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.

Signature Global IPO Date, Review, Price, Allotment, Analysis

By Jagat Joshi
September 25, 2023

Signature Global IPO Details: Signature Global IPO date is fixed, the IPO is to hit the market on September 20 and will close on September 22. Signature Global IPO to raise around ₹730 crores via IPO that comprises fresh issue of ₹603 crores and offer for sale up to [.] equity shares ₹1 each. The retail quota is 10%, QIB is 75%, and HNI is 15%.

Signature Global is the largest real estate development company in the National Capital Region of Delhi (Delhi NCR) in the affordable and lower mid-segment housing in terms of units supplied (in the below ₹ 8 million price category) between 2020 and the three months ended March 31, 2023, with a market share of 19%.

They commenced operations in 2014 through their Subsidiary, Signature Builders Private Limited, with the launch of their Solera project on 6.13 acres of land in Gurugram, Haryana. They have grown their operations over the years and in less than a decade, as of March 31, 2023, they had sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate Saleable Area of 18.90 million square feet. Their Sales (net of cancellation) have grown at a compounded annual growth rate (CAGR) of 42.46%, from ₹ 16,902.74 million in Fiscal 2021 to ₹ 34,305.84 million in Fiscal 2023. As of March 31, 2023, they have sold 25,089 residential units with an average selling price of ₹ 3.60 million per unit.

Signature Global has strategically focused on the Affordable Housing (AH) segment (below ₹ 4 million price category) and the Middle Income Housing (MH) segment (between ₹ 4 million to ₹ 2.5 million private category) through GoI and state government policies. The state government of Haryana under its various policies allows the development of AH and MH. For example, they have been extensively involved in developing projects specifically the Affordable Housing Policy, 2013 notified by the Town and Country Planning Department, Government of Haryana (AHP), and the Affordable Plotted Housing Policy or the Deen Dayal Jan Awas Yojana (DDJAY – APHP). Each of the policies is focused on affordable and mid-segment housing. The AHP aims to encourage the planning and completion of group housing projects under which apartments of a pre-defined size are to be made available at pre-defined rates and completed within a targeted time frame to ensure an increased supply of affordable housing, while the DDJAY – APHP is intended to encourage the development of high density plotted colonies in the state of Haryana.

Objects of the Issue

Re-payment or pre-payment, in full or in part, of certain borrowings availed by our Company;
Infusion of funds in certain of our Subsidiaries, namely Signatureglobal Homes, Signatureglobal Developers, Signatureglobal Business Park. and Sternal Buildcon for re-payment or pre-payment, in full or in part, of certain borrowings availed by our Subsidiaries
Inorganic growth through land acquisitions and general corporate purposes

Signature Global IPO Review (Apply or Not)

May Apply

Brokerage Firm IPO Review

Capital Market: To be updated soon
Religare Broking: To be updated soon
Hem Securities: To be updated soon
Arihant Capital: To be updated soon

Signature Global IPO Date & Price Band Details

IPO Open:	September 20, 2023
IPO Close:	September 22, 2023
IPO Size:	Approx ₹730 Crores
Fresh Issue:	Approx ₹603 Crores
Offer for Sale:	Approx ₹127 Crores
Face Value:	₹1 Per Equity Share
IPO Price Band:	₹366 to ₹385 Per Share
IPO Listing on:	BSE & NSE
Retail Quota:	10%
QIB Quota:	75%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Signature Global IPO Market Lot

The Signature Global IPO minimum market lot is 38 shares with ₹14,630 application amount. The retail investors can apply up-to 13 lots with 494 shares or ₹190,190 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	38	₹14,630
Retail Maximum	13	494	₹190,190
S-HNI Minimum	14	532	₹204,820
B-HNI Minimum	69	2622	₹1,009,470

Signature Global IPO Allotment & Listing Dates

The Signature Global IPO date is September 20 and the close date is September 22. The Signature Global IPO allotment will be finalized on September 26 and the IPO listing on October 27.

Anchor Investors Allotment:	September 19, 2023
IPO Open Date:	September 20, 2023
IPO Close Date:	September 22, 2023
Basis of Allotment:	September 26, 2023
Refunds:	September 26, 2023
Credit to Demat Account:	September 27, 2023
IPO Listing Date:	September 27, 2023

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

Signature Global IPO Form

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

Signature Global Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹155	₹247	₹86.27
2022	₹940	₹1076	₹115.50
2023	₹1586	₹1643	₹63.72

Signature Global IPO Valuation – FY2023

Check Signature Global 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):	₹5.44 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	NA%
Net Asset Value (NAV):	₹3.81 per Equity Share

Peer Group

DLF Limited
Godrej Properties Limited
Macrotech Developers Limited
Prestige Estates Projects Limited
Sobha Limited

Company Promoters

Pradeep Kumar Aggarwal
Lalit Kumar Aggarwal
Ravi Aggarwal
Devender Aggarwal
Pradeep Kumar Aggarwal HUF
Lalit Kumar Aggarwal HUF
Ravi Aggarwal HUF
Devender Aggarwal HUF
Sarvpriya Securities Private Limited

Signature Global IPO Registrar

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

Signature Global IPO Allotment Status Check

Check Signature Global IPO allotment status on Linkintime website allotment URL. Click Here

Signature Global IPO Lead Managers aka Merchant Bankers

ICICI Securities Limited
Axis Capital Limited
Kotak Mahindra Capital Company Limited

Company Address

Signature Global (India) Limited
13th Floor, Dr. Gopal Das Bhawan,
28 Barakhamba Road, Connaught Place,
New Delhi 110 001
Phone: +91 11 4928 1700
Email: cs@signatureglobal.in
Website: http://www.signatureglobal.in/

Signature Global IPO FAQs

What is Signature Global IPO?

Signature Global IPO is a main-board IPO. They are going to raise ₹730 Crores via IPO. The issue is priced at ₹366 to ₹385 pr equity share. The IPO is to be listed on BSE & NSE.

When Signature Global IPO will open?

The IPO is to open on September 20, 2023 for QIB, NII, and Retail Investors.

What is Signature Global IPO Investors Portion?

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

How to Apply the Signature Global IPO?

You can apply for Signature Global 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 Signature Global 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 “Signature Global”. 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 Signature Global IPO through Upstox?

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

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

Signature Global IPO size is ₹730 crores.

What is Signature Global IPO Price Band?

Signature Global IPO Price Band is ₹366 to ₹385.

What is the Signature Global IPO Allotment Date?

Signature Global IPO allotment date is September 26, 2023.

What is the Signature Global IPO Listing Date?

Signature Global IPO listing date is September 27, 2023. The IPO is to list on BSE and NSE.

Note: The Signature Global IPO price band and date are officially announced yet. The IPO grey market premium (Signature Global 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.