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.

Msafe Equipments IPO Date, Review, Price, Allotment Details

By Jagat Joshi
February 10, 2026

Msafe Equipments IPO open date is January 28, 2026 and the IPO will close on January 30, 2026. Msafe Equipments IPO is a Book Build Issue. The company to raise around ₹66.42 crores via IPO that comprises fresh issue of ₹54.12 crores and offer for sale up to 10,00,000 equity shares with face value of ₹10 each.

Msafe Equipments IPO price band is ₹116 to ₹123 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Msafe Equipments IPO to list on BSE SME on February 4, 2026. The allotment of Msafe Equipments IPO date is February 2, 2026.

The company reported revenue of ₹71.62 crores in 2025 against ₹48.34 crores in 2024. The company reported profit of ₹13.01 crores in 2025 against profit of ₹6.55 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details GMP Messages Review Subscription Allotment Listing

Msafe Equipments IPO Details

IPO Open Date	January 28, 2026
IPO Close Date	January 30, 2026
Face Value	₹10 Per Equity Share
IPO Price Band	₹116 to ₹123 Per Share
Issue Size	Approx ₹66.42 Crores
Fresh Issue	Approx ₹54.12 Crores
Offer for Sale:	Approx 10,00,000 Equity Shares
Issue Type	Book Build Issue
IPO Listing	BSE SME
DRHP Draft Prospectus
RHP Draft Prospectus

Msafe Equipments IPO Review & Key Points

Review: Neutral

Msafe Equipments IPO Market Lot

The Msafe Equipments IPO minimum market lot is 2,000 shares with ₹2,46,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	2	2,000	₹2,46,000
Retail Maximum	2	2,000	₹2,46,000
S-HNI Minimum	3	3,000	₹3,69,000
S-HNI Maximum	8	8,000	₹9,84,000
B-HNI Minimum	9	9,000	₹11,07,000

IPO Reservation

Investor Category	Share Offered	% Shares
Anchor Investor	15,25,000 Shares	28.24%
QIB (Ex. Anchor)	10,17,000 Shares	18.83%
NII Shares Offered	7,74,000 Shares	14.33%
Retail Shares Offered	17,86,000 Shares	33.07%

Msafe Equipments IPO Anchor Investors

Anchor Bidding Date	January 27, 2026
Anchor Investors List
Shares Offered	15,25,000 Shares
Anchor Size	18.76 Cr.
lock-in period end date 50% shares (30 Days)	March 4, 2026
lock-in period end date 50% shares (90 Days)	May 3, 2026

Msafe Equipments IPO Dates

The Msafe Equipments IPO date is January 28 and the close date is January 30. The Msafe Equipments IPO allotment will be finalized on February 2 and the IPO listing on February 4.

IPO Open Date:	January 28, 2026
IPO Close Date:	January 30, 2026
Basis of Allotment:	February 2, 2026
Refunds:	February 3, 2026
Credit to Demat Account:	February 3, 2026
IPO Listing Date:	February 4, 2026
IPO Bidding Cut-off Time:	January 30, 2026 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi and Monika Aggarwal.

Particular	Shares	% Share
Promoter Holding Pre Issue	1,60,00,000	15.12%
Promoter Holding Post Issue	2,04,00,000	19.28%

Objects of the Issue & Utilisation of proceeds

Purpose	Crores
Funding of Capital expenditure towards setup of a new Manufacturing Facility;	₹27.20
Funding of Capital expenditure for manufacturing of equipments for rental purpose;	₹10.00
Utilization towards working capital requirements; and	₹15.00
General Corporate Purpose	₹-

About Msafe Equipments IPO

Msafe Equipments, founded in 2019, produces, sells, and offers height-safety equipment for rent to workers who work at heights. Its products include aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders, and fibre reinforced plastic (FRP) ladders. Their products mainly cater to construction, maintenance, installation, repair, and infrastructure development activities to ensure safe working.

The company runs 3 manufacturing facilities in Greater Noida, Uttar Pradesh, with 17 warehouses running in states like Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal. These facilities store and deliver the products for sales and rental purposes. Msafe has manufactured its products across 22 states and 3 Union Territories, serving clients in construction, HVAC, MEP, electrical works, fire safety, interiors, and warehousing sectors as of 2025.

Msafe Equipments IPO Company Financial Report

Amount ₹ in Crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹29.71	₹24.83	₹3.65	₹33.54
2024	₹48.34	₹39.58	₹6.55	₹48.19
2025	₹71.62	₹54.19	₹13.01	₹73.59
Sep 2025	₹49.07	₹34.98	₹10.50	₹87.67

Msafe Equipments IPO Valuation – FY2025

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

KPI	Values
ROE:	67.97%
ROCE:	34.56%
EBITDA Margin:	36.55%
PAT Margin:	18.24%
Debt to equity ratio:	–
Earning Per Share (EPS):	₹8.13 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	50.73%
Net Asset Value (NAV):	₹16.03

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Techno Craft India Industries Limited	112.32	24.60	14.84%	781.69	2,595.58 Cr.

IPO Lead Managers aka Merchant Bankers

Seren Capital Pvt. Ltd.

Company Address

Msafe Equipments Ltd.
F-311, 3rd Floor
Aditya Arcade Plot No. 30
Community Center, Preet Vihar, East Delh
New Delhi, New Delhi, 110092
Phone: +91-88822 07104
Email: info@msafegroup.com
Website: http://www.msafegroup.com/

IPO Registrar

Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: investor.po@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues

Msafe Equipments IPO FAQs

What is Msafe Equipments IPO?

Msafe Equipments IPO is SME IPO. The company is going to raise ₹66.42 Crores via IPO. The issue is priced at ₹116 to ₹123 per equity share. The IPO is to be listed on BSE.

When Msafe Equipments IPO will open for subscription?

The IPO is to open on January 28, 2026 for QIB, NII, and Retail Investors. The IPO will close on January 30, 2026.

What is Msafe Equipments IPO Investors Portion?

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

How to Apply the Msafe Equipments IPO?

You can apply for Msafe Equipments 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 Msafe Equipments IPO Issue Size?

Msafe Equipments IPO issue size is ₹66.42 crores.

What is Msafe Equipments IPO Price Band?

Msafe Equipments IPO Price Band is ₹116 to ₹123.

What is Msafe Equipments IPO Lot Size?

The minimum bid is 2,000 Shares with ₹2,46,000 amount.

What is the Msafe Equipments IPO Allotment Date?

Msafe Equipments IPO allotment date is February 2, 2026.

What is the Msafe Equipments IPO Listing Date?

Msafe Equipments IPO listing date is February 4, 2026. The IPO is to list on BSE.

Note: The Msafe Equipments IPO price band and date are officially announced. The (Msafe Equipments IPO grey market premium) will be added to the IPO GMP 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.