IPO 2026
SME IPO
IPO GMP
Subscription
Allotment
Listing

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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
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 ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 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 investorsā€™ 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 ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 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.

Hexaware Technologies IPO Date, Review, Price, Allotment Details

Join
Follow Us
Add Source
Follow

Hexaware Technologies IPO open date is February 12, 2025 and the IPO will close on February 14, 2025. Hexaware Technologies IPO is a Book Built Issue. The company to raise around ā‚¹8,750.00 crores via IPO that comprises fresh issue of ā‚¹[.] crores and offer for sale up to 12,35,87,570 equity shares with face value of ā‚¹1 each.

Hexaware Technologies IPO price band is ā‚¹674 to ā‚¹708 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Hexaware Technologies IPO to list on BSE, NSE on February 19, 2025. The allotment of Hexaware Technologies IPO date is February 17, 2025.

The company reported revenue of ā‚¹10,389.10 crores in December, 2023 against ā‚¹9,378.8 crore in December 2022. The company reported profit of ā‚¹997.6 crores in December, 2023 against profit of ā‚¹884.2 crores in December, 2022. As per the financials the IPO investors should apply the IPO for a long term.

Apply for an IPO
Hexaware Technologies IPO

Hexaware Technologies IPO Details

IPO Open Date:February 12, 2025
IPO Close Date:February 14, 2025
Face Value:ā‚¹1 Per Equity Share
IPO Price Band:ā‚¹674 to ā‚¹708 Per Share
Issue Size:Approx ā‚¹8,750.00 Crores
Offer for Sale:Approx 12,35,87,570 Equity Shares
Issue Type:Book Built Issue
IPO Listing:BSE & NSE
Retail Quota:Not more than 35%
QIB Quota:Not more than 50%
NII Quota:Not more than 15%
DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:Click Here
Anchor Investors List:Click Here

Hexaware Technologies IPO Market Lot

The Hexaware Technologies IPO minimum market lot is 21 shares with ā‚¹14,868 application amount. The retail investors can apply up-to 13 lots with 273 shares of ā‚¹1,93,284 amount.

ApplicationLot SizeSharesAmount
Retail Minimum121ā‚¹14,868
Retail Maximum13273ā‚¹1,93,284
S-HNI Minimum14294ā‚¹2,08,152
B-HNI Minimum681,428ā‚¹10,11,024

Hexaware Technologies IPO Dates

The Hexaware Technologies IPO date is February 12 and the close date is February 14. The Hexaware Technologies IPO allotment will be finalized on February 17 and the IPO listing on February 19.

IPO Open Date:February 12, 2025
IPO Close Date:February 14, 2025
Basis of Allotment:February 17, 2025
Refunds:February 18, 2025
Credit to Demat Account:February 18, 2025
IPO Listing Date:February 19, 2025

Hexaware Technologies Anchor Book

Hexaware Technologies mobilises ā‚¹2,598 crore from anchor investors ahead of IPO. Trading Members of the Exchange are hereby informed that, under Anchor Investors (AIs) portion in the Public Issue of HEXAWARE TECHNOLOGIES LIMITED, 36,694,914 equity shares have been subscribed today at Rs 708/- per equity share.

Promoters of Hexaware Technologies IPO

The promoters of the company are CA Magnum Holdings.

About Hexaware Technologies IPO

First and foremost, in this fast-paced generation, IT and business-related solutions are the most important for every human being, while Hexaware is one of the top companies that provide IT and business solutions to their customers. Moreover, they have a main motto to satisfy customers. Hexaware company was founded in 1990, and since then to till now, it has had around 38 delivery spots as well as 16 offices in the Americas, Europe, and APAC regions. With 31,870 professionals across 28 countries, a strong presence allows it to serve diverse markets, including 31 Fortune 500 clients.

Hexaware company has six major sectors: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. Moreover, it has five main services: Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Servicesā€”which are the heart of its offerings.

Hexaware Technologies IPO Company Financial Report

The company reported revenue of ā‚¹10,389.10 crores in December, 2023 against ā‚¹9,378.8 crore in December 2022. The company reported profit of ā‚¹997.6 crores in December, 2023 against profit of ā‚¹884.2 crores in December, 2022.

Amount ā‚¹ in Crores

Period EndedRevenueExpenseProfit After TaxAssets
December 2021ā‚¹7,244.6ā‚¹6,303.4ā‚¹748.8ā‚¹5,673.5
December 2022ā‚¹9,378.8ā‚¹8,255.8ā‚¹884.2ā‚¹6,514.0
December 2023ā‚¹10,389.1ā‚¹9,120.6ā‚¹997.6ā‚¹7,202.1
September 2024ā‚¹8,871.3ā‚¹7,728ā‚¹853.3ā‚¹8,594.2

Hexaware Technologies IPO Valuation – FY2023

Check Hexaware Technologies IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPIValues
ROE:-%
ROCE:-%
EBITDA Margin:16.2%
PAT Margin:9.6%
Debt to equity ratio: NA
Earning Per Share (EPS):ā‚¹16.45 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):23.6%
Net Asset Value (NAV):ā‚¹69.77

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Persistent Systems Limited72.447322.1%321.829,821.6 Cr.
Coforge Limited131.565023.0%586.639,179 Cr.
LTIMindtree Limited154.854022.9%676.5535,517 Cr.
Mphasis Limited82.423717.7%465.3313,278.5 Cr.

Objects of the Issue

  • N/A

Hexaware Technologies IPO Review

  • IPO Watch – May Apply
  • Ashika Research – Neutral
  • Capital Market – May apply
  • Marwadi Shares and Finance Ltd – Apply
  • SBICAP Securities Limited – Apply
  • SMC Global – Neutral

Hexaware Technologies IPO Registrar

KFin Technologies Limited
Phone: : (+91) 40 6716 2222
E-mail: hexaware.ipo@kfintech.com
Website: https://ris.kfintech.com/

IPO Lead Managers aka Merchant Bankers

  • Kotak Mahindra Capital Company Limited
  • Citigroup Global Markets India Private Limited
  • J.P. Morgan India Private Limited
  • HSBC Securities and Capital Markets (India) Private Limited
  • IIFL Securities Limited

Company Address

Hexaware Technologies IPO Limited
152, Millennium Business Park, Sector III, ā€˜Aā€™ Block, TTC
Industrial Area, Mahape, Navi Mumbai
Maharashtra – 400 710, India
Phone: (+91) 22 3326 8585
E-mail: investori@hexaware.com
Website: www.hexaware.com

Hexaware Technologies IPO FAQs

What is Hexaware Technologies IPO?

Hexaware Technologies IPO is a Mainboard IPO. The company is going to raise ā‚¹8,750.00 Crores via IPO. The issue is priced at ā‚¹674 to ā‚¹708 per equity share. The IPO is to be listed on BSE & NSE.

When Hexaware Technologies IPO will open for subscription?

The IPO is to open on February 12, 2025 for QIB, NII, and Retail Investors. The IPO will close on February 14, 2025.

What is Hexaware Technologies IPO Investors Portion?

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

How to Apply the Hexaware Technologies IPO?

You can apply for Hexaware Technologies 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.

What is Hexaware Technologies IPO Issue Size?

Hexaware Technologies IPO issue size is ā‚¹8,750.00 crores.

What is Hexaware Technologies IPO Price Band?

Hexaware Technologies IPO Price Band is ā‚¹674 to ā‚¹708.

What is Hexaware Technologies IPO Lot Size?

The minimum bid is 21 Shares with ā‚¹14,868 amount.

What is the Hexaware Technologies IPO Allotment Date?

Hexaware Technologies IPO allotment date is February 17, 2025.

What is the Hexaware Technologies IPO Listing Date?

Hexaware Technologies IPO listing date is February 19, 2025. The IPO is to list on BSE & NSE.

Note: The Hexaware Technologies IPO price band and date are officially announced. The (Hexaware Technologies IPO grey market premium) will be added to the IPO GMP page as it will start).

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

Add IPOWatch to your Google News feed.   google news button

3 Responses

    1. Hi Rajiv,

      Due to less demand in grey market there might be a chance of flat listing, but as per the company perspective we see a good long term benefit for investors.

Current Mainboard IPO

Current SME IPO

Latest IPO News

IMP LINKS

Related Posts

Apply IPO