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.

Juniper Hotels IPO Date, Review, Price, Allotment Details

By Jagat Joshi
February 26, 2024

Juniper Hotels IPO Details: Juniper Hotels IPO date is fixed, the IPO is to hit the market on February 21. and will close on February 23. Juniper Hotels IPO to raise around ₹1800 crores via IPO that comprises fresh issue of ₹1800 crores and offer for sale up to [.] equity shares of ₹10 each. The retail quota is 10%, QIB is 75%, and HNI is 15%.

Juniper Hotels is a luxury hotel development and ownership company and is the largest owner, by number of Keys of “Hyatt” affiliated hotels in India as of June 30, 2023. (source: Horwath Report) They have a portfolio of seven hotels and serviced apartments and operate a total of 1,836 keys as of the date of this Draft Red Herring Prospectus. They benefit from a unique and longstanding partnership of over 40 years between Saraf Hotels (including erstwhile and current affiliates, collectively referred to as the “Saraf Group”), a hotel developer with a strong and well-established track record in India, and affiliates of a globally recognized premier hospitality brand, Hyatt Hotels Corporation (NYSE: H) (“HHC”) (collectively with its affiliates “Hyatt”).

They are the only hotel development company in India with which Hyatt has a strategic investment. They own 20% of Hyatt group-affiliated hotel rooms in India as of June 30, 2023 (source: Horwath Report) and have extensive experience in identifying opportunities in hospitality destinations, developing high-end hotels in these locations, and nurturing them through active asset management. They are also focused on providing quality guest experience while operating our assets efficiently.

Their hotels and serviced apartments are present across the luxury, upper upscale, and upscale categories of hotels and are established landmarks in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. Besides Grand Hyatt Mumbai Hotel and Residences being the largest hotel in India, the Hyatt Regency Lucknow and Hyatt Regency Ahmedabad are the largest upper upscale hotels in their respective markets and Hyatt Raipur is the only upper upscale hotel in Raipur(source: Horwath Report).

The Company is the flagship entity for the Saraf Group, through ownership of a unique portfolio of luxury, upper upscale, and upscale hospitality assets, located in highly desirable locations across key strategic locations. Their continued strategy is to expand on their current ownership of marquee assets across India, bringing in more luxury and upscale hotels and serviced apartments into the portfolio, by consolidating the interests of Saraf Hotels and its affiliates in entities incorporated in India operating in the hospitality sector or through new opportunities, enhancing the Company as the flagship entity for the Saraf Group.

Objects of the Issue

Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by our Company and Subsidiaries, namely CHPL and CHHPL.
General corporate purposes.

Juniper Hotels IPO Review (Apply or Not)

May Apply

Juniper Hotels IPO Date & Price Band Details

IPO Open:	February 21, 2024
IPO Close:	February 23, 2024
IPO Size:	Approx ₹1800 Crores
Fresh Issue:	Approx ₹1800 Crores
Offer for Sale:	Approx ₹[.] Crores
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹342 to ₹360 Per Share
IPO 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
Anchor Investors List:	Click Here

Juniper Hotels IPO Market Lot

The Juniper Hotels IPO minimum market lot is 40 shares with ₹14,400 application amount. The retail investors can apply up-to 13 lots with 520 shares or ₹187,200 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	40	₹14,400
Retail Maximum	13	520	₹187,200
S-HNI Minimum	14	560	₹201,600
B-HNI Minimum	70	2,800	₹1,008,000

Juniper Hotels IPO Allotment & Listing Dates

The Juniper Hotels IPO date is February 21 and the close date is February 23. The Juniper Hotels IPO allotment will be finalized on February 26 and the IPO listing on February 28.

Anchor Investors Allotment:	February 20, 2024
IPO Open Date:	February 21, 2024
IPO Close Date:	February 23, 2024
Basis of Allotment:	February 26, 2024
Refunds:	February 27, 2024
Credit to Demat Account:	February 27, 2024
IPO Listing Date:	February 28, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Juniper Hotels IPO Form

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

Juniper Hotels Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹192.85	₹462.26	₹199.49
2022	₹343.76	₹557.86	₹188.03
2023	₹717.29	₹742.80	₹1.50
Sep 2023	₹337.43	₹389.97	₹26.50

Juniper Hotels IPO Valuation – FY2023

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

Earning Per Share (EPS):	-₹0.10 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	–0.42%
Net Asset Value (NAV):	₹24.67 per Equity Share

Peer Group

Chalet Hotels Limited
Lemon Tree Hotels Limited
The Indian Hotels Company Limited
EIH Limited

Company Promoters

Arun Kumar Saraf

Juniper Hotels IPO Registrar

KFin Technologies Limited
Telephone : +91 40 6716 2222/ 1800 309 4001
Email: jhl.ipo@kfintech.com
Website : www.kfintech.com

Juniper Hotels IPO Allotment Status Check

Check Juniper Hotels IPO allotment status on KFin Technologies website allotment URL. Click Here

Juniper Hotels IPO Lead Managers aka Merchant Bankers

JM Financial Limited
CLSA India Private Limited
ICICI Securities Limited

Company Address

Juniper Hotels Limited
Off Western Express Highway,
Santacruz East, Mumbai 400 055,
Maharashtra, India;
Phone :+ 91 22 6676 1000
E-mail: complianceofficer@juniperhotels.com
Website: www.juniperhotels.com

Juniper Hotels IPO FAQs

What is Juniper Hotels IPO?

Juniper Hotels IPO is a main-board IPO. They are going to raise ₹1800 Crores via IPO. The issue is priced at ₹342 to ₹360 pr equity share. The IPO is to be listed on BSE & NSE.

When Juniper Hotels IPO will open?

The IPO is to open on February 21, 2024 for QIB, NII, and Retail Investors.

What is Juniper Hotels IPO Investors Portion?

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

How to Apply the Juniper Hotels IPO?

You can apply for Juniper Hotels 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.

How to Apply the Juniper Hotels 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 “Juniper Hotels”. 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 Juniper Hotels IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Juniper Hotels”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Juniper Hotels IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Juniper Hotels”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Juniper Hotels IPO Size?

Juniper Hotels IPO size is ₹1800 crores.

What is Juniper Hotels IPO Price Band?

Juniper Hotels IPO Price Band is ₹342 to ₹360.

What is the Juniper Hotels IPO Allotment Date?

Juniper Hotels IPO allotment date is February 26, 2024.

What is the Juniper Hotels IPO Listing Date?

Juniper Hotels IPO listing date is February 28, 2024. The IPO is to list on BSE and NSE.

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

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.