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.

Go Fashion IPO Allotment Status 2021 – How to Check Allotment Online & Offline

By Jagat Joshi
November 26, 2021

Go Fashion IPO Allotment Date & Status: GoFashion IPO allotment to be available on Today or on November 26 on KFintech website. Please check the IPO allotment status on the KFintech registrar as on the allotment date.

Go Fashion IPO Allotment to be finalized on November 26, 2021. The refund will be initiated on November 26 and the shares will be credited to the Demat account on November 29. Go Fashion IPO to list on November 30. As per the subscription numbers, the basis of allotment of Go Fashion IPO will be 41:1 (Approx). The Go Fashion IPO subscribed 135.43x times that comprises Qualified Institutional Buyer (QIB) 100.73x, (Non-institutional Bidders) NII 262.08x and Retail 49.57x. As per the last few listings of LatentView Analytics and Sigachi we might expect the same trend to be followed by Go Fashion, one of the reasons is good subscription numbers. The IPO investors can check their Go Fashion IPO allotment status online on BSE Website, KFintech website or they can check it via their bank account and Demat login as well. Here is a step to step guide from where you can check Go Fashion IPO allotment status online or offline.

Go Fashion IPO Allotment Links

The IPO allotment is available on the website given below. Check the status of allotment on website of the registrar KFin Technologies Private Limited.

Check Allotment on IPOWatch	Click Here
Check Allotment on KFintech	Click Here
Check Allotment on BSE India	Click Here

#Step 1: How to check Go Fashion IPO Allotment at KFintech?

Log on to KFintech IPO allotment link – KFintech.com/ipostatus/
Select IPO Name ‘Go Fashion Limited’ from drop-down menu bar
Select Option from PAN Number, Application Number, or DP ID Option
As per selection add PAN Number, Application Number, or Demat Account Number
Click on the ‘Search’ Button
You will be able to see your Go Fashion IPO Allotment on the screen (mobile/desktop).

Check Allotment on KFintech

#Step 2: How to check Go Fashion IPO Allotment at BSE?

Log on to BSE Website – bseindia.com/investors/appli_check.aspx
Select box ‘Equity’ in the issue type
Select IPO Name ‘Go Fashion Limited’
Type Your Application Number & PAN Number
Click on the ‘Search’ Button
You will be able to see your Go Fashion IPO Allotment on the screen (mobile/desktop).

Check the Allotment on BSE

#Step 3: How to check Go Fashion IPO Allotment in Demant Account?

Call Your Broker or Login to Your Demat Account / Trading Account
Check the stock is credited to your account or not
If you got the allotment the credited shares will appear in the Demat account

#Step 4: How to check Go Fashion IPO Allotment in Bank Account?

Login to your Bank Account from which you applied the Go Fashion IPO
Check the Balance Tab
If you got the allotment the Amount will be debited
If you did not get the allotment the Amount will be released
If you got the allotment you got SMS “Dear Customer, Bank Name Account 00001 is debited with INR 00000.00 on Date. Info: IPOName. The Available Balance is INR 000000.”

Go Fashion IPO Subscription Status (Final Data)

Category	Day 1	Day 2	Day 3
QIB	0.25	3.24	100.73
NII	0.44	2.30	262.08
RII	12.14	24.63	49.57
Total	2.46	6.87	135.43

Go Fashion IPO Date & Price Band

IPO Open:	17 November 2021
IPO Close:	22 November 2021
IPO Size:	Approx ₹1014 Crores
Fresh Issue:	Approx ₹125 Crores
Offer for Sale:	Approx 12,878,389 Equity Shares
Face Value:	₹10 Per Equity Share
Price Band:	₹655 to ₹690 Per Equity Share
Listing on:	BSE & NSE
Retail Quota:	10%
QIB Quota:	75%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Go Fashion IPO Market Lot

The Go Fashion IPO minimum market lot is 21 shares with ₹14,490 application amount. The retail investors can apply up-to 13 lots, 273 shares with ₹188,370 application amount.

Minimum Lot Size:	Minimum 21 Shares for 1 lot
Minimum Amount:	₹14,490 for 1 lot
Maximum Lot Size:	Maximum 273 Shares for 13 lot
Maximum Amount:	₹188,370 for 13 lot

Go Fashion IPO Time Table

The Go Fashion IPO date is 17 November 2021 and the IPO close date is 22 November 2021. The allotment date is 25 November 2021 and the IPO may list on 30 November 2021.

Price Band Announcement:	12 November 2021
Anchor Investors Allotment:	16 November 2021
IPO Open Date:	17 November 2021
IPO Close Date:	22 November 2021
Basis of Allotment:	25 November 2021
Refunds:	26 November 2021
Credit to Demat Account:	29 November 2021
IPO Listing Date:	30 November 2021

Go Fashion IPO Details

Chennai-based Go Fashion (India) Limited is one of the leading bottoms wear brand operators. They are selling ethnic wear, western wear, fusion wear, athleisure, denim, plus sizes and girls wear via their brand name Go Color. The company has a plan to raise ₹1014 crores via an initial public offer. The price band is fixed at ₹₹655 to ₹690. The company reported a loss of ₹3.54 crores in the year ended 2021 against a profit of ₹52.63 crores in 2020. The face value of the stock is ₹10. The company has good financial except the last year with the slow down in textile and clothing market.

Go Fashion IPO Allotment FAQs

When is the Go Fashion IPO Allotment Date?

Go Fashion IPO Allotment date is 25 November 2021.

What will be Go Fashion IPO Refund Date?

The IPO refund date is 26 November 2021.

What is the chance to get the Go Fashion IPO Allotment?

The IPO allotment is based on the subscription. As per the retail application received the basis of allotment will be around 41:1.

How to check the Go Fashion IPO Allotment?

Check Go Fashion IPO allotment via your PAN number, the application number, or the amount deducted in your bank.

How to check the Go Fashion IPO Allotment via Registrar?

Just log on to KFintech IPO Allotment page here: Click Here and Check via Application Number, PAN Number of your Demat Account Number. It’s Easy Right!

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.