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.

GoAir IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
January 14, 2022

The GoAir aka Go First IPO might hit the market in January 2022. The Go Airlines (India) Limited aka GoAir IPO to raise ₹3600 crores via IPO. GoAir rebranded itself “Go First” as part of its preparation for an initial public offering (IPO).

Go First aka GoAir filed DRHP with SEBI for an IPO worth ₹3600 Crores. The GoAir is owned by the Wadia Group started the airlines in 2005. The company name was GoAir now rebranded to Go First. The company is the 5th largest airlines company in India based on the data as of 2017 with a market share of around 8.4%. They operate daily more than 300 flights including 36 destinations and 27 domestic and 9 international destinations. Go First is India’s ultra-low-cost airline with multiple domestic and international destinations with a focus on young Indians, leisure customers, and MSME business travelers. The retail portion of the IPO is 10% while QIB is 75% and NII is 15%. GoAir IPO to list on NSE and BSE both the indices. Stay tuned for GoAir IPO details.

Important Details:

Ahead of the Initial Public Offer, GoAir rebranded itself as “Go First” on Thursday. In FY20, the company GoAir had a debt of ₹1,780 crores.
The company reported a net loss of ₹1271 crores in 2020.
The industry was hit by Covid and improved for the last few months.
Hubs they are working on – Mumbai, Delhi, Bangalore, Kolkata, Chandigarh, and Kannur.
Planning its fleet to solely be comprised of A320 NEO aircraft.
Fast-growing ultra-low-cost carrier (ULCC).

GoAir IPO Review

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GoAir IPO Date & Price Band

IPO Open:	January 2022
IPO Close:	January 2022
IPO Size:	Approx ₹3600 Crores
Fresh Issue:	Approx ₹3600 Crores
Offer for Sale:	Approx N/A
Face Value:	₹10 Per Equity Share
Price Band:	₹- to ₹- 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

GoAir IPO Market Lot

The GoAir IPO minimum market lot is – shares with ₹- application amount. The retail investors can apply up-to – lots, – shares with ₹- application amount.

Minimum Lot Size:	Minimum – Shares for 1 lot
Minimum Amount:	₹- for 1 lot
Maximum Lot Size:	Maximum – Shares for 13 lot
Maximum Amount:	₹- for 13 lot

GoAir IPO Date, Time Table, Allotment & Listing

The GoAir IPO date is January 2022 and the IPO close date is January 2022. The allotment date is January 2022 and the IPO may list on January 2022.

Price Band Announcement:	January 2022
Anchor Investors Allotment:	January 2022
IPO Open Date:	January 2022
IPO Close Date:	January 2022
Basis of Allotment:	January 2022
Refunds:	January 2022
Credit to Demat Account:	January 2022
IPO Listing Date:	January 2022

GoAir IPO Form

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

GoAir Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2019	₹5937	₹6846	-₹387
2020	₹7258	₹9162	-₹1271
2021 6M	₹1438	₹2176	-₹471

Company Promoters

NUSLI NEVILLE WADIA
JEHANGIR NUSLI WADIA
NESS NUSLI WADIA
GO INVESTMENTS & TRADING PRIVATE LIMITED

About GoAir

GoAir is the aviation foray of India’s Wadia Group, which is a part of one of the oldest conglomerates in India with a presence in diversified industries. The Wadia group comprises leading brands including 150-year-old The Bombay Burmah Trading Corporation Limited, 140-year-old Bombay Dyeing and Manufacturing Company Limited, 102-year-old Britannia Limited, 66-year-old National Peroxide Limited, the decade-old Wadia Reality Private Limited, and many others. GoAir is a low-cost carrier (LCC) that aims to make air travel affordable and accessible to the masses. GoAir was incorporated on April 29, 2004, and commenced flight operations in November 2005 with its inaugural flight from Mumbai to Ahmedabad. It has flown 83.8million passengers since fiscal 2010 and as of December 31, 2020.

We promote our brand and our simple brand message of ‘Fly Smart’ to our passengers. Our airline has been the industry leader for on-time performance for 15 consecutive months between September 2018 and November 2019 and had the least flight cancellations for fiscal 2021 and as of January 31, 2021. It has the second-highest load factor of 88.9% during fiscal 2020, with one of the lowest customer complaints in the industry in fiscal 2021 for the period up to January 31, 2021. As of February 10, 2021, the GoAir fleet comprises 56 aircraft, of which 46 aircraft were A320 aircraft and 10 were A320 CEO models. We currently have an order book of 98 A320 NEO aircraft and expect to take delivery of eight additional A320 NEOs, in fiscal 2022, 14 in fiscal 2023, and 14 in fiscal 2024.
We strive to follow best safety practices. Our commitment to safety and security is reflected in the maintenance of our aircraft and engines, the extensive training given to pilots, cabin crew, and employees, and the strict policies and procedures in compliance with the local regulations, international standards, and best practices regarding all areas of our business that are involved with the operation of our aircraft.

As of January 31, 2020, GoAir operates flights across 37 destinations – 28 domestic and 9 international. The airline’s network is spread across cities in India and abroad.

GoAir IPO Registrar

Link Intime India Private Limited
C-101, 1stFloor, 247 Park,
Lal Bahadur Shastri Marg,
Vikhroli (West) Mumbai 400 083
Maharashtra
Telephone no.: (+91 22) 4918 6200
E-mail: goair.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance e-mail: goair.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI registration number: INR00000405

Note: Check GoAir IPO allotment status on Linkintime website allotment URL. Click Here

GoAir IPO Lead Managers

ICICI Securities Limited
Citigroup Global Markets India Private Limited
Morgan Stanley India Company Private Limited

Company Address

Go Airlines (India) Ltd
Registered Office:
C/O Britannia Industries Limited,
A-33, Lawrence Road Industrial Area,
New Delhi 110 035, National Capital Territory of Delhi
Telephone no.:(+91 11) 7156 8136
Corporate Office:
First Floor, C-1, Wadia International Centre,
Pandurang Budhkar Marg, Worli,
Mumbai 400025, Maharashtra
Telephone no.:(+91 22)6741 0000
Website:www.goair.in
Contact Person: Niranjan Karde
Company Secretary and Compliance Officer
Telephone no.: (+91 22)67420028
E-mail: compliance.officer@goair.in
Corporate Identity Number: U63013DL2004PLC217305

GoAir IPO FAQs

What is GoAir IPO?

GoAir IPO is a main-board IPO. They are going to raise ₹3600 Crores via IPO. The issue price band is ₹- to ₹- per equity share. The IPO is to be listed on BSE & NSE.

When GoAir IPO will open?

The IPO is to open on January 2022 for QIB, NII, and Retail Investors.

What is GoAir IPO Investors Portion?

The investors’ portion for QIB is 75%, NII 15%, and Retail 10%.

How to Apply the GoAir IPO?

You can apply GoAir IPO via ASBA online via your bank account. You can also apply ASBA online or via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the GoAir 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 “GoAir”. 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 GoAir IPO through Upstox?

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

GoAir IPO size is ₹3600 crores. The IPO comprises ₹3600 crores of fresh issues and offers for sale of – equity shares.

What is GoAir IPO Price Band?

GoAir IPO Price Band is ₹- to ₹- per equity share.

What is GoAir IPO Minimum and Maximum Lot Size?

The minimum bid is – shares with ₹- amount while the maximum bid is – shares with ₹-.

What is GoAir IPO Allotment Date?

GoAir IPO allotment date is January 2022.

What is GoAir IPO Listing Date?

GoAir IPO listing date is December 2021. The IPO to list on BSE and NSE.

Note: The GoAir IPO details are not announced officially. The IPO grey market premium (GoAir IPO Premium) is updated on the respective page. 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.