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.

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

IPO Watch
RateGain IPO to hit the market on December 07 and to close on December 09, 2021. RateGain Travel Technologies Limited IPO to raise around ₹1,335 crores via IPO that comprises fresh issue of ₹375 crores and offer for sale up to 22,605,530 equity shares of ₹1 each. The retail quota is 10% while QIB is 75% and HNI is 15%.
 
RateGain Travel Technologies is one of the travel and hospitality technology services provider companies in India. They are a SaaS company in the hospitality and travel industry with going to be the first SaaS company to list in the stock market. They offer solutions across a wide spectrum of verticals including hotels, airlines, online travel agents, meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises, and ferries. They also offer a suite of interconnected products that manage the revenue creation value chain for our customers by leveraging our big-data capabilities and integration with other technology platforms helping hospitality and travel providers acquire more guests, retain them via personalized guest experiences and seek to maximize their margins. Check out RateGain IPO details.
 
Important Details:
  • First SaaS players to hit the market.
  • Largest SaaS company in the travel and hospitality industry.
  • Largest aggregators of data points in the world in the travel and hospitality industry.
  • Reported a loss of 28.58 crores in 2021 against a loss of 20.10 crores in 2020.
  • The revenues were also down to 264 crores in 2021 against 458 crores in 2020.
  • One of the reasons for loss might be Covid as the travel industry hit in 2020 and 2021. It will be interesting to see coming years how they perform.
  • 3 Business Units: 1) Data as a Service (DaaS), 2) Distribution, and 3) Marketing Technology
  • 1400 customers with Fortune 500 Customers are Six Continents Hotels, InterContinental Hotels Group, Kessler Collection, Lemon Tree Hotels, Oyo Hotels, and Homes Pvt Ltd.
  • Employee Discount – ₹40 per equity share. 
RateGain

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    RateGain IPO Date & Price Band

     IPO Open:  07 December 2021
     IPO Close:  09 December 2021
     IPO Size:  Approx ₹1,335 Crores
     Fresh Issue:  Approx ₹375 Crores
     Offer for Sale:  Approx 22,605,530 Equity Shares 
     Face Value:  ₹1 Per Equity Share
     Price Band:  ₹405 to ₹425 Per Share
     Listing on:  BSE & NSE
     Retail Quota:  10%
     QIB Quota:  75%
     NII Quota:  15%
     Discount:  ₹40 for Employees
     DRHP Draft Prospectus:  Click Here
     RHP Draft Prospectus:  Click Here

    RateGain IPO Market Lot

    The RateGain IPO minimum market lot is 35 shares with ₹14,875 application amount. The retail investors can apply up-to 13 lots, 455 shares with ₹193,375 application amount.
     Minimum Lot Size:  Minimum 35 Shares for 1 lot
     Minimum Amount:  ₹14,875 for 1 lot
     Maximum Lot Size:  Maximum 455 Shares for 13 lot
     Maximum Amount:  ₹193,375 for 13 lot

    RateGain IPO Date, Time Table, Allotment & Listing

    The RateGain IPO date is 07 December 2021 and the IPO close date is 09 December 2021. The allotment date is 14 December 2021 and the IPO may list on 17 December 2021.
     Price Band Announcement:  02 December 2021
     Anchor Investors Allotment:  06 December 2021
     IPO Open Date:  07 December 2021
     IPO Close Date:  09 Dece mber2021
     Basis of Allotment:  14 Dece mber2021
     Refunds:  15 December 2021
     Credit to Demat Account:  16 December 2021
     IPO Listing Date:  17 December 2021

    RateGain IPO Form

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

    RateGain Company Financial Report

      ₹ in Crores
    Income Expense PAT
    2019 ₹273 ₹263 11.03
    2020 ₹458 ₹475 20.10
    2021
    ₹264 ₹289 28.58

    Company Promoters

    • Bhanu Chopra
    • Megha Chopra

    RateGain IPO Registrar

    KFin Technologies Private Limited
    Selenium, Tower B, Plot No – 31 and 32
    Financial District, Nanakramguda, Serilingampally
    Hyderabad, Rangareedi 500 032 Telangana, India
    Tel: + 91 40 6716 2222
    E-mail: rategain.ipo@kfintech.com
    Investor Grievance E-mail:
    einward.ris@kfintech.com
    Contact Person: M Murali Krishna
    Website: www.kfintech.com
    SEBI Registration No: INR000000221
    #Formerly known as Karvy Fintech Private Limited
    Note: Check RateGain IPO allotment status on Karvy website allotment URL. Click Here

    RateGain IPO Lead Managers

    • Kotak Mahindra Capital Company Limited
    • IIFL Securities Limited
    • Nomura Financial Advisory and Securities

    Company Address

    Rategain Travel Technologies Limited
    Registered Office:
    M-140, Greater Kailash Part II,
    New Delhi 110 048
    Delhi, India
    Corporate Office:
    4th and 5th Floor, Prius Global,
    Plot No. A-3,4,5, Sector 125,
    Noida 201 301, Uttar Pradesh, India;
    Contact Person: Sachin Verma
    Company Secretary and Compliance Officer
    Tel: +91 120 5057 000
    E-mail: compliance@rategain.com
    Website: www.rategain.com

    RateGain IPO FAQs

    What is RateGain IPO?

    RateGain IPO is a main-board IPO. They are going to raise ₹1,335 Crores via IPO. The issue is priced at ₹405 to ₹425 per equity share. The IPO is to be listed on BSE & NSE.

    When RateGain IPO will open?

    The IPO is to open on 07 December 2021 for QIB, NII, and Retail Investors.

    What is RateGain IPO Investors Portion?

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

    How to Apply the RateGain IPO?

    You can apply RateGain 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 RateGain 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 “RateGain 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 RateGain IPO through Upstox?

    Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “RateGain 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 RateGain IPO Size?

    RateGain IPO size is ₹1,335 crores. The IPO comprises ₹375 crores fresh issue and offers for sale of 22,605,530 equity shares.

    What is RateGain IPO Price Band?

    RateGain IPO Price Band is ₹405 to ₹425 per equity share.

    What is RateGain IPO Minimum and Maximum Lot Size?

    The minimum bid is 35 Shares with ₹14,875 amount while the maximum bid is 455 shares with ₹193,375.

    What is RateGain IPO Allotment Date?

    RateGain IPO allotment date is 14 December 2021.

    What is RateGain IPO Listing Date?

    RateGain IPO listing date is 17 December 2021. The IPO to list on BSE and NSE.

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

    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