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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.

IGI IPO Date, Review, Price, Allotment Details

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International Gemological Institute IPO open date is December 13, 2024 and the IPO will close on December 17, 2024. International Gemological Institute aka IGI IPO is a Book Built Issue. The company to raise around ā‚¹4,225.00 crores via IPO that comprises fresh issue of ā‚¹1475.00 crores and offer for sale up to [.] equity shares with face value of ā‚¹2 each.

International Gemological Institute IPO price band is ā‚¹397 to ā‚¹417 per share. The retail quota is 10%, QIB is 75%, and HNI is 15%. International Gemological Institute IPO to list on BSE, NSE on December 20, 2024. The allotment of International Gemological Institute IPO date is December 18, 2024.

The company reported revenue of ā‚¹648.66 crores in December 2023 against ā‚¹499.33 crore in December 2022. The company reported Profit of ā‚¹324.74 crores in December 2023 against Profit of ā‚¹241.76 crores in December 2022. As per the financials the IPO investors should apply the IPO for a long term.

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International Gemological Institute IPO

International Gemological Institute (IGI) IPO Details

IPO Open Date:December 13, 2024
IPO Close Date:December 17, 2024
Face Value:ā‚¹2 Per Equity Share
IPO Price Band:ā‚¹397 to ā‚¹417 Per Share
Issue Size:Approx ā‚¹4,225.00 Crores
Fresh Issue:Approx ā‚¹1475.00 Crores
Offer for Sale:Approx 65,947,242 Equity Shares
Issue Type:Book Built Issue
IPO Listing:BSE & NSE
Retail Quota:Not more than 10%
QIB Quota:Not more than 75%
NII Quota:Not more than 15%
DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:Click Here
Anchor Investors List:Click Here

International Gemological Institute IPO Market Lot

The International Gemological Institute IPO minimum market lot is 35 shares with ā‚¹14,595 application amount. The retail investors can apply up-to 13 lots with 455 shares or ā‚¹189,735 amount.

ApplicationLot SizeSharesAmount
Retail Minimum135ā‚¹14,595
Retail Maximum13455ā‚¹189,735
S-HNI Minimum14490ā‚¹204,330
B-HNI Minimum692,415ā‚¹1,007,055

International Gemological Institute IPO Dates

The International Gemological Institute IPO date is December 13 and the close date is December 17. The International Gemological Institute IPO allotment will be finalized on December 18 and the IPO listing on December 20.

IPO Open Date:December 13, 2024
IPO Close Date:December 17, 2024
Basis of Allotment:December 18, 2024
Refunds:December 19, 2024
Credit to Demat Account:December 19, 2024
IPO Listing Date:December 20, 2024

Promoters of International Gemological Institute IPO

The promoters of the company are BCP Asia II Topco II Pte Ltd.

About International Gemological Institute IPO

Founded in Antwerp, Belgium, in 1975, the International Gemological Institute is the worldā€™s second-largest company to provide services related to the certification and accreditation of various types of diamonds. They offer both natural and laboratory-grown diamonds, such as studded jewelry and colored stones like rubies, sapphires, emeralds, and other precious and semi-precious stones. Moreover, the company provides many services to customers like in-depth diamond grading based on cut, color, clarity, and carat weight. As well as the company also puts in extra effort such as fluorescence, which means how diamonds will react under UV light and the symmetry of the diamonds as well. Moreover, they also provide screening where individuals can check whether the diamond is natural or synthetic for customer satisfaction. In India, IGI is the largest independent provider of certification and accreditation services, they hold around 50% of the market share for certifying diamonds, jewelry with diamonds, and colored stones in 2023.

International Gemological Institute IPO Company Financial Report

The company reported revenue of ā‚¹648.66 crores in December 2023 against ā‚¹499.33 crore in December 2022. The company reported Profit of ā‚¹324.74 crores in December 2023 against Profit of ā‚¹241.76 crores in December 2022.

Amount ā‚¹ in Crores

Period EndedRevenueExpenseProfit After TaxAssets
December 2022ā‚¹499.33ā‚¹169.97ā‚¹241.76ā‚¹409.03
December 2023ā‚¹648.66ā‚¹204.88ā‚¹324.74ā‚¹603.20
September 2024ā‚¹619.49ā‚¹179.82ā‚¹326.06ā‚¹775.60

International Gemological Institute IPO Valuation – FY2023

Check International Gemological Institute 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:36.84%
PAT Margin:7.30%
Debt to equity ratio: –
Earning Per Share (EPS):ā‚¹8.18 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):76.58%
Net Asset Value (NAV):ā‚¹12.83

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
NA––––– Cr.
NA––––– Cr.

Objects of the Issue

  • Payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from the Promoter; and
  • General corporate purposes.

International Gemological Institute IPO Review

  • Canara Bank –
  • DRChoksey FinServ –
  • Emkay Global –
  • Hem Securities –
  • IDBI Capital –
  • Marwadi Shares –
  • Nirmal Bang –
  • SBICAP Securities –
  • Sharekhan –
  • SMC Global –
  • Sushil Finance –
  • Swastika Investmart –
  • Ventura Securities –
  • Geojit –
  • Reliance Securities –
  • Capital Market –
  • BP Wealth –
  • ICICIdirect –
  • Choice Broking –

International Gemological Institute IPO Registrar

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

IPO Lead Managers aka Merchant Bankers

  • Axis Capital Limited
  • Kotak Mahindra Capital Company Limited
  • Morgan Stanley India Company Private Limited
  • SBI Capital Markets Limited

Company Address

International Gemological Institute IPO Limited
702, 7
th Floor, The Capital, Bandra Kurla
Complex, Bandra (E), Mumbai 400 051,
Maharashtra, India
Phone: +91 22 4035 2550
Email: investor.relations@igi.org
Website: https://www.igi.org/

International Gemological Institute IPO FAQs

What is International Gemological Institute IPO?

International Gemological Institute IPO is a Mainboard IPO. The company is going to raise ā‚¹4,225.00 Crores via IPO. The issue is priced at ā‚¹397 to ā‚¹417 per equity share. The IPO is to be listed on BSE & NSE.

When International Gemological Institute IPO will open for subscription?

The IPO is to open on December 13, 2024 for QIB, NII, and Retail Investors. The IPO will close on December 17, 2024.

What is International Gemological Institute IPO Investors Portion?

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

How to Apply the International Gemological Institute IPO?

You can apply for International Gemological Institute 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 International Gemological Institute IPO Issue Size?

International Gemological Institute IPO issue size is ā‚¹4,225.00 crores.

What is International Gemological Institute IPO Price Band?

International Gemological Institute IPO Price Band is ā‚¹397 to ā‚¹417.

What is International Gemological Institute IPO Lot Size?

The minimum bid is 35 Shares with ā‚¹14,595 amount.

What is the International Gemological Institute IPO Allotment Date?

International Gemological Institute IPO allotment date is December 18, 2024.

What is the International Gemological Institute IPO Listing Date?

International Gemological Institute IPO listing date is December 20, 2024. The IPO is to list on BSE & NSE.

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

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3 Responses

  1. World numbe2,debt free company, growth is increasing, profit margin is high.Post ipo promoters holding 75%equity. Famous Black rock group company. Chance for allotment and moderate listing gain. Good for long term too good company.

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