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.

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

By Jagat Joshi
November 5, 2021

Paytm IPO to hit the market November 08 and will close on November 10. The One 97 Communications Private Limited aka Paytm IPO to raise ₹18300 Crores via IPO that will be one of the biggest IPOs of all time surpasses the Coal India IPO in way back 2010. The PayTM IPO to get ready to be launched on this Diwali with the IPO size increased from ₹16600 crores to ₹18300 crores.

One 97 Communications Private Limited got the approval from SEBI and the PayTM IPO date is fixed November 08. The company to raise ₹18300 crores via IPO that comprises a fresh issue up-to ₹8300 crores and a offer for sale of existing share holders up to ₹10000 crores. One 97 Communications is a parent company of Paytm. The company was founded by Vijay Shekhar Sharma in 2000 and become one of the leading digital ecosystem for merchants and the consumers. The company launched “PayTM App” in 2009 that was the first digital mobile payment platform for cashless payment services. The company is one-stop payments service provider via e-wallets, UPI platform, postpaid, credit cards, POS – point of sale terminals, and all in one QR codes. Check out Paytm IPO details here.

Important Details:

In the IPO 50% OFS is by Ant Financials.
Remaining OFS is by Alibaba, Elevation Capital, SoftBank and other existing share holders.
Client base of over 333 millions and over 21 millions registered merchants as on March 2021.
India’s largest payment platform with one of the most valuable brand in India.
The PayTM Valuations is around US$6.3 billion as per Kantar BrandZ India 2020 Report.
Paytm raises ₹8235 crores from 122 Anchor Investors

Paytm Grey Market Update (Earlier at the IPO Announcement Time):

Paytm share price doubles to Rs 24,000 in grey market on IPO buzz; should you buy it ahead of IPO? – Financial Express (02 June 2021)
Paytm shares go past ₹21,000 in grey market – Livemint (01 June 2021)
Paytm’s Share Price Jumps in Grey Market After News of IPO Listing: Report – News18 (02 June 2021)

Paytm IPO Review

Must Apply

Brokerage Firm IPO Reviews

Axis Bank: Neutral

Paytm IPO Date & Price Band

IPO Open:	08 November 2021
IPO Close:	10 November 2021
IPO Size:	Approx ₹18300 Crores
Fresh Issue:	Approx ₹8300 Crores
Offer for Sale:	Approx ₹10000 Crores
Face Value:	₹1 Per Equity Share
Price Band:	₹2080 to ₹2150 Per Equity Share
Listing on:	BSE & NSE
Retail Quota:	10%
QIB Quota:	75%
NII Quota:	15%
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Paytm AMC IPO Market Lot (Final)

The Paytm IPO minimum market lot is 6 shares with ₹12,900 application amount. The retail investors can apply up-to 15 lots, 90 shares with ₹193,500 application amount.

Minimum Lot Size:	Minimum 6 Shares for 1 lot
Minimum Amount:	₹12,900 for 1 lot
Maximum Lot Size:	Maximum 90 Shares for 15 lot
Maximum Amount:	₹193,500 for 15 lot

Paytm IPO Date, Time Table, Allotment & Listing

The Paytm IPO date is 08 November 2021 and the IPO close date is 10 November 2021. The allotment date is 15 November 2021 and the IPO may list on 18 November 2021.

Price Band Announcement:	27 October 2021
Anchor Investors Allotment:	03 November 2021
IPO Open Date:	08 November 2021
IPO Close Date:	10 November 2021
Basis of Allotment:	15 November 2021
Refunds:	16 November 2021
Credit to Demat Account:	17 November 2021
IPO Listing Date:	18 November 2021

Paytm Share Cost of Acquisition as per RHP

Paytm IPO Form

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

Paytm Company Financial Report

The company reported net loss of ₹2833 crores according to ETTech. The revenue stood at ₹3350 crores while expenditure is reported ₹5861 crores.

₹ in Crores
	Revenue	Expense	PAT
2019	₹3580	₹7744	-₹4236
2020	₹3541	₹6138	-₹2942
2021	₹3187	₹4783	-₹1704

Company Promoters

The company is a professionally managed company and does not have an identifiable promoter.

About Paytm

Paytm is India’s leading financial services company that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms. The company is on a mission to bring half a billion Indians into the mainstream economy through payments, commerce, banking, investments, and financial services. One97 Communications Limited that owns the brand Paytm is founded by Vijay Shekhar Sharma and is headquartered in Noida, Uttar Pradesh. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.

Vijay Shekhar Sharma, Founder & CEO of Paytm and One97 Communications Limited together own Paytm Payments Bank, country’s largest digital bank with over 58 million account holders. Working on its mission to bring un-served & under-served Indians under the formal banking system, it has made banking accessible & convenient to people across the country through innovative use of technology.

It’s wholly-owned subsidiary ‘Paytm Money’ has achieved the distinction of becoming India’s biggest investment platform within its first year, and is now one of the largest contributors of new Systematic Investment Plans (SIPs) to the Mutual Funds industry; it has already received approvals to launch Stock Broking, Demat Services and National Pension System (NPS) services, and strives to continue to broaden the financial services and wealth management opportunities to the unbanked and underserved Indians.

Paytm First Games, which is another group company (a joint venture between One97 Communications Ltd and AG Tech Holdings), has quickly become India’s go-to gaming and stay-at-home entertainment option for millions of users across the country. The platform caters to all types of gamers with an exhaustive array of games for amateurs as well as esports for gaming pros.

Paytm Insurance is a wholly-owned subsidiary of One97 Communications Ltd (OCL) and has secured a brokerage license from IRDAI. It offers insurance products to millions of Indian consumers across four categories including two-wheeler, four-wheeler, health and life. The company aims to simplify insurance and create a seamless, easy to understand online journey for its customers.

Paytm IPO Registrar

Link Intime India Private Limited
C-101, 247 Park, L.B.S. Marg, Vikhroli (West) Mumbai
400 083, Maharashtra
Tel: +91 022 4918 6200
E-mail: Paytm.ipo@linkintime.co.in
Investor Grievance E- mail:
Paytm.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR00000405

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

Paytm IPO Lead Managers

Morgan Stanley India Company Private Limited
Goldman Sachs (India) Securities Private Limited
Axis Capital Limited
ICICI Securities Limited
J.P. Morgan India Private Limited
Citigroup Global Markets India Private Limited
HDFC Bank Limited

Company Address

ONE 97 COMMUNICATIONS LIMITED
Registered Office:
First Floor, Devika Tower,
Nehru Place, New Delhi 110 019
Tel: +91 11 2628 0280
Website: www.Paytm.com
Corporate Office:
B-121, Sector 5, Noida
Uttar Pradesh 201 301
Contact Person: Mr. Amit Khera
Company Secretary and Compliance Officer
Tel: +91 120 4770770
E-mail: compliance.officer@Paytm.com

Paytm IPO FAQs

What is Paytm IPO?

Paytm IPO is a main-board IPO. They are going to raise ₹18300 Crores via IPO. The issue is priced at ₹2080 to ₹2150 per equity share. The IPO to be listed on BSE & NSE.

When Paytm IPO will open?

The IPO is to open on 08 November 2021 for QIB, NII, and Retail Investors.

What is Paytm IPO Investors Portion?

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

How to Apply the Paytm IPO?

You can apply Paytm 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 Paytm 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 “One 97 Communications”. 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 Paytm IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “One 97 Communications”. 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 Paytm IPO Size?

Paytm IPO size is ₹18300 crores. The IPO comprises ₹8300 crores of fresh issue and offer for sale of ₹10000 crores.

What is Paytm IPO Price Band?

Paytm IPO Price Band is ₹2080 to ₹2150 per equity share.

What is Paytm IPO Minimum and Maximum Lot Size?

The minimum bid is 6 shares with ₹12,900 amount while maximum bid is 90 shares with ₹193,500.

What is Paytm IPO Allotment Date?

Paytm IPO allotment date is 15 November 2021.

What is Paytm IPO Listing Date?

Paytm IPO listing date is 18 November 2021. The IPO to list on BSE and NSE.

Note: The Paytm IPO details officially announced. The IPO grey market premium (Paytm IPO Premium) is added on the IPO grey market page.

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.