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.

Rex Pipes and Cables IPO Date, Review, Price, Form, Lot Size & Allotment Details

By Jagat Joshi
July 22, 2021

Rex Pipes and Cables IPO opens on 28 July and closes on 2 August 2021. The company incorporated in 2002 based in Rajasthan. They are trader and manufacturer of PVC Pipes, HDPE Pipes, Cables, and Fittings. They are manufacturing all their products under brand name “REX”. They cater to industries such as agriculture, power, construction, and engineering. They have their own manufacturing plant in Sikar. They also undertaken bus bodies manufacturing under their brand name “REX Coaches”. The IPO price band is fixed at ₹26 with market lot of 4000 shares. Rex Pipes and Cables is a NSE SME IPO and they are going to raise ₹6.24 crores via SME IPO. Check out Rex Pipes and Cables IPO date, price band and market lot details.

Rex Pipes and Cables IPO Review

Apply with Risk

Rex Pipes and Cables IPO Date & Price Band

IPO Open:	28 July 2021
IPO Close:	02 August 2021
IPO Size:	Approx ₹6.24 Crore
Face Value:	₹10 Per Equity Share
Price Band:	₹26 Per Share
Listing on:	NSE SME
Retail Portion:	50%
Equity:	24,00,000 Shares

Rex Pipes and Cables IPO Market Lot

The Rex Pipes and Cables IPO minimum market lot is 4000 shares with ₹104,000 application amount.

Minimum Lot Size:	Minimum 4000 Shares
Minimum Amount:	₹104,000
Minimum Lot Size:	Maximum 4000 Shares
Minimum Amount:	₹104,000

Rex Pipes and Cables IPO Allotment & Listing

The Rex Pipes and Cables IPO date is 28 July 2021 and the close date is 02 August 2021. The allotment date is 05 August 2021 and the IPO to list on 10 August 2021.

Basis of Allotment:	05 August 2021
Refunds:	06 August 2021
Credit to Demat Account:	06 August 2021
Listing Date:	10 August 2021

Rex Pipes and Cables IPO Form

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

Rex Pipes and Cables Company Financial Report

₹ in Crore
	Assets	Revenue	Income
2018	₹27.04	₹35.16	₹1.27
2019	₹32.71	₹37.75	₹1.31
2020	₹33.83	₹32.07	₹0.78
2021 – 10M	₹38.11	₹44.39	₹1.01

Company Promoters

Mr. Sharwan Kumar Kaler
Mrs. Sohani Devi

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

About Rex Pipes and Cables

Rex Pipes & Cables Industries Limited is dedicated to servicing the PVC Product market with excellent quality, environment-friendly PVC pipes & allied product and consistent customer service. Understanding and meeting customer requirements with the utmost accuracy, maintaining international standards of performance is the cornerstone of our business philosophy. Our technical production and sales staff ensures consistent quality and unmatched service to our customers. Our PVC Pipes are specially formulated to meet customer requirements. Our range of PVC Pipes is formulated to meet all your irrigation, plumbing, Industrial, domestic and technical applications needs. Our technical staffs are constantly available to provide the required expertise to guide you through the selection of the right grade of PVC Product for your application. We offer a wide range of PVC pipes, HDPE pipe, Cables classified in a systematic manner to ensure easy and accurate selection, with the simultaneous advantage of providing the most cost-effective solutions for you. As you face new challenges, Rex Group will assist you by pioneering the development of new formulations and products.

Implementation of Automation makes ease the production and increase the productivity to meet customer demand which is our main motto. We also utilize conventional energy method reducing the electricity cost by implementing our own Solar Plant. Rex Pipes & Cables Industries Limited has always been striving for offering better products to market on time. For achieving this, company soon spread their manufacturing units across Sikar and Palsana. The industry is keen on bringing out quality products and thoroughly aims at customer’s satisfaction. Today, Rex Group of industry has metamorphosed into a national entity as a complete innovation for its own type of manufactured products. The company has established itself as an innovative leader and quality manufacturer by continuously upgrading its technology, modernizing manufacturing facilities and maintaining highest standards of quality and services. Every manufactured product is checked for highest quality and endurance under any given conditions. The cables are manufactured using bright annealed electrolytic grade copper 99.99% pure, manufactured in the house and is insulated with virgin grade PVC, manufactured by Rex group of industries.

Rex Pipes and Cables IPO Subscription Numbers

Category	Day 3
QIB	-x
NII	2.46x
RII	20.90x
Total	11.68X

Rex Pipes and Cables IPO Registrar

KFintech Private Limited
KFintech, Tower-B, Plot No 31 & 32,
Financial District, Nanakramguda, Gachibowli,
Hyderabad, Telangana India – 500 032.
Phone: 04067162222, 04079611000
Email: rexpipes.ipo@kfintech.com
Website: https://karisma.kfintech.com/
Note: Check Rex Pipes and Cables IPO allotment status on KFintech website allotment URL. Click Here

Rex Pipes and Cables IPO Lead Managers

Navigant Corporate Advisors Ltd

Company Address

Rex Pipes and Cables Industries Ltd
F-69A, RIICO Industrial Area
Sikar, Rajasthan-332 001
Phone: + 91 1572-245009
Email: info@rexpumps.com
Website: http://www.rexpumps.com/

Rex Pipes and Cables IPO FAQs

What is Rex Pipes and Cables IPO?

Rex Pipes and Cables IPO is a NSE SME IPO. They are going to raise ₹6.24 Crores via IPO. The issue is priced at ₹26 per equity share. The IPO to be list on NSE.

When Rex Pipes and Cables IPO will open for NII and Retail?

The IPO is to open on 28 July 2021 for NII, and Retail Investors.

What is Rex Pipes and Cables IPO Investors Portion?

The investors’ portion for QIB 0%, NII 50%, and Retail 50%.

How to Apply the Rex Pipes and Cables IPO?

You can apply Rex Pipes and Cables IPO via ASBA online via your bank account. You can 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 Rex Pipes and Cables 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 “Rex Pipes and Cables”. 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 Rex Pipes and Cables IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Rex Pipes and Cables”. 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.

What is Rex Pipes and Cables IPO Size?

Rex Pipes and Cables IPO size is ₹6.24 crores.

What is Rex Pipes and Cables IPO Price Band?

Rex Pipes and Cables IPO Price Band is ₹26.

What is Rex Pipes and Cables IPO Minimum and Maximum Lot Size?

The minimum bid is 4000 Shares with ₹104,000 amount while maximum bid is 4000 shares with ₹104,000.

What is Rex Pipes and Cables IPO Allotment Date?

Rex Pipes and Cables IPO allotment date is 05 August 2021.

What is Rex Pipes and Cables IPO Listing Date?

Rex Pipes and Cables IPO listing date is 10 August 2021. The IPO to list on NSE SME platform.

Note: The Rex Pipes and Cables IPO details are officially announced. The IPO grey market premium (Rex Pipes and Cables IPO GMP) will be added on the grey market page if 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.