IPO 2026
SME IPO
IPO GMP
Subscription
Allotment
Listing

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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
Q-Line Biotech IPO is SME IPO. The company is going to raise ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription? āŒ„
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? āŒ„
The investorsā€™ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Tata Technologies IPO Date, Review, Price, Allotment Details

Join
Follow Us
Add Source
Follow

Tata Technologies IPO Details: Tata Technologies IPO date is fixed, the IPO is to hit the market November 22 and will close on November 24. Tata Technologies IPO to raise around ā‚¹3043 crores via IPO that comprises offer for sale up to 60,850,278 equity shares of ā‚¹2 each. The retail quota is 35%, QIB is 50%, Shareholders Quota is 10%, and HNI is 15%.

Apply for an IPO
Tata Technologies IPO

Tata Motors’ arm Tata Technologies IPO will be the first Tata Group IPO since 2004 when the TCS IPO hit the market. As per the current data Tata Motors holds a 74.69% stake, Alpha TC Holdings Pte has a 7.26% stake, and Tata Capital Growth Fund I has a 3.63% stake in Tata Technologies.


Tata Technologies Limited is a Tata Group of companies that provides services in engineering and design, product lifecycle management, manufacturing, product development, and IT service management. They cater to the industries like automotive, and aerospace original equipment manufacturers and their suppliers. They are active in North America, Europe, the Middle East, and the Asia Pacific.

Tata Technologies is the 15th largest IT company in the Fortune India Infotech Industry ranking. They operate from 25 countries with a workforce of more than 11000 employees, and around 4000 professionals worldwide. The company is headquartered in Pune, and regionals are headquartered in the USA. Tata Technologies is a part of the Tata Group, which has been recognized as the most valuable brand in India by Brand Finance, a leading international brand valuation agency (Source: Brand Finance India 100 2022 report). As a subsidiary of Tata Motors Limited (ā€œTMLā€), they benefit from long-term relationships with both TML and JLR. The long-standing engagements with TML and JLR (collectively, their ā€œAnchor Clientsā€) have enabled the incubation of skills and capabilities that has assisted us in pursuing opportunities outside of the Tata Group.


https://youtu.be/82DF3q59MEY

Objects of the Issue

  • Utilization of the Offer proceeds by Selling Shareholders
  • Offer Expenses

Tata Technologies Eligibility date for Share Holders Quota:

Tata Technologies Eligibility date for Share Holders Quota is November 13, 2023. If the share holder holds Tata Motors stock as of November 13, 2023, in their demat account, they will able to appear in the shareholder quota in the Tata Technologies IPO.

Tata Technologies IPO Review (Apply or Not)

  • Apply

Brokerage Firm IPO Review

  • Arihant Capital Markets Ltd: Apply
  • Asit C. Mehta Investment: Apply
  • Geojit Securities Ltd: Apply
  • GEPL Capital Ltd: Apply
  • IDBI Capital: Apply
  • Indsec Securities: Apply
  • Nirmal Bang: Apply
  • Reliance Securities: Apply
  • SBICAP Securities Limited: Apply
  • Swastika Investmart Ltd: Apply

Tata Technologies IPO Date & Price Band Details

IPO Open:November 22, 2023
IPO Close:November 24, 2023
IPO Size:Approx ā‚¹3,042.51 Crores
Offer for Sale:Approx 60,850,278 Equity Shares
Face Value:ā‚¹2 Per Equity Share
IPO Price Band:ā‚¹475 to ā‚¹500 Per Share
IPO Listing on:BSE & NSE
Retail Quota:35%
QIB Quota:50%
 NII Quota:15%
Shareholders Quote:10%
Eligibility date for SH Quota:November 13, 2023
DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:Click Here
Anchor Investors List:Click Here

Tata Technologies IPO Market Lot

The Tata Technologies IPO minimum market lot is 30 shares with ā‚¹15,000 application amount. The retail investors can apply up-to 13 lots with 390 shares or ā‚¹195,000 amount.

ApplicationLot SizeSharesAmount
Retail Minimum130ā‚¹15,000
Retail Maximum13390ā‚¹195,000
S-HNI Minimum14420ā‚¹210,000
B-HNI Minimum672010ā‚¹10,05,000

Tata Technologies IPO Allotment & Listing Dates

The Tata Technologies IPO date is November 22 and the close date is November 24. The Tata Technologies IPO allotment will be finalized on November 29 and the IPO listing on November 30.

Anchor Investors Allotment:November 21, 2023
IPO Open Date:November 22, 2023
IPO Close Date:November 24, 2023
Basis of Allotment:November 29, 2023
Refunds:November 29, 2023
Credit to Demat Account:November 29, 2023
Tata Technologies IPO Listing Date:November 30, 2023

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

Tata Technologies IPO Form

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


Tata Technologies Company Financial Report

  ā‚¹ in Crores
YearRevenueExpensePAT
2021ā‚¹2426ā‚¹2105ā‚¹239
2022ā‚¹3578ā‚¹2992ā‚¹437
2023ā‚¹4502ā‚¹3706ā‚¹624
2024 6Mā‚¹2587ā‚¹2121ā‚¹352

Tata Technologies IPO Valuation – FY2023

Check Tata Technologies 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):ā‚¹15.38 per Equity Share
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):20.87%
Net Asset Value (NAV):ā‚¹73.68 per Equity Share

Peer Group

  • KPIT Technologies Limited
  • L&T Technology Services Limited
  • Tata Elxsi Limited

Company Promoters

  • Tata Motors Limited

Tata Technologies IPO Registrar

Link Intime India Private Limited
C 101, 1st Floor, 247 Park,
L.B.S Marg Vikhroli West, Mumbai 400 083
Maharashtra, India
Tel: +91 810 811 4949
E-mail: tatatechnologies.ipo@linkintime.co.in
Website: www.linkintime.co.in

Tata Technologies IPO Allotment Status Check

Check Tata Technologies IPO allotment status on Linkintime website allotment URL. Click Here

Tata Technologies IPO Lead Managers

  • JM Financial Ltd
  • BofA Securities
  • Citigroup Global Markets India Pvt Ltd

Company Address

Tata Technologies Limited
Plot No. 25, Rajiv Gandhi Infotech Park,
Hinjawadi, Pune 411 057,
Maharashtra, India
Telephone: +91 20 6652 9090
Contact Person: Vikrant Gandhe
Company Secretary and Compliance Officer
E-mail: ipo@tatatechnologies.com
Website: www.tatatechnologies.com

Tata Technologies IPO FAQs

What is Tata Technologies IPO?

Tata Technologies IPO is a main-board IPO. They are going to raise ā‚¹3,042.51 Crores via IPO. The issue is priced at ā‚¹475 to ā‚¹500 pr equity share. The IPO is to be listed on BSE & NSE.

When Tata Technologies IPO will open?

The IPO is to open on November 22, 2023 for QIB, NII, and Retail Investors.

What is Tata Technologies IPO Investors Portion?

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

How to Apply the Tata Technologies IPO?

You can apply for Tata Technologies 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 Tata Technologies 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 “Tata Technologies”. 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 Tata Technologies IPO through Upstox?

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

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

Tata Technologies IPO size is ā‚¹3,042.51 crores.

What is Tata Technologies IPO Price Band?

Tata Technologies IPO Price Band is ā‚¹475 to ā‚¹500.

What is Tata Technologies IPO Minimum and Maximum Lot Size?

The minimum bid is 30 Shares with ā‚¹15,000 amount while the maximum bid is 390 shares with ā‚¹195,000.

What is the Tata Technologies IPO Allotment Date?

Tata Technologies IPO allotment date is November 29, 2023.

What is the Tata Technologies IPO Listing Date?

Tata Technologies IPO listing date is November 30, 2023. The IPO is to list on BSE and NSE.

Note: The Tata Technologies IPO price band and date are officially announced. The IPO grey market premium (Tata Technologies IPO Premium) will be added to the IPO grey market page as it will start).

Follow IPO Watch for the Upcoming IPO news and their reviews, also keep following us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.

Table of Contents

Picture of Jagat Joshi

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.
Picture of Jagat Joshi

Jagat Joshi

Add IPOWatch to your Google News feed.   google news button

12 Responses

  1. Sir, I have applied for Tata Technoloiges Ltd. IPO. My pan no. is ASRPK7983K. I am having Tata shares from last 3 years. But today i have received message from your end…my payment is unblocked. Can i trust on Tata’s share in future ?

    2. i m from goodwill wealth management( sebi register)8962045029 my num plz contect for tata tech i have update

      1. MY SELF NAVEEN .sir i had applied Tata Technologies Limited IPO USING UPSTOCK .my ipo application no is 655d97549dc26716 .i had deleted my ipo.but still my payment is blocked.when my payment WILL BE unblocked.

        Thanks With Regards
        NAVEEN KUMAR
        7082020866

      1. What will be the share holder’s allotment ratio?
        (No of shares of Tata Tech allotted to the no of shares held).
        Can I apply both thru the share holders quota and thru Retail quota?
        Will I receive a mail regarding shareholders quota?

    2. i
      m from goodwill wealth management( sebi register)8962045029 my num plz contect for tata tech i have update

    1. im from goodwill wealth management
      8962045029 my num plz contect for tata tech i have update

Current Mainboard IPO

Current SME IPO

Latest IPO News

IMP LINKS

Related Posts

Apply IPO