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.

Smartworks Coworking IPO Review, Analysis, Good or Bad

By Jagat Joshi
July 8, 2025

The opening date of the Smartworks Coworking IPO is July 10, 2025, while the closing date is July 14, 2025. The Smartworks Coworking IPO price band is set between ₹387 to ₹407 per share. At the same time, the face value of the IPO is ₹10 each. The company filed a DRHP to raise funds of around ₹582.56 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not the Smartworks Coworking IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Smartworks Coworking IPO review that will help you to make the decision.

Strengths and Weaknesses of Smartworks Coworking IPO

Strengths:

Smartwork coworking revenue mainly depends on working with landlords, mostly passive and non-institutional, to lease entire or large properties in key locations across India.

The company mostly generates its revenue by cost efficiencies, streamlined processes, and strong technology infrastructure.

The company incorporated a risk-mitigation-based business model that will help the company grow and thrive in the competitive market, as well as provide clients with a stable experience.
The company’s team is supported by strong leadership and an experienced management team.

Weaknesses:

As of FY24, around 80.07% of the company’s rental revenue comes from its centers situated in Pune, Bangalore, Hyderabad, and Mumbai. Any issues that occur in these cities can negatively impact the company’s financial, business, and cash flow.

The company mostly generates its revenue by finding the right buildings at good rates and terms at the right locations. If they fail to do so, it can badly impact the business, cash flow, and overall performance.

Their landlord can renew the leases of our existing centers or change the lease terms can badly impact the company’s finances, cash flow, and business.

Unable to keep the existing clients, not able to attract new ones, or some clients ending the agreements, can badly impact the business, its cash flow, and financial condition.

Smartworks Coworking IPO Details

IPO Size	₹582.56 crores
Offer-for-sale	Up to 3,379,740 equity shares
Fresh issue	₹445 crores
Price band	₹387 to ₹407
Subscription	Opens on July 10, 2025, and the closing date is July 14, 2025
Purpose of IPO	Fresh Issue & Offer-for-Sale

Smartworks Coworking IPO Open and closing dates?

Smartworks Coworking IPO will be opening for subscription on July 10, 2025, and will be closed for subscription on July 14, 2025.

What is the size of the Smartworks Coworking IPO?

The company planned to raise funds of around ₹582.56 crores via IPO. This IPO comprises only a fresh issue of ₹445 crores and an Offer-for-sale of up to 3,379,740 equity shares with a face value of ₹10 each.

What are the subscription details of the Smartworks Coworking IPO?

The Smartworks Coworking IPO price range is set at ₹387 to ₹407 per share. In this IPO, a total of 36 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 468 shares in 13 lot sizes were available, and for the S-HNI Minimum category, 504 shares were available in 14 lot sizes. While for the B-HNI Minimum category, 2,484 shares were available in 69 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,652 and maximum investment of ₹1,90,476.
Small HNI (S-HNI): Minimum investment of ₹2,05,128.
Big HSI (S-HNI): A minimum investment of ₹10,10,988 is required.

What is the Smartworks Coworking IPO listing Date?

Smartworks Coworking is a Mainboard IPO shares that will be listed on July 17, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Smartworks Coworking IPO Issue?

The objective behind raising funds via IPO is to utilize the funds via Repayment/ prepayment, in full or in part, of certain borrowings taken by the Company.

Some funds will be used to build the New Centres and for security deposits of the New Centres (“Capex”). Lastly, the remaining funds will be used for the company’s General corporate purposes and unidentified inorganic acquisitions.

About Smartworks Coworking

Founded in 2015, Smartworks Coworking Limited is a prominent company involved in the business of providing customized managed workspace solutions, fully serviced, tech-enabled office environments with aesthetic designs, and necessary amenities in order to meet the requirements of enterprises and their employees. Smartworks Coworking Limited’s managed campus platform covers a total super built-up area of 8.00 million square feet, spread across 41 centers in 13 cities, including Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai. The company focuses on offering its services to mid-to-large businesses, Indian corporates, MNCs, and startups, providing modern campuses with design, technology, and various amenities such as cafeterias, gyms, creches, and medical centers. The company includes 794 permanent employees as of March 31, 2025.

Smartworks Coworking IPO Financials

The company reported revenue of ₹1,409.67 crores in 2025 against ₹1,113.11 crores in 2024. The company reported a loss of ₹63.18 crores in 2025 against a loss of ₹49.96 crores in 2024.

Smartworks Coworking IPO Promoters

Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited are the promoters of the company.

Who are the Smartworks Coworking IPO lead managers and registrar?

JM Financial Limited, BOB Capital Markets Limited, IIFL Securities Limited, and Kotak Mahindra Capital Company Limited are the lead managers of Smartworks Coworking, while MUFG Intime India Private Limited is the registrar of the company.

Should you Apply or not for the Smartworks Coworking IPO?

Smartworks Coworking is one of the leading office experience and managed Campus platforms in India that focuses on mid-to-large Enterprises, building a strong client base consisting of Indian corporates and MNCs operating in India. Whether you should apply for the Smartworks Coworking IPO depends on your investment goals and risk appetite. The company follows a risk-mitigation-based model, cost efficiency, and technology-driven operations, which are positive factors for the company. Aside from positive factors, investors must also check the risks of the company, like sensitivity to economic or real estate market fluctuations, failure to attract new clients and issues with the landlord for not renewing the leases. Now, if you ask whether you should apply or not for Smartworks Coworking, then if you are looking for long-term growth and can see the growth managed office sector can plan to apply for this IPO. However, before applying, one should check the company’s financial details like cash flow, assets, risks, strengths, and overall condition of the company before investing your money in it, and at your own risk. Please follow the IPOWatch for daily updates and queries.

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.