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.

Indiqube Spaces IPO Review, Analysis, Good or Bad

By Jagat Joshi
July 26, 2025

The opening date of the Indiqube Spaces IPO is July 23, 2025, while the closing date is July 25, 2025. The Indiqube Spaces IPO price band is set between ₹225 to ₹237 per share. At the same time, the face value of the IPO is ₹1 each. The company filed a DRHP to raise funds of around ₹700 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to apply or not to the Indiqube Spaces IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Indiqube Spaces IPO review which will help you to make the decision.

Strengths and Weaknesses of Indiqube Spaces IPO

Strengths:

Indiqube Spaces is one of the leading players in the Large and Growing Flexible Workspace Market in India.
The company follows Careful business management with strong performance indicators.
The reason behind their growth is having a professional management team and experienced promoters who have an amazing experience in the workspace industry and a strong track record of success.

Weaknesses:

The company generated most of its revenue from its centers in Bengaluru, Pune, and Chennai, meaning that if any negative development happens in these locations, it can negatively impact the business, financial results, and overall condition.
Their business is deeply affected by changes in the real estate market, meaning if commercial property prices rise, our leasing costs could increase, leading to a loss in profits.
Unable to pay rent to our landlords on time could harm our business, financial performance, and overall condition.
Indiqube Spaces mainly depend on third parties for raw materials and interior work. Any delay or failure occurring in the relationship with the third parties can badly impact the financial result, cash flow, and overall condition.

Indiqube Spaces IPO Details

IPO Size	₹700 crores
Offer-for-sale	21,09,704 equity shares
Fresh issue	₹650 crores
Price band	₹225 to ₹237
Subscription	Opens on July 23, 2025, and the closing date is on July 25, 2025
Purpose of IPO	Fresh Issue and Offer-for-Sale

Indiqube Spaces IPO Open and closing date?

Indiqube Spaces IPO will be opening for subscription on July 23, 2025, and will be closed for subscription on July 25, 2025.

What is the size of the Indiqube Spaces IPO?

The company planned to raise funds around ₹700 crores via IPO. This IPO comprises both a fresh issue of ₹650 crores and an Offer-for-sale up to 21,09,704 equity shares with a face value of Rs. 1 each.

What are the subscription details of the Indiqube Spaces IPO?

The Indiqube Spaces IPO price range is set at ₹225 to ₹237 per share. In this IPO, a total of 63 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 819 shares in 13 lot sizes were available, and for the S-HNI Minimum category, 882 shares were available in 14 lot sizes. While for the B-HNI Minimum category 4,221 shares were available in 67 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,931 and maximum investment of ₹1,94,103.
Small HNI (S-HNI): Minimum investment of ₹2,09,034.
Big HSI (S-HNI): A minimum investment of ₹10,00,377 is required.

What is the Indiqube Spaces IPO listing Date?

Indiqube Spaces is a Mainboard IPO shares will be listed on July 30, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Indiqube Spaces IPO Issue?

The objective behind raising funds via IPO is to use the funds towards the establishment of new centers. Some funds will be used towards the Repayment/pre-payment of certain borrowings taken by our Company. The remaining funds will be used to support the general corporate purposes of the company.

About Indiqube Spaces

Incorporated in 2015, Indiqube Spaces Limited is one of the leading companies that is involved in providing managed, sustainable, and tech-driven workplace solutions to revolutionize your office experience from traditional-looking to modern. They are known to offer a comprehensive range of office solutions by combining asset renovation, customized designs, and value-added services in order to improve the office experience with incredible interiors, amenities, and services to both individuals and businesses. As of June 30, 2024, the company includes 625 permanent employees. Currently, the company operates 103 centers across 13 cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and six non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada), covering 7.76 million square feet of AUM with 172,451 seats.

Indiqube Spaces IPO Financials

The company reported revenue of ₹1,102.93 crores in 2025 against ₹867.66 crores in 2024. The company reported a loss of ₹139.62 crores in 2025 against a loss of ₹341.51 crores in 2024.

Indiqube Spaces IPO Promoters

Rishi Das, Meghna Agarwal, and Anshuman Das are the promoters of the company.

Who are the Indiqube Spaces IPO lead managers and registrar?

ICICI Securities Limited and JM Financial Limited are the lead managers of Indiqube Spaces, while MUFG Intime India Private Limited is the registrar of the company.

Should you apply or not for the Indiqube Spaces IPO?

I very well know that as an investor, deciding whether to apply or not for an IPO can require massive checks, and so this post is for you. Applying for the IPO without doing a complete background check can lead to money loss. So, for the last time, let’s take an overview of the Indiqube space, shall we? Indiqube Spaces is one of the growing players to offer a managed workspace segment, showing strong revenue growth, high operational efficiency, and improving margins. This IPO is priced reasonably with decent grey market premiums at Rs 41, showcasing a potential listing gain. However, we recommend that the company still incur losses. Now, the question is who may apply for this IPO? Investors may consider applying for this IPO if they have medium-to-high risk tolerance or believe in sector growth. Investors can skip if they are worried about leverage and negative cash flows and prefer profitable companies. However, we recommend always doing a good financial background check on the company you want to invest in, and investing at your own risk.

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.