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).

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.

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 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.

KIMS IPO Date, Review, Price, Form & Market Lot Details

IPO Watch

KIMS Hospital aka KIMS IPO might hit the market on 16 June 2021 and closes on 18 June 2021. Krishna Institute of Medical Sciences to raise around ₹2144 Crore via initial public offer.

Krishna Institute of Medical Sciences aka KIMS IPO launch date is 16 June 2021. KIMS coming with fresh issue of ₹200 crore and offer for sale of up to 23,560,538 shares ₹1944 crore. They are one the largest corporate healthcare groups based in Andhra Pradesh and Telangana. Their key focused is multi-disciplinary in tier 2-3 cities. The services includes oncology, cardiac sciences, neurosciences, gastric sciences, orthopaedics, renal sciences, organ transplantation, and mother & child care. They operates in 9 multi-speciality hospitals with a brand name KIMS Hospital. They have around 3000+ bed capacity with 2500 operational beds. Check out for KIMS IPO details.

Important Details:
Earnings Per Share (EPS): ₹15.87 Price/Earnings
(PE ratio): Adding Soon
Return on Net Worth (RONW): 19.93%
Net Asset Value (NAV): ₹80.30 per share

Krishna Institute of Medical Sciences Ltd

    KIMS IPO Review

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    KIMS IPO Date & Price Band

     IPO Open:  16 June 2021
     IPO Close:  18 June 2021
     IPO Size:  Approx ₹2144 Crores
     Fresh Issue:  Approx ₹200 Crores
     Offer for Sale:  Approx 23,560,538 equity shares – ₹1944 Crores
     Face Value:  ₹10 Per Equity Share
     Price Band:  ₹815 to ₹825 Per Share
     Listing on:  BSE & NSE
     Retail Portion:  10%
     Equity:  23,560,538 Shares
     Employee Discount:  ₹40 Per Equity Share

    KIMS IPO Market Lot

    The KIMS IPO minimum market lot is 18 shares with ₹14850 application amount. The retail investors can apply up-to 13 lots with 234 shares or ₹194740 amount.
     
     Minimum Lot Size:  Minimum 18 Shares
     Minimum Amount:  ₹14,850
     Maximum Lot Size:  Maximum 234 Shares
     Maximum Amount:  ₹1,93,050

    KIMS IPO Allotment & Listing

    The KIMS IPO date is 16 June and the close date is 18 June 2021. The allotment will be finalized on 23 June 2021 and the IPO may list on 28 June 2021.
     
     Basis of Allotment:  23 June 2021
     Refunds:  24 June 2021
     Credit to Demat Account:  25 June 2021
     Listing Date:  28 June 2021

    KIMS IPO Form

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

    KIMS Company Financial Report

    The KIMS financial reports looks good. In, Covid the Institute got an increase in revenues and income increased compare to last few years.

      ₹ in Crores
    Revenue Expense Income
    2018 ₹700 ₹721 -₹43.90
    2019 ₹924 ₹939 -₹49.80
    2020 ₹1129 ₹988 ₹114.10
    2021 9M
    ₹977 ₹779 ₹145.70

    Company Promoters

    • Dr Bhaskara Rao Bollineni
    • Rajyasri Bollineni
    • Dr Abhinay Bollineni
    • Adwik Bollineni
    • Bollineni Ramanaiah Memorial Hospitals Private Limited

    About KIMS

    We are one of the largest corporate healthcare groups in AP and Telangana in terms of number of patients treated and treatments offered, according to the CRISIL Report. We provide multi-disciplinary integrated healthcare services, with a focus on primary secondary & tertiary care in Tier 2-3 cities and primary, secondary, tertiary and quaternary healthcare in Tier 1 cities. We operate 9 multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of December 31, 2020, which is 2.2 times more beds than the second largest provider in AP and Telangana, according to the CRISIL report. We offer a comprehensive range of healthcare services across over 25 specialties and super specialties, including cardiac sciences, oncology, neurosciences, gastric sciences, orthopaedics, organ transplantation, renal sciences and mother & child care.

    We have grown from a single hospital to a chain of multi-speciality hospitals through organic growth and strategic acquisitions under the leadership of Dr. Bhaskara Rao Bollineni, our founder and Managing Director, and Dr. Abhinay Bollineni, our Executive Director and CEO. Our first hospital in our network was established in Nellore in 2000 and has a capacity of approximately 200 beds. Our flagship hospital at Secunderabad is one of the largest private hospitals in India at a single location (excluding medical colleges), according to the CRISIL Report, with a capacity of 1,000 beds. We have significantly expanded our hospital network in recent years through our acquisitions of hospitals in Ongole in Fiscal Year 2017, Vizag and Anantapur in Fiscal Year 2019 and Kurnool in Fiscal Year 2020. Approximately one-third of our 3,064 beds were launched in the last four years. We have added over 880 beds, in aggregate, in our hospitals in Visakhapatnam (Vizag), Anantapur and Kurnool in Fiscal Years 2019 and 2020, and improved the overall bed occupancy rate in these hospitals from 71.83% to 80.49% in the same period. We strive to provide quality service to more patients, and we believe we have scope for additional patients and improved occupancy rates. We strategically focus on the southern India healthcare market where we have a strong understanding of regional nuances, customer culture and the mind-set of medical professionals and where there is significant and growing need for quality and affordable healthcare services. Each of our hospitals also has integrated diagnostic services and pharmacies that cater to our patients.

    Dr. Bhaskara Rao Bollineni is a renowned cardiothoracic surgeon in India. He has over 27 years of experience in cardiothoracic surgery and has worked in several other leading medical institutions in the country. He started KIMS Nellore in the year 2000 with the vision to create a hospital system for his home state of AP that is capable of attracting top medical talent and providing high-quality care at affordable prices. Under his leadership, and that of Dr. Abhinay Bollineni, who joined KIMS in 2014, we have expanded into nine cities across AP and Telangana through a combination of greenfield, brownfield and acquisition-led expansion. Dr. Abhinay assumed our CEO position in 2019 and played a leadership role in expanding the KIMS’ network over the last 5 years, including in the launch of KIMS Kondapur and the acquisitions of our hospitals in Ongole, Vizag, Anantapur and Kurnool. Today, our current network consists of hospitals strategically located to serve the healthcare needs of AP and Telangana across urban Tier 1 cities such as Secunderabad and Hyderabad and more rural Tier 2-3 areas such as Vizag, Nellore, Rajahmundry, Srikakulam, Ongole, Anantapur and Kurnool. We believe our hospitals are also situated well to capture patient in-flow across AP and Telangana and from the neighboring states of Karnataka, Odisha, Tamil Nadu and parts of central India. We also believe that affordability and quality of healthcare services provided by us and our track record of building long-term relationships with medical professionals including our doctors, has enabled our growth and helped us build our ‘KIMS Hospitals’ brand.

    Quick Links

    DRHP Draft Prospectus
    RHP Draft Prospectus

    KIMS IPO Registrar

    Link Intime India Private Ltd
    C 101, 247 Park, L.B.S.Marg,
    Vikhroli (West), Mumbai – 400083
    Phone: +91-22-4918 6270
    Email: kims.ipo@linkintime.com
    Website: http://www.linkintime.co.in
    Note:
     Check KIMS IPO allotment status on Linkintime website allotment URL. Click Here

    KIMS IPO Lead Managers

    • Axis Capital Limited
    • Credit Suisse Securities (India) Private Limited
    • IIFL Holdings Limited
    • Kotak Mahindra Capital Company Limited

    Company Address

    Krishna Institute of Medical Sciences Limited
    D. No. 1-8-31/1, Minister’s Road,
    Secunderabad – 3, 500 003
    Phone: +91 40 4418 6000
    Email: cs@kimshospitals.com
    Website: http://www.kimshospitals.com/

    KIMS IPO FAQs

    What is KIMS IPO?

    KIMS IPO is a main-board IPO. They are going to raise ₹2144 Crores via IPO. The issue is priced at ₹815 to ₹825 per equity share. The IPO to be listed on BSE & NSE.

    When KIMS IPO will open?

    The IPO is to open on 16 June 2021 for QIB, NII, and Retail Investors.

    What is KIMS IPO Investors Portion?

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

    How to Apply the KIMS IPO?

    You can apply KIMS IPO via ASBA online via your bank account. You can also apply 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 KIMS IPO through Zerodha?

    Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “KIMS”. 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.

    What is KIMS IPO Size?

    KIMS IPO size is ₹2144 crores.

    What is KIMS IPO Price Band?

    KIMS IPO Price Band is ₹815 to ₹825.

    What is KIMS IPO Minimum and Maximum Lot Size?

    The minimum bid is 18 Shares with ₹14,850 amount while maximum bid is 234 shares with ₹1,93,050.

    What is KIMS IPO Allotment Date?

    KIMS IPO allotment date is 23 June 2021.

    What is KIMS IPO Listing Date?

    KIMS IPO listing date is 28 June 2021. The IPO to list on BSE and NSE.

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

    Table of Contents

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    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.
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    Jagat Joshi