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.

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

By Jagat Joshi
December 5, 2021

CE Info Systems aka MapmyIndia IPO is to hit the market on December 09, 2021 and will close on December 13, 2021. MapmyIndia IPO to raise around ₹1040 crores via IPO that comprises an offer for sale up to 10,063,945 equity shares of ₹2 each. The retail quota is 35% with QIB 50% and HNI 15%.

MaymyIndia is a leading digital map, geospatial software & location-based IoT technology provider in India. They are serving to private and government sectors as well. The company has a few big names on its clients’ list. MapmyIndia is data and technology products and platforms company. The offers proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”), and platform as a service (“PaaS”). The company was incorporated in1995, MapmyIndia is the market leader in this industry, building a strong business by capitalizing on an early mover advantage, developing proprietary and integrated technologies, full-stack product offerings, continuous innovation, and a robust sustainable business model. They provide products, platforms, application programming interfaces (“APIs”), and solutions across a range of digital map data, software, and IoT for the Indian market under the MapmyIndia (MapmyIndia) brand, and for the international market under the Mappls (Mappls) brand. Check out MapmyIndia IPO details.

Important Details:

The names you trust, trust MapmyIndia. Serving industry leaders across big tech, corporates, automotive, and government authorities.
Market leader in their industry.
Government Clients: Indian Space Research Organisation (ISRO), NITI Aayog, National eGovernance Division, Ministry of Electronics and Information Technology, and Government of India.
Private Sector Clients: PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, and Hyundai.

MapmyIndia IPO Review

Apply

Brokerage Firm IPO Reviews

Axis Bank: Neutral
GCL Securities: Subscribe for Listing Gain
JM Financial: Neutral
Proficient Equities: Subscribe for Long Term
ShareIndia: Subscribe

MapmyIndia IPO Date & Price Band

IPO Open:	09 December 2021
IPO Close:	13 December 2021
IPO Size:	Approx ₹1040 Crores
Fresh Issue:	N/A
Offer for Sale:	Approx 10,063,945 Equity Shares
Face Value:	₹2 Per Equity Share
Price Band:	₹1000 to ₹1033 Per Share
Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus::	Click Here
RHP Draft Prospectus::	Click Here

MapmyIndia IPO Market Lot

The MapmyIndia IPO minimum market lot is 14 shares with ₹14,462 application amount. The retail investors can apply up-to 13 lots, 182 shares with ₹188,006 application amount.

Minimum Lot Size:	Minimum 14 Shares
Minimum Amount:	₹14,462
Maximum Lot Size:	Maximum 182 Shares
Maximum Amount:	₹188,006

MapmyIndia IPO Date, Time Table, Allotment & Listing

The MapmyIndia IPO date is 09 December 2021 and the IPO close date is 13 December 2021. The allotment date is 16 December 2021 and the IPO may list on 22 December 2021.

Price Band Announcement:	06 December 2021
Anchor Investors Allotment:	08 December 2021
IPO Open Date:	09 December 2021
IPO Close Date:	13 December 2021
Basis of Allotment:	16 December 2021
Refunds:	17 December 2021
Credit to Demat Account:	20 December 2021
IPO Listing Date:	21 December 2021

MapmyIndia IPO Form

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

MapmyIndia Company Financial Report

₹ in Crores
	Income	Expense	PAT
2019	₹163	₹122	₹33.57
2020	₹163	₹132	₹23.20
2021	₹192	₹114	₹59.43

Company Promoters

Rakesh Kumar Verma
Rashmi Verma

MapmyIndia IPO Registrar

Link Intime India Private Limited
C 101, 247 Park, L.B.S Marg,
Vikhroli (West), Mumbai 400 083
Tel: +91 22 4918 6200
E-mail: ceinfo@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance ID: ceinfo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004

Note: Check MapmyIndia IPO allotment status on Linkintime website allotment URL. Click Here

MapmyIndia IPO Lead Managers

Axis Bank Limited
DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
JM Financial Consultants Private Limited
Kotak Mahindra Capital Company Limited

Company Address

C.E. Info systems limited

First, Second, & Third Floor,

Plot. No. 237, Okhla Industrial Estate,

Phase- III, New Delhi 110 020, India

Phone: +91 11 4600 9900

Email: cs@mapmyindia.com

Website: https://www.mapmyindia.com/

MapmyIndia IPO FAQs

What is MapmyIndia IPO?

MapmyIndia IPO is a main-board IPO. They are going to raise ₹1040 Crores via IPO. The issue is priced at ₹1000 to ₹1033 per equity share. The IPO is to be listed on BSE & NSE.

When MapmyIndia IPO will open?

The IPO is to open on 09 December 2021 for QIB, NII, and Retail Investors.

What is MapmyIndia IPO Investors Portion?

The investors’ portion for QIB is 50%, NII 15%, and Retail 35%.

How to Apply the MapmyIndia IPO?

You can apply MapmyIndia 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 MapmyIndia 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 “MapmyIndia Finance”. 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 MapmyIndia IPO through Upstox?

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

What is MapmyIndia IPO Size?

MapmyIndia IPO size is ₹1040 crores. The IPO comprises ₹- crores fresh issue and offers for sale of 10,063,945 equity shares.

What is MapmyIndia IPO Price Band?

MapmyIndia IPO Price Band is ₹1000 to ₹1033 per equity share.

What is MapmyIndia IPO Minimum and Maximum Lot Size?

The minimum bid is 14 Shares with ₹14,562 amount while the maximum bid is 184 shares with ₹188,006.

What is MapmyIndia IPO Allotment Date?

MapmyIndia IPO allotment date is 16 December 2021.

What is MapmyIndia IPO Listing Date?

MapmyIndia IPO listing date is 21 December 2021. The IPO to list on BSE and NSE.

Note: The MapmyIndia IPO final details are announced officially announced. The IPO grey market premium (MapmyIndia IPO Premium) is updated on their particular page. You can check our IPO grey market page for daily updates.)

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.