₹582.95	₹583.35
Low Price	₹511.05	₹510.80
Close Price	₹544.35	₹545.25
Volume	10,113,420	624,332

BSE Notice of Listing: Notice 1 | Notice 2

Fino Payments Bank IPO Listing Details

Find the Fino Payments Bank IPO listing details like BSE Code, NSE Code, ISIN Number, and Listing Group. The information given below will help you on the Fino Payments Bank share listing day.

BSE Code	543386
NSE Code	FINOPB
Group	B Group
ISIN No	INE02NC01014
Offer Price	₹577
Face Value	₹10
Listing Date	12 November 2021, Friday

Important Links:

Fino Payments Bank IPO Subscription Status (Final Data)

(Over Subscribed)

The Fino Payments Bank IPO subscribed 2.03x on day 3. The subscription comprises Qualified Institutional Buyer (QIB) 1.65x, Non-institutional Bidders (NII) 0.21x and Retail (RII) 5.92x.

Category	Day 1	Day 2	Day 3
QIB	0.00x	0.00x	1.65x
NII	0.05x	0.10x	0.21x
RII	2.73x	4.65x	5.92x
EMP	0.25x	0.56x	0.93x
Total	0.51x	0.87x	2.03x

Fino Payments Bank IPO Date & Price Band

IPO Open:	29 October 2021
IPO Close:	02 November 2021
IPO Size:	Approx ₹1200 Crore
Fresh Issue:	Approx ₹300 Crore
Offer for Sale:	Approx 15,602,999 Equity Shares ₹900 Crore
Face Value:	₹10 Per Equity Share
Price Band:	₹560 to ₹577 Per Share
Listing on:	BSE & NSE
Retail Quota:	10%
QIB Quota:	75%
NII Quota:	15%
DRHP Draft Prospectus::	Click Here
RHP Draft Prospectus::	Click Here

Fino Payments Bank IPO Market Lot

Minimum Lot Size:	Minimum 25 Shares for 1 lot
Minimum Amount:	₹14,425 for 1 lot
Maximum Lot Size:	Maximum 325 Shares for 13 lot
Maximum Amount:	₹187,525 for 13 lot

Fino Payments Bank IPO Date, Time Table, Allotment & Listing

Price Band Announcement:	October 2021
Anchor Investors Allotment:	28 October 2021
IPO Open Date:	29 October 2021
IPO Close Date:	02 November 2021
Basis of Allotment:	09 November 2021
Refunds:	10 November 2021
Credit to Demat Account:	11 November 2021
IPO Listing Date:	12 November 2021

Fino Payments Bank IPO Listing FAQs:

When is Fino Payments Bank IPO Listing Date?

Fino Payments Bank IPO listing date is 12 November 2021, Friday.

What will be the estimated listing price of Fino Payments Bank stock?

As per the market speculations, the IPO might list at ₹550 to ₹580 level. If the market supports the stock might go on a higher side around ₹600 level while on the downside the stock might hit to ₹520 level.

How many returns are expected in Fino Payments Bank IPO?

The IPO might give a listing gain of NIL.

What is Fino Payments Bank Share Price on Listing Day?

The IPO is listed at ₹₹543.90 on NSE and at ₹548.00 on BSE.

Will Fino Payments Bank will list on NSE and BSE?

Yes, The IPO to list on NSE and BSE both the indices.

Should I buy Fino Payments Bank shares on a listing day?

Long-term investors should buy the stock on a listing day. Stock Market investments are subject to market risks.

What is a BSE and NSE Code for the Fino Payments Bank IPO?

The BSE Code is 543386 while NSE Code is FINOPB.

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.