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.

Three M Paper Boards IPO Date, Review, Price, Allotment Details

By Jagat Joshi
July 11, 2024

Three M Paper Boards IPO Details: Three M Paper Boards IPO date is fixed, The IPO will open on July 12 and will close on July 16. Three M Paper Boards is a BSE SME IPO to raise ₹39.83 crores via IPO. The Three M Paper Boards IPO price band is fixed at ₹67 to ₹69 with a market lot of 2000 shares.

Three M Paper Boards is engaged in the business of manufacturing recycled paper-based Duplex Board products used in various packaging applications across industries such as food and beverage, pharmaceuticals, cosmetics, and consumer goods and supplies its high-quality duplex board paper products in both the domestic and international markets. Their products are made out of 100 percent recycled waste paper and are completely biodegradable. The company sets out to undertake various innovations in both the product-development side as well as in manufacturing processes consistently. The company is headquartered in Mumbai, with its manufacturing facility located in Chiplun, Dist. Ratnagiri, Maharashtra. Equipped with state-of-the-art machines and ultramodern technologies in its manufacturing facility, the company had a total manufacturing capacity of 72,000 TPA paper at the close of FY 2022–23. The company’s performance is derived from its strategic focus to be a low-cost paper manufacturer with a growing systemic integration of new technologies and processes.

Considering the present per capita paper consumption in India, the company sees a sea of opportunity lying ahead. With the growing importance of e-commerce businesses, rising literacy rates, and growing FMCG, packaged food, and stationery industries, the days ahead for the Indian paper industry are expected to be phenomenal, as the Indian paper industry is likely to outpace the global industry in terms of growth. Despite increasing digitization, the Indian paper industry is expected to clock double-digit growth over the next five years. Moreover, there are significant changes in the policies for Chinese raw material imports, which have restricted their production and curtailed their imports of some of the waste paper varieties, which has had a positive impact on the Indian waste paper-consuming mills. Looking at all these factors, the company is quite bullish about the paper industry for the coming years.

Objects of the Issue:

Capital expenditure for installation of new machinery, modernisation of certain processes under existing manufacturing facility and installation of plastic fired low pressure boiler;
Funding long-term working capital requirements of the Company; and
Prepayment or repayment of all or a portion of outstanding borrowing availed by the Company;
General corporate purposes.

Three M Paper Boards IPO Review

May Apply

Three M Paper Boards IPO Date & Price Band Details

IPO Open:	July 12, 2024
IPO Close:	July 16, 2024
IPO Size:	Approx ₹39.83 Crores, 5,772,000 Equity Shares
Fresh Issue:	Approx ₹39.83 Crores, 5,772,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹67 to ₹69 Per Equity Share
IPO Listing on:	BSE SME
Retail Quota:	35% of the net offer
QIB Quota:	50% of the net offer
NII Quota:	15% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Three M Paper Boards IPO Market Lot

The Three M Paper Boards IPO minimum market lot is 2000 shares with a ₹138,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	2000	₹138,000
Retail Maximum	1	2000	₹138,000
S-HNI Minimum	2	4,000	₹276,000

Three M Paper Boards IPO Dates

The Three M Paper Boards IPO date is July 12 and the IPO close date is July 16. The IPO allotment date is July 18 and the IPO might list on July 22.

IPO Open Date:	July 12, 2024
IPO Close Date:	July 16, 2024
Basis of Allotment:	July 18, 2024
Refunds:	July 19, 2024
Credit to Demat Account:	July 19, 2024
IPO Listing Date:	July 22, 2024

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

Three M Paper Boards IPO Form

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

Three M Paper Boards Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹165.52	₹163.18	₹1.73
2022	₹316.00	₹311.41	₹3.28
2023	₹329.75	₹323.77	₹6.62
Sept 2023	₹131.88	₹127.31	₹6.02

Three M Paper Boards IPO Valuation – FY2023

Check Three M Paper Boards 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):	₹100.99 per Equity Share
Price/Earning P/E Ratio:	[.]
Return on Net Worth (RoNW):	14.00%
Net Asset Value (NAV):	₹721.45 per Equity Share

Peer Group

N R Agarwal Industries Ltd
Kuantum Papers Ltd
Shree Ajit Pulp and Paper Ltd

Company Promoters

Mr. Hitendra Dhanji Shah
Mrs. Prafulla Hitendra Shah
Mr. Rushabh Hitendra Shah

Three M Paper Boards IPO Registrar

Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com

Three M Paper Boards IPO Allotment Status

Check Three M Paper Boards IPO allotment status on Bigshare website URL. Click Here

Three M Paper Boards IPO Lead Managers aka Merchant Bankers

Comfort Securities Pvt Ltd

Company Address

Three M Paper Boards Limited
A33 & 34, Floor -2, Royal Industrial Estate
5-B Naigaon Cross Road
Wadala, Mumbai- 400031
Phone: +91 22 6812 5757
Email: compliance@threempaper.com
Website: https://www.threempaper.com/

Three M Paper Boards IPO FAQs

What is Three M Paper Boards IPO?

Three M Paper Boards IPO is an BSE SME IPO. They are going to raise ₹39.83 Crores via IPO. The issue is priced at ₹67 to ₹69 per equity share. The IPO is to be listed on BSE.

When Three M Paper Boards IPO will open?

The IPO is to open on July 12, 2024 for QIB, NII, and Retail Investors.

What is Three M Paper Boards IPO Investors Portion?

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

How to Apply the Three M Paper Boards IPO?

You can apply Three M Paper Boards 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 Three M Paper Boards 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 “Three M Paper Boards”. 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 Three M Paper Boards IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Three M Paper Boards”. 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 Three M Paper Boards IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Three M Paper Boards”. 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 Three M Paper Boards IPO Size?

Three M Paper Boards IPO size is ₹39.83 crores.

What is Three M Paper Boards IPO Price Band?

Three M Paper Boards IPO Price Band is ₹67 to ₹69 per equity share.

What is Three M Paper Boards IPO Minimum and Maximum Lot Size?

The IPO bid is 2000 shares with ₹138,000.

What is Three M Paper Boards IPO Allotment Date?

Three M Paper Boards IPO allotment date is July 18, 2024.

What is Three M Paper Boards IPO Listing Date?

Three M Paper Boards IPO listing date is July 22, 2024. The IPO to list on BSE SME.

Note: The Three M Paper Boards IPO details are announced officially. The IPO grey market premium (Three M Paper Boards IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.

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.