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.

ICICI Prudential AMC IPO Review & Investor Guide

By Jagat Joshi
December 12, 2025

ICICI Prudential AMC IPO will be open for Subscription on December 12, 2025, while the closing date is December 16, 2025. The ICICI Prudential AMC IPO price band is set between ₹2,061 to ₹2,165 per share, with a face value of ₹1 each. As per the RHP, the company plans to raise around ₹10,602.65 crores through an Initial public offering (IPO).

It can be challenging for investors to decide if the ICICI Prudential AMC IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. This article presents the top key factors and a detailed review of the ICICI Prudential AMC IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.

About Company

Incorporated in 1993, ICICI Prudential AMC is the largest Asset Management Company in India, with its total mutual fund QAAUM standing at ₹10,147.6 billion. Its investment approach has always been to manage risk first and aim for long-term returns for its customers. With a history of over 30 years in the asset management industry makes ICICI Prudential is one of the oldest asset management companies in India. Mutual Fund Business, Portfolio Management Business, and Alternative Investment Fund Business are the company’s services.

Moreover, ICICI Prudential AMC manages more than 140+ mutual fund schemes, which include 44 equity and equity-oriented schemes, 20 debt schemes, 61 passive schemes, 15 domestic fund-of-funds schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme. They consistently focus on creating and growing unique products that perform well across different market conditions and meet long-term investor needs.

Strengths

They are the largest Asset Management company in India in terms of the number of active mutual fund schemes.

The company comes with a diversified portfolio, managing 143 mutual fund schemes, which is the largest number of schemes managed by the Asset management company.

On a Year-on-year basis, the company’s total income increased by 32% to 33%.

The company is almost debt-free.

Over the last 3 years, the company has shown strong ROE performance, delivering a 78.1% return.

Investors holding shares of ICICI Bank Limited will benefit from the shareholder quota available in the IPO.

Weaknesses

This IPO is totally an OFS component, meaning the existing investors will be selling their shares, and the company will not receive any fresh funds.

The company’s attrition rate is high. Around 33% of employees of the company quit within the year. If the company could not keep or attract new employees could negatively impact the operations, financial performance, and overall business.
According to the peer comparison, the ICICI AMC has slightly high valuations, meaning it is priced at a premium.

ICICI Prudential AMC IPO Review

Reviewer	Recommendation
IPO Watch	May Apply
Adroit Financial Services Private Limited	May Apply
Aditya Birla Money Limited	Apply
Anand Rathi	Apply
Arihant Capital Markets Ltd	May Apply
Ashika Research	Not Rated
Axis Capital	Not Rated
Canara Bank Securities Ltd	Apply
Capital Market	May Apply
IDBI Capital	Not Rated
JM Financial Services Limited (JMFS)	Not Rated
Kotak Securities	Not Rated
Nirmal Bang	Not Rated
SBICAP Securities Limited	Not Rated
Sharekhan Limited	May Apply
SMIFS Limited	Apply
Swastika Investmart Ltd	Apply

ICICI Prudential AMC IPO Details

IPO Open Date:	December 12, 2025
IPO Close Date:	December 16, 2025
Face Value:	₹1 Per Equity Share
IPO Price Band:	₹2,061 to ₹2,165 Per Share
Issue Size:	Approx ₹10,602.65 Crores
Offer-for-Sale:	up to 4,89,72,994 equity shares
Registrar	KFin Technologies Limited
IPO Lead Managers	Citigroup Global Markets India Pvt. Ltd. Morgan Stanley India Co. Pvt. Ltd. BOFA Securities India Ltd. Axis Capital Ltd. CLSA India Pvt. Ltd. IIFL Capital Services Ltd. Kotak Mahindra Capital Co. Ltd. Nomura Financial Advisory & Securities (India) Pvt. Ltd. SBI Capital Markets Ltd. ICICI Securities Ltd. Goldman Sachs (India) Securities Pvt. Ltd. Avendus Capital Pvt. Ltd. BNP Paribas HDFC Bank Ltd. JM Financial Ltd. Motilal Oswal Investment Advisors Ltd. Nuvama Wealth Management Ltd. UBS Securities India Pvt. Ltd.
Basis of Allotment	December 17, 2025
IPO Listing Date:	December 19, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	30 Sep 2025	31 Mar 2025	31 Sep 2024
Total income	₹2,949.61 Crores	₹4,979.67 Crores	₹2,458.23 Crores
EBITDA	₹2,210.10 Crores	₹3,636.99 Crores	₹1,837.55 Crores
Profit After Tax (PAT)	₹1,617.74 Crores	₹2,650.66 Crores	₹1,327.11 Crores
Net Worth	₹3,921.56 Crore	₹3,516.94 Crore	₹3,272.28 Crore
Reserves and Surplus	₹3,903.91 Crores	₹3,432.85 Crores	₹3,254.63 Crores

Key Indicators

KPI	Values
ROE	82.8%
Price to Book Value	30.41
RoNW	82.8%
EBITDA Margin	0.36%

Promoters & Track Records, if any

ICICI Bank Limited holds 252,072,044 equity shares, representing 51.0% of the pre-offer Equity Share capital in the company.

Prudential Corporation Holdings Limited holds 242,186,476 equity shares, representing 49.0% of the pre-offer Equity Share capital in the company.

Peer Comparison With the Company

Name of the Company	Face Value (₹)	Basic EPS (₹)	Diluted EPS(₹)	RONW (%)	P/E Ratio	NAV(₹)
ICICI Prudential AMC Limited	1	53.6	53.6	82.8%	[●]	71.2
Listed Peers
HDFC Asset Management Company Limited	5	57.6	57.4	32.4%	45.2	189.8
Nippon Life India Asset Management Limited	10	20.3	20.0	31.4%	41.0	66.4
UTI Asset Management Company Limited	10	57.4	57.1	16.3%	19.8	359.4
Aditya Birla Sun Life AMC Limited	5	32.3	32.2	27.0%	22.5	129.2

Industry Peer Group P/E ratio

In the Asset Management and Financial Services industry, the P/E ratio has ranged from a low of 19.8 to a high of 45.2, with an average of 32.1, based on peer comparison.

ICICI Prudential AMC IPO – Should You Apply or Not?

ICICI Prudential AMC IPO features a leadership in AUM, the largest number of schemes in the mutual fund industry, and a wide range of investment products. With an investor & registered user base of 1.5 crore, a diversified portfolio, experienced management, and consistent profitability leads to future growth. In contrast, a growing employee attrition rate, a higher valuation than the peer group, and a dependence on promoter reputation are some of the major risks of the company.

As of December 11, the GMP of ICICI Prudential AMC is ₹120, showcasing a potential listing of around 4%-6%. Short-term investors may consider applying for the listing gains due to the attractive GMP and strong financials. And cautious investors must carefully analyze the intense competition, regulatory risks, and the company’s valuation concerns before subscribing.

Please note:

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.