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.

Check Out IPO Calendar | December 2025 Mainboard & SME IPO List

By Jagat Joshi
December 10, 2025

Good News for eagerly waiting investors! We are about to enter December 2025, and there are various current ipo this month. This will allow you to invest in IPOs and secure your profit. Being alert for the upcoming IPO in December will help investors plan their investments and stay informed about market trends.

Let’s have a deep dive into this month's ipo calendar, including Meesho, Vidya Wires, Revelcare, Neochem Bio, and ScaleSauce are IPO of December 2025. This IPO month considered both SME and Mainboard with a satisfactory aim of IPO money utilisation.

Below is a list of upcoming IPOs, along with tentative dates and other important details to help you stay updated.

Upcoming IPO in December	Opening Date	Closing Date	Type of IPO	IPO size	Price Band
Logiciel Solutions	November 28	December 2	SME	₹39.90 Cr.	₹183 to ₹193
Exato Technologies	November 28	December 2	SME	₹37.45 Cr.	₹133 to ₹140
Purple Wave Infocom	November 28	December 2	SME	₹31.45 Cr.	₹120 to ₹126
Ravelcare	December 1	December 3	SME	₹24.10 Cr.	₹123 to ₹130
Clear Secured	December 1	December 3	SME	₹85.60 Cr.	₹125 to ₹132
Invicta Diagnostic	December 1	December 3	SME	₹28.12 Cr.	₹80 to ₹85
Astron Multigrain	December 1	December 3	SME	₹18.40 Cr.	₹63
Speb Adhesives	December 1	December 3	SME	₹33.73 Cr.	₹52 to ₹56
Helloji Holidays	December 2	December 4	SME	₹10.96 Cr	₹110 to ₹118
Neochem Bio	December 2	December 4	SME	₹44.97 Cr.	₹93 to ₹98
Meesho	December 3	December 5	Mainboard	₹5,421.20 Cr.	₹105 to ₹111
Vidya Wires	December 3	December 5	Mainboard	₹300.01 Cr.	₹48 to ₹52
Aequs	December 3	December 5	Mainboard	₹921.81 Cr.	₹118 to ₹124
Shri Kanha Stainless	December 3	December 5	SME	₹46.28 Cr.	₹90 per share
Luxury Time	December 4	December 8	SME	₹18.74 Cr.	₹78 to ₹82
Western Overseas	December 4	December 8	SME	₹10.07 Cr.	₹56 per share
ScaleSauce	December 5	December 9	SME	₹40.21 Cr.	₹101 to ₹107
Methodhub Software	December 5	December 9	SME	₹103.02 Cr.	₹190 to ₹194
Flywings Simulator	December 5	December 9	SME	₹57.05 Cr.	₹181 to ₹191
Riddhi Display	December 8	December 10	mainboard	₹24.68 Cr.	₹95 to ₹100
K. V. Toys India	December 8	December 10	SME	₹40.15 Cr.	₹227 to ₹239
Wakefit Innovations	December 8	December 10	Mainboard	₹1,288.89 Cr.	₹185 to ₹195
Corona Remedies	December 8	December 10	Mainboard	₹655.37 Cr.	₹1008 to ₹1062
Prodocs Solutions	December 8	December 10	SME	₹27.60 Cr.	₹131 to ₹138
Nephrocare Health	December 10	December 12	Mainboard	₹871.05 Cr.	₹438 to ₹460
Park Medi World	December 10	December 12	Mainboard	₹1,260 Cr.	₹154 to ₹162
Unisem Agritech	December 10	December 12	SME	₹21.45 Cr.	₹63 to ₹65
Shipwaves Online	December 10	December 12	SME	₹56.35 Cr.	₹12
Pajson Agro	December 11	December 15	SME	₹74.45 Cr.	₹112 to ₹118
ICICI Prudential AMC	December 12	December 16	Mainboard	₹10,602.65 Cr.	₹2,061 to ₹2,165
Ashwini Container	December 12	December 16	SME	₹71.00 Cr.	₹135 to ₹142
Neptune Logitek	December 15	December 17	SME	₹46.62 Cr.	₹126

Logiciel Solutions

Loficiel Solutions IPO is opening from November 28, 2025, to December 2, 2025. The IPO has an issue size of ₹39.90 crores, wherein the fresh issue will be ₹32.70 crores and offer for sale up to 3,73,200 equity shares with a face value of ₹10 each.

Moreover, the IPO money from the fresh issue will be utilized for business enhancement. Conversely, the OFS amount will be given to the company’s promoters.

The company has decided price band is ₹183 to ₹193 per share.

Exato Technologies

Exato Technologies is set to launch its IPO, opening from November 28, 2025, to December 2, 2025. This is a book-built issue through which the company aims to raise around ₹37.45 crores.

The IPO includes a fresh issue of shares worth ₹31.85 crores, along with an offer for sale of up to 4,00,000 equity shares, each having a face value of ₹10. The price band for the IPO is fixed between ₹133 and ₹140 per share.

Purple Wave Infocom

Purple Wave Infocom, SME IPO of December 2025, is opening from November 28, 2025, and the IPO will close on December 2, 2025. The company wants to raise around ₹31.45 crores via a fresh issue. Furthermore, Purple Wave Infocom’s IPO price band is ₹120 to ₹126 per share.

Ravelcare

Ravelcare will open its IPO on December 1, 2025, and it will close on December 3, 2025. This book-building issue aims to raise around ₹24.10 crores entirely through a fresh issue of shares, each with a face value of ₹10. The IPO price band is set between ₹123 and ₹130 per share.

The IPO money will be used for the business Business growth.

Clear Secured

Clear Secured IPO schedule for opening from December 1, 2025, and the IPO will close on December 3, 2025. Moreover, the IPO’s issue size is ₹85.60 crores, which will be an entirely fresh issue. This means the fresh issue money will be allocated for the company’s purposes. Furthermore, the IPO price band is ₹125 to ₹132 per share.

Invicta Diagnostic

First week of December 2025, IPO “Invicta Diagnostic” is opening from December 1, 2025, and will close on December 3, 2025. Moreover, the IPO’s issue size is ₹28.12 crores via fresh issue, and the issue price is ₹80 to ₹85 per share.

Astron Multigrain

Astron Multigrain IPO is opening from December 1, 2025, and the IPO will close on December 3, 2025. Furthermore, the company has an aim to earn around ₹18.40 crores, including fresh issue of ₹14.74 crores and offer for sale up to 5,80,000 equity shares with a face value of ₹10 each. Astron Multigrain IPO price band is ₹63 per share.

Speb Adhesives

Speb Adhesives IPO is opening from December 1, 2025, and will close on December 3, 2025. This book-building IPO has an aim of raising ₹33.73 crores. The IPO includes both a fresh issue of ₹27.18 crores and OFS of up to 11,70,000 equity shares with a face value of ₹10 each. Speb Adhesives IPO price band is ₹52 to ₹56 per share.

Additionally, the fresh issue will be used for the company’s purposes, and the offer for sale is from existing promoters, so it will be given to them.

Helloji Holidays

Helloji Holidays will open its IPO on December 2, 2025, and it will close on December 4, 2025. This book-built issue aims to raise around ₹10.96 crores entirely through a fresh issue of shares, each with a face value of ₹10. The IPO price band is set between ₹110 and ₹118 per share.

Neochem Bio

Neochem Bio IPO is an SME IPO of December 2025, and it will open on December 2, 2025, and it will close on December 4, 2025. This book-built issue aims to raise around ₹44.97 crores entirely through a fresh issue of shares, each with a face value of ₹10. The IPO price band is set between ₹93 and ₹98 per share.

Meesho

“Meesho” is the Mainboard IPO of December 2025, opening for subscription from December 3, 2025, and the IPO will close on December 5, 2025. The IPO’s issue size is ₹5,421.20 crores, fresh issue ₹4,250 crores, and offer for sale up to 10,55,13,839 equity shares with a face value of ₹1 each. Meesho IPO price band is ₹105 to ₹111 per share.

The fresh issue of money will be allocated for the company’s growth.

Vidya Wires

Vidya Wires will open its IPO on December 3, 2025, and it will close on December 5, 2025. This book-built issue aims to raise around ₹300.01 crores, including a fresh issue of ₹274 crores and an offer for sale of 50,01,000 equity shares, each with a face value of ₹1. The IPO price band is ₹48 to ₹52 per share.

Aequs

Aequs will open its IPO on December 3, 2025, and it will close on December 5, 2025. This book-built issue aims to raise around ₹921.81 crores, including a fresh issue of ₹670 crores and an offer for sale of 2,03,07,393 equity shares, each with a face value of ₹10. The IPO price band is ₹118 to ₹124 per share.

Shri Kanha Stainless

In the first week of December 2025, Shri Kanha Stainless IPO is opening from December 3, 2025, and will close on December 5, 2025. The IPO has an issue size is ₹46.28 crores via fresh issue, and the issue price is ₹90 per share. That means investors have to bid on the fixed price band.

Luxury Time

Luxury Time will open its IPO on December 4, 2025, and it will close on December 8, 2025. This book-built issue aims to raise around ₹18.74 crores, including a fresh issue of ₹15.00 crores and an offer for sale of 4,56,000 equity shares, each with a face value of ₹10. The IPO price band is ₹78 to ₹82 per share.

Western Overseas

Western Overseas is launching an SME IPO, which is opening from December 4, 2025, and the IPO will close on December 8, 2025. Moreover, the company is to raise around ₹10.07 crores via IPO, which comprises a fresh issue of ₹10.07 crores. Western Overseas Study Abroad IPO price band is ₹56 per share.

ScaleSauce

ScaleSauce IPO open date is December 5, 2025, and the IPO will close on December 9, 2025. ScaleSauce IPO is a Book Build Issue. The company plans to raise around ₹40.21 crores via IPO that comprises a fresh issue of ₹40.21 crores with a face value of ₹10 each. Moreover, the ScaleSauce IPO price band is ₹101 to ₹107 per share.

Methodhub Software

Methodhub Software will open its IPO on December 5, 2025, and it will close on December 9, 2025. This book-built issue aims to raise around ₹103.02 crores, including a fresh issue of ₹87.50 crores and an offer for sale of 8,00,000 equity shares, each with a face value of ₹10. The IPO price band is set between ₹190 and ₹194 per share.

Flywings Simulator

Flywings Simulator IPO open date is December 5, 2025, and the IPO will close on December 9, 2025. Flywings Simulator Training IPO is a Book Build Issue. The company plans to raise around ₹57.05 crores via IPO that comprises a fresh issue of ₹48.00 crores and offer for sale up to 4,74,000 equity shares with a face value of ₹10 each. Flywings Simulator Training IPO price band is ₹181 to ₹191 per share.

Riddhi Display Equipments

Riddhi Display Equipments will open its IPO on December 8, 2025, and close on December 10, 2025. This book-built issue aims to raise around ₹24.68 crores entirely through a fresh issue of shares, each with a face value of ₹10. The IPO price band is set between ₹95 and ₹100 per share.

K. V. Toys India

K. V. Toys India will launch its IPO on December 8, 2025, and it will close on December 10, 2025. The company plans to raise about ₹40.15 crores through a fresh issue of equity shares with a face value of ₹10. The IPO price band is fixed between ₹227 and ₹239 per share.

Wakefit

Corona Remedies

Corona Remedies IPO open date is December 8, 2025, and the IPO will close on December 10, 2025. The company plans to raise around ₹655.37 crores. Wherein offer for sale up to 61,71,101 equity shares with a face value of ₹10 each.

Corona Remedies IPO price band is ₹1008 to ₹1062 per share.

Nephrocare Health

Nephrocare Health IPO is opening from December 10, 2025, and will close on December 12, 2025. Moreover, the IPO has a fresh issue of ₹353.41 crores and offer for sale up to 1,12,53,102 equity shares with a face value of ₹2 each. Further details are yet to be disclosed.

Park Medi World

Park Medi World is one of the latest Mainboard IPO of December 2025, which is open from December 10, 2025, to December 12, 2025. Moreover, the IPO issue size is ₹770 crores and offer for sale up to 92,59,259 equity shares with a face value of ₹2 each. Further, the IPO price band is ₹154 to ₹162 per share.

The fresh issue of this IPO would be utilized for the genuine purpose, while OFS would go towards the promoters.

Unisem Agritech

Unisem Agritech IPO open date is December 10, 2025, and the IPO will close on December 12, 2025. Unisem Agritech IPO is a Book Build Issue. The company plans to raise around ₹21.45 crores via IPO that comprises a fresh issue of ₹21.45 crores and offer for sale up to [.] equity shares with a face value of ₹5 each. Unisem Agritech IPO price band is ₹63 to ₹65 per share.

Shipwaves Online

Shipwaves Online IPO is opening from December 10, 2025, to December 12, 2025. The IPO issue size is ₹56.35 crores, with the entire fresh issue. The face value of ₹1 each. Shipwaves Online IPO price band is ₹12 per share.

Pajson Agro India

Pajson Agro India’s IPO will open on December 11, 2025, and close on December 15, 2025. It is a book-built issue through which the company plans to raise ₹74.45 crore, consisting entirely of a fresh issue of the same amount, while the number of shares under the offer for sale is yet to be disclosed. The shares have a face value of ₹10 each, and the price band is set at ₹112 to ₹118 per share.

ICICI Prudential AMC

ICICI Prudential AMC IPO open date is December 12, 2025, and the IPO will close on December 16, 2025. ICICI Prudential AMC IPO is a Bookbuilding Issue. The company plans to raise around ₹10,602.65 crores via IPO that comprises a fresh issue of ₹[.] crores and offer for sale up to 4,89,72,994 equity shares with a face value of ₹1 each. ICICI Prudential AMC IPO price band is ₹2,061 to ₹2,165 per share.

Ashwini Container

Ashwini Container Movers’ IPO will open on December 12, 2025, and close on December 16, 2025. It is a book-built issue, through which the company aims to raise ₹71 crore, consisting entirely of a fresh issue, while the number of shares under the offer for sale is yet to be announced. The shares carry a face value of ₹10, and the price band is set at ₹135 to ₹142 per share.

Neptune Logitek

Neptune Logitek’s IPO will open on December 15, 2025, and close on December 17, 2025. This is a fixed-price issue, and the company plans to raise ₹46.62 crore, fully through a fresh issue, with the offer-for-sale share count yet to be disclosed. The IPO has a face value of ₹10 per share, and the issue price is fixed at ₹126 per share.

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.