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.

Suraj Estate Developers IPO Date, Review, Price, Allotment Details

By Jagat Joshi
December 18, 2023

Suraj Estate Developers IPO Details: Suraj Estate Developers IPO date is fixed, the IPO is to hit the market on December 18 and will close on December 20. Suraj Estate Developers IPO to raise around ₹400 crores via IPO that comprises fresh issue of ₹400 crores and offer for sale up to ₹[.] crores of ₹5 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.

Suraj Estate Developers has been involved in the real estate business since 1986 and develops real estate across the residential and commercial sectors in the South Central Mumbai region. They are now venturing into residential real estate development in the Bandra submarket. In their residential portfolio, they are present across the “value luxury” and “luxury” segments across multiple price points with unit values ranging from ₹10.00 million to ₹130.00 million.

In their commercial portfolio, they have constructed and sold built-to-suit corporate headquarters to our institutional clientele namely, Saraswat Cooperative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited (Dadar). To cater to the increasing need for smaller independent offices in the commercial segment, they plan to foray into developing boutique office spaces on Tulsi Pipe Road, Mahim.

From 2016 to 2023 (Q1), Suraj Estate Developers launched 15 residential projects out of which 13 projects (~87%) are redevelopment 178 projects. As of March 31, 2023, the company has redeveloped houses for more
than 1,011 tenants free of cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (“DCP Regulations”). As of the date of this Draft Red Herring Prospectus, there are 14,207 number of cessed properties in the island city of Mumbai that are yet to be redeveloped.

Suraj Estate Developers Limited has a major residential portfolio located in the markets of Mahim, Dadar, Prabhadevi, and Parel, which are sub-markets of the South Central Mumbai micro-market where they have established their presence and are one of the market leaders in these locations. They are among the top ten developers as per supply (in number of units). Out of the top ten developers, they rank first with a 15.92% market share. They are also among the top ten developers as per absorption (in number of units) where they rank first with a 16.99% market share.

Objects of the Issue

Repayment/Prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited.
Acquisition of land or land development rights.
General corporate purposes.

Suraj Estate Developers IPO Review (Apply or Not)

May Apply

Brokerage Firm IPO Review

Swastika Investmart: Apply

Suraj Estate Developers IPO Date & Price Band Details

IPO Open:	December 18, 2023
IPO Close:	December 20, 2023
IPO Size:	Approx ₹400 Crores
Fresh Issue:	Approx ₹400 Crores
Face Value:	₹5 Per Equity Share
IPO Price Band:	₹340 to ₹360 Per Share
IPO Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Suraj Estate Developers IPO Market Lot

The Suraj Estate Developers IPO minimum market lot is 41 shares with ₹14,760 application amount. The retail investors can apply up-to 13 lots with 533 shares or ₹191,880 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	41	₹14,760
Retail Maximum	13	533	₹191,880
S-HNI Minimum	14	574	₹206,640
B-HNI Minimum	68	2,788	₹1,003,680

Suraj Estate Developers IPO Allotment & Listing Dates

The Suraj Estate Developers IPO date is December 18 and the close date is December 20. The Suraj Estate Developers IPO allotment will be finalized on December 21 and the IPO listing on December 26.

Anchor Investors Allotment:	December 15, 2023
IPO Open Date:	December 18, 2023
IPO Close Date:	December 20, 2023
Basis of Allotment:	December 21, 2023
Refunds:	December 22, 2023
Credit to Demat Account:	December 22, 2023
IPO Listing Date:	December 26, 2023

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

Suraj Estate Developers IPO Form

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

Suraj Estate Developers Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹244	₹235	₹6.28
2022	₹238	₹238	₹26.50
2023	₹265	₹265	₹32.06

Suraj Estate Developers IPO Valuation – FY2023

Check Suraj Estate Developers 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):	₹10.10 per Equity Share
Industry Price/Earning P/E Ratio:	557.22 (Average)
Return on Net Worth (RoNW):	58.18%
Net Asset Value (NAV):	₹22.49 per Equity Share

Peer Group

Oberoi Realty Limited
Sunteck Realty Limited
Keystone Realtors Limited
Shriram Properties Limited
Mahindra Lifespace Developers Limited
D B Realty Limited
Hubtown Limited

Company Promoters

Mr. Rajan Meenathakonil Thomas

Suraj Estate Developers IPO Registrar

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

Suraj Estate Developers IPO Allotment Status Check

Check Suraj Estate Developers IPO allotment status on Linkintime website allotment URL. Click Here

Suraj Estate Developers IPO Lead Managers aka Merchant Bankers

Iti Capital Ltd
Anand Rathi Securities Limited

Company Address

Suraj Estate Developers Limited
301, 3rd Floor, Aman Chambers,
Veer Savarkar Marg, Opp. Bengal Chemicals,
Prabhadevi, Mumbai – 400025
Phone: +91 22 2437 7877
Email: suraj@surajestate.com
Website: https://surajestate.com/

Suraj Estate Developers IPO FAQs

What is Suraj Estate Developers IPO?

Suraj Estate Developers IPO is a main-board IPO. They are going to raise ₹400 Crores via IPO. The issue is priced at ₹340 to ₹360 pr equity share. The IPO is to be listed on BSE & NSE.

When Suraj Estate Developers IPO will open?

The IPO is to open on December 18, 2023 for QIB, NII, and Retail Investors.

What is Suraj Estate Developers IPO Investors Portion?

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

How to Apply the Suraj Estate Developers IPO?

You can apply for Suraj Estate Developers 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 Suraj Estate Developers 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 “Suraj Estate Developers”. 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 Suraj Estate Developers IPO through Upstox?

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

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

Suraj Estate Developers IPO size is ₹400 crores.

What is Suraj Estate Developers IPO Price Band?

Suraj Estate Developers IPO Price Band is ₹340 to ₹360.

What is the Suraj Estate Developers IPO Allotment Date?

Suraj Estate Developers IPO allotment date is December 21, 2023.

What is the Suraj Estate Developers IPO Listing Date?

Suraj Estate Developers IPO listing date is December 26, 2023. The IPO is to list on BSE and NSE.

Note: The Suraj Estate Developers IPO price band and date are officially announced. The IPO grey market premium (Suraj Estate Developers IPO Premium) will be added to the IPO grey market page as 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.