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.

Protean eGov Technologies IPO Date, Review, Price, Allotment Details

By Jagat Joshi
November 10, 2023

Protean eGov Technologies IPO Details: Protean eGov Technologies IPO date is fixed, the IPO is to hit the market on November 6 and will close on November 8. Protean eGov Technologies IPO to raise around ₹490 crores via IPO that comprises offer for sale up to 61,91,000 Shares of ₹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.

Protean eGov Technologies is one of the key IT-enabled solution companies in India. They are engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions. They collaborate with the government and have extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Protean eGov Technologies was originally setup as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. They have been the chief architects and implementers for some of the most critical and large-scale technology infrastructure projects in India. They are among the leading Indian companies in the e-governance sector in terms of profitability, operating income, operating profit, and operating profit margin in Fiscal 2020 (Source: CRISIL Report). They have implemented and managed 18 projects spread across seven ministries and autonomous bodies ushering change in the public delivery of services. Their primary engagement has been with the following ministries:

They have been instrumental in establishing public digital infrastructure and creating e-governance interventions impacting multiple sectors of the Indian economy. Some of their key interventions include:

Modernizing the direct tax infrastructure in India through projects like Permanent Account Number (“PAN”) issuance, the Tax Information Network (“TIN”) including Online Tax Accounting Systems (“OLTAS”).
Strengthening the old-age security system in the country by building the core IT infrastructure as a Central Recordkeeping Agency (“CRA”)for the National Pension System (“NPS”).
Enabling the universal social security system for all Indians, particularly the workers in the unorganized sector by creating technology infrastructure as a CRA for the Atal Pension Yojana (“APY”).
Contributing to the India Stack, a set of application programming interfaces (“API”) that allows governments, businesses, startups, and developers to utilize a unique digital infrastructure to prepare solutions that are presence-less, paperless, and enable cashless service delivery. We have also enabled the BFSI sector by providing Aadhaar-based identity authentication and e-Sign services, as a licensed certifying authority empaneled by the Controller of Certifying Authorities. We were appointed as a registrar for enrolling citizens for Aadhaar.
Improving accessibility to education and skill financing through the creation of efficient digital marketplaces enabling the discovery of financial resources through platforms such as Vidya Lakshmi, Vidyasaarathi, and Vidya Kaushal.

Objects of the Issue

The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

Protean eGov Technologies IPO Review (Apply or Not)

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Brokerage Firm IPO Review

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Reliance Securities: Apply
Swastika Investmart: May apply

Protean eGov Technologies IPO Date & Price Band Details

IPO Open:	November 6, 2023
IPO Close:	November 8, 2023
IPO Size:	Approx ₹490 Crores
Offer for Sale:	Approx 61,91,000 shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹752 to ₹792 Per Share
IPO Listing on:	BSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Protean eGov Technologies IPO Market Lot

The Protean eGov Technologies IPO minimum market lot is 18 shares with ₹14,256 application amount. The retail investors can apply up-to 13 lots with 252 shares or ₹199,584 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	18	₹14,256
Retail Maximum	13	252	₹199,584
S-HNI Minimum	14	270	₹213,840
B-HNI Minimum	71	1278	₹1,012,176

Protean eGov Technologies IPO Allotment & Listing Dates

The Protean eGov Technologies IPO date is November 6 and the close date is November 8. The Protean eGov Technologies IPO allotment will be finalized on November 10 and the IPO listing on November 13.

Anchor Investors Allotment:	November 5, 2023
IPO Open Date:	November 6, 2023
IPO Close Date:	November 8, 2023
Basis of Allotment:	November 10, 2023
Refunds:	November 11, 2023
Credit to Demat Account:	November 11, 2023
IPO Listing Date:	November 13, 2023

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

Protean eGov Technologies IPO Form

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

Protean eGov Technologies Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹652	₹536	₹92.19
2022	₹770	₹585	₹143.94
2023	₹784	₹643	₹107.04
2024 3M	₹233	₹191	₹32.31

Protean eGov Technologies IPO Valuation – FY2023

Check Protean eGov Technologies 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):	₹26.50 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	12.49%
Net Asset Value (NAV):	₹212.00 per Equity Share

Peer Group

Company Promoters

OUR COMPANY IS A PROFESSIONALLY MANAGED COMPANY AND DOES NOT HAVE AN IDENTIFIABLE PROMOTER

Protean eGov Technologies IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: protean.ipo@linkintime.co.in
Website: https://linkintime.co.in

Protean eGov Technologies IPO Allotment Status Check

Check Protean eGov Technologies IPO allotment status on Linkintime website allotment URL. Click Here

Protean eGov Technologies IPO Lead Managers aka Merchant Bankers

ICICI Securities Limited
Equirus Capital Private Limited
Iifl Securities Ltd
Nomura Financial Advisory And Securities (India) Pvt Ltd

Company Address

Protean eGov Technologies Limited
Times Tower, 1st Floor,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai 400 013,
Phone: +91 22 4090 4242
Email: cs@proteantech.in
Website: https://www.proteantech.in/

Protean eGov Technologies IPO FAQs

What is Protean eGov Technologies IPO?

Protean eGov Technologies IPO is a main-board IPO. They are going to raise ₹490 Crores via IPO. The issue is priced at ₹752 to ₹792 pr equity share. The IPO is to be listed on BSE & NSE.

When Protean eGov Technologies IPO will open?

The IPO is to open on Novemner 6, 2023 for QIB, NII, and Retail Investors.

What is Protean eGov Technologies IPO Investors Portion?

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

How to Apply the Protean eGov Technologies IPO?

You can apply for Protean eGov Technologies 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 Protean eGov Technologies 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 “Protean eGov Technologies”. 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 Protean eGov Technologies IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Protean eGov Technologies”. 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 Protean eGov Technologies IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Protean eGov Technologies”. 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 Protean eGov Technologies IPO Size?

Protean eGov Technologies IPO size is ₹490 crores.

What is Protean eGov Technologies IPO Price Band?

Protean eGov Technologies IPO Price Band is ₹752 to ₹792.

What is the Protean eGov Technologies IPO Allotment Date?

Protean eGov Technologies IPO allotment date is Novemner 10, 2023.

What is the Protean eGov Technologies IPO Listing Date?

Protean eGov Technologies IPO listing date is Novemner 13, 2023. The IPO is to list on BSE and NSE.

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

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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.