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.

Upcoming IPO in April 2025 | Mainboard & SME IPO Watch List

By Jagat Joshi
April 28, 2025

Good News for eagerly waiting investors! We are about to enter April 2025 with various companies ready to step into the stock exchange and are expected to raise maximum amounts through an Initial Public Offering (IPO).

If you are looking for the list of Upcoming IPO in April 2025, you are at the right place. Below is the list of various companies that have filed for DRHP and got approval as RHP, which are expected to hit the primary market in April 2025.

It looks like Avanse Financial, Ather Energy and JSW Cement are some of the IPOs expected to launch with amounts ₹3,500.00 Cr., ₹4,000 crores, and major IPO are yet to be announced with the price band and issue size, however, these could have happened in the April 2025 and ready to shake the stock market in April.

Since market sentiment was not satisfactory, various IPOs were not listed as expected, whereas many IPOs were also SME and Mainline.

Here is the list of upcoming IPOs in April 2025. Let’s find out the current Mainline and SME IPOs that open this April and in the forthcoming weeks in one place.

Upcoming IPO	Opening Date	Closing Date	Type of IPO	IPO Size	Price Band
Retaggio Industries	27 March	2 April	SME	₹15.50 Cr.	₹25
Spinaroo Commercial	28 March	3 April	SME	₹10.17 Cr.	₹51
Infonative Solutions	28 March	3 April	SME	₹24.71 Cr.	₹75 to ₹79
Tankup Engineers	23 April	25 April	SME	₹19.53 Cr.	₹133 to ₹140
Ather Energy	28 April	30 April	Mainboard	₹2,980.73 Cr.	₹304 to ₹321
Iware Supplychain Services	28 April	30 April	SME	₹27.13 Cr.	₹95
Arunaya Organics	29 April	2 May	SME	₹33.99 Cr.	₹55 to ₹58
Kenrik Industries	29 April	6 May	SME	₹8.75 Cr.	₹25
Arisinfra Solutions	TBA	TBA	Mainboard	TBA	TBA
Aten Papers	TBA	TBA	SME	₹31.68 Cr.	₹91-96
NSDL	TBA	TBA	Mainboard	TBA	TBA
Tata Capital	TBA	TBA	Mainboard	₹15,000 Cr	TBA
Dar Credit & Capital	TBA	TBA	SME	TBA	TBA
Belstar Microfinance	TBA	TBA	Mainboard	₹1300 Cr.	TBA
Avanse Financial	TBA	TBA	Mainboard	₹3,500.00 Cr.	TBA
Rosmerta Digital Services	TBA	TBA	SME	₹206.33 Cr.	₹140 to ₹147
Solar91 Cleantech	TBA	TBA	SME	₹106 Cr.	₹185 to ₹195
Vikram Solar	TBA	TBA	Mainboard	– Cr.	TBA
JSW Cement	TBA	TBA	Mainboard	₹4000 Cr.	TBA
BoAt	TBA	TBA	Mainboard	₹2000Cr	TBA
Vikran Engineering	TBA	TBA	Mainboard	₹1,000 Cr.	TBA
Leela Hotels	TBA	TBA	Mainboard	₹5,000 Cr.	TBA
Solarworld Energy	TBA	TBA	Mainboard	₹600 Cr.	TBA
Paras Healthcare	TBA	TBA	Mainboard	TBA	TBA
Prostarm Info Systems	TBA	TBA	Mainboard	TBA	TBA
Arohan Financial	TBA	TBA	Mainboard	TBA	TBA

Retaggio Industries

Retaggio Industries IPO is opening on March 27, 2025, and closing on April 2, 2025. Whereas, the Retaggio Industries IPO price band set is ₹25 per share. Retaggio Industries IPO consists fully fresh issue of ₹15.50 crores along with a face value of ₹10 for each share.

The retail quota is 50%, the QIB (Qualified Institutional Buyer) quota is 0%, and the HNI (High Net-Worth Individual) quota is 50%.

This firm has a good reputation and is known as one of the leading sectors in jewelry manufacturing. Financially, Retaggio Industries has a 19.74% ROE and a 7.01 PE ratio. Retaggio Industries IPO EPS(Earning Per Share) is 3.57.

Spinaroo Commercial

Spinaroo Commercial IPO is coming on 28th March 2025 and closing on 3 April 2025. This IPO is going to be listed on the BSE Platform. According to sources, Spinaroo Commercial IPO consists total, fresh issue of ₹19,94,000 shares ₹10.17 crore. As it has fresh issues from the public, all the IPO money would be gone for the company’s purpose.

One of the growing companies, Spinaroo Commercial, founded on August 17, 2012, is involved in the business of manufacturing Aluminium Foil Container, Aluminium Home Foil, Paper Cups, Paper Plates, Paper Bowls, Semi Processed Materials for Paper Cups viz. paper coating, printing, blanking, etc.

Financially, Spinaroo Commercial’s ROE is 23.23%, and P/E Ratio is 3.64. An Earning Per Share is ₹2.80 (Basic).

Infonative Solutions

Infonative Solutions IPO starts on March 28, 2025, and the IPO will close on April 3, 2025. This IPO only consists of a fresh issue of ₹24.71 crores with a face value of ₹1 each. Infonative Solutions IPO price band is ₹75 to ₹79 per share.

Infonative Solutions Limited was founded in 1998 and is a private firm that creates custom learning solutions for clients in various industries.

Financially, it has a revenue portion of ₹18.08 crores in 2024 compared to ₹20.95 crores in 2023.

Tankup Engineers

As per the sources, the Tankup Engineers IPO is coming on 23rd April 2025, and it will be closing on 25th April 2025. Moreover, it might have an approximate ₹18 Crores issue size. The price band is set up at ₹133 to 140 per share. Further, there might be 1000 Shares of a lot size.

Tankup Engineers Limited, incorporated on 3rd December 2020, is one of the well-known companies that specializes in the business of manufacturing custom vehicle superstructure designed to handle complex mobility and storage solutions.

Ather Energy

As per the sources, Ather Energy IPO is opening on 28th April, 2025 and it will be closed on 30th April, 2025. Moreover, a fresh issue would be ₹2626 Crores Approx, and OFS will be 1.1 Crores Shares. In this IPO, retailers’ quota would be 10%.

Financially, it has a revenue of ₹17,836 million in 2023. This firm has 116 experience centers across 92 cities.

However, as per sources, the Ather Energy IPO is likely to open in 2025.

Iware Supplychain

Iware Supplychain IPO is opening on 28th April 2025 and closing on 30th April 2025. As per the source, this IPO set the price at ₹95 per share. Iware Supplychain IPO issue size is approximately ₹27.13 crore.

Iware Supplychain is a leading company that offers a range of services, including warehousing (with 3PL and C&F operations), transportation, rake handling, business support services, and rental solutions.

Arunaya Organics

Arunaya Organics Ltd IPO is coming on April 29, 2025, and closes on May 2, 2025. As per the sources, it has set the price band of ₹55 to ₹58 per share.

Arunaya Organics Ltd is one of the top companies in terms of manufacturing dyes; in addition, they are experts in the manufacture of salt-free dyes. The reason behind one of the leading companies due make sure about quality, safety, and environmental responsibilities.

Kenrik Industries

Kenrik Industries IPO is opening on 29th April and May 6, 2025. This IPO consists only fresh issue of 34,98,000 shares with a face value of ₹10 per share. This IPO is going to launch a platform on the BSE stock exchange.

Kenrik Industries is one of the top companies in terms of traditional indian. They are experts in handmade gold pieces, along with stones like diamonds, rubies, and cubic zirconia.

Arisinfra Solutions

Arisinfra Solutions IPO is to surge around ₹600 crores in fresh issues with a face value of ₹2 each, and a retail quota is 10%, QIB is 75%, and HNI is 15%.

Arisinfra Solutions is one of the leading firms in terms of making the process of buying construction materials simpler and faster by using digital tools. Although it has a good financial background, such as assets of ₹492.83 crore and revenue of ₹702.36 crore for the financial year ending March 31, 2024.

Aten Papers and Foam

The Aten Papers and Foam IPO opening and closing dates are yet to be announced. This IPO has set a price band of ₹91-96 per share.

Further, Swastika Investment Limited is assigned as the lead manager of this IPO. In the Aten Papers and Foam IPO, 50% allocation is for QIB.

Aten Papers and Foam Limited plays a key role in the paper product supply chain. This is from various mills and is being it to clients in the packaging industry.

NSDL

Depository firm NSDL makes a plan to launch an IPO. This IPO would be entirely OFS, promoters will offload positions by selling their shares.

National Securities Depository Limited (NSDL) is a premier market infrastructure entity in India, registered with the Securities and Exchange Board of India (SEBI).

Financially, NSDL jumped around 29.8% in net profit, Additionally, net profit was ₹66.09 cr and increased by ₹85.80 Cr, respectively, in just the third quarter.

Tata Capital

Tata Capital is one of the major companies in the Tata Group. It has announced an IPO to increase the company’s capital. This has had a substantial impact on the Tata Group, as Tata Investment’s share price was ₹5,760.00 on 24 February 2025. After the Tata Capital IPO approval, this share jumped ₹6,213.40 on 25 February 2025, respectively. The company’s market capitalisation stands at ₹31,460.16 crore.

Dar Credit & Capital

Dar Credit & Capital is one of the growing companies providing three primary types of financial products: Personal Loans, Unsecured MSME Loans, and Secured MSME Loans. The company offers loans and other loan-related solutions to low-income and Class 4 employees, such as cleaners, sweepers, and peons working in municipalities.

Belstar Microfinance

Belstrat Microfinance is backed by Muthoot Finance and plans to increase funds via an IPO of ₹1,300 crore, consisting of a fresh issue of ₹1000 crore and OFS ₹ 300 crore. Belstrat Microfinance is one of the leading firms in terms of financial services. It is famous as the nine largest NBFCs (Non-banking Finance Company).

Within 9 years, this company made substantial growth in business, portfolio, and operations. Backed by Muthoot Finance and with a strong track record, the IPO presents an attractive opportunity for investors looking to enter the microfinance sector.

Avanse Financial Services

Avanse Financial Services IPO is a book-built issue and is likely to generate around ₹3,500.00 crores through IPO, which is a combination of fresh issues of ₹1,000.00 crores and OFS with a face value of ₹5 each.

The Avanse Financial Services IPO price band is yet to be announced, while quotas have been announced. The retail quota is 35%, QIB is 50%, and HNI is 15%. Avanse Financial Services IPO is going to be listed on the BSE & NSE.

Rosmerta Digital Services

Rosmerta Digital Services IPO has an aim to raise ₹206.33 crores, which is an entirely fresh issue of ₹206.33 crores with a face value of ₹2 each.

The Rosmerta Digital Services IPO price band is ₹140 to ₹147 per share. An IPO has 3 main quotas, such as a retail quota is 35%, a QIB quota of 50%, and an HNI is 15%. This IPO is proposed to be listed on the BSE.

Solar91 Cleantech

Solar91 Cleantech’s IPO goal is to increase ₹106 crores via IPO, has a fresh issue of ₹106 crores with a face value of ₹10 each. Solar91 Cleantech IPO price band is ₹185 to ₹195 per share.

This firm has a goal to provide national and international solar transitions. Moreover, it is giving the best in PM KUSUM with the engineering, procurement, and construction services for solar projects.

Vikram Solar

Vikram Solar IPO is a Book Built Issue, and Vikram Solar IPO issue size is yet to be announced, however, it will be declared soon. The offering includes a fresh issue of ₹1,500 crores and an offer for sale of up to 17,450,882 equity shares, each with a face value of ₹10. Significantly, in this IPO, retailers accounted for 35%, while QIB had 50% and 15% for high-net-worth individuals (HNIs). Moreover, it has the purpose of getting positions on the NSE and BSE stock exchanges.

JSW Cement

JSW Cement IPO has the aim of surging financial condition via IPO, which is a fully fresh issue of ₹2,000 crores with a face value of ₹10 each.

Moreover, in the JSW Cement IPO, 35% places have been reserved for retailers, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-worth Individuals (HNIs). An IPO share will be listed on the NSE and BSE stock exchanges.

BoAt

BoAt has received approval from its shareholders to proceed with its IPO. The brand will soon submit its draft papers to SEBI to initiate the process. Currently, the company is looking to raise between ₹2000-2500 crore through the IPO.

In 2022, this company submitted a DRHP to launch an IPO for ₹2000 crores, in which they planned to raise ₹900 crores as a fresh issue and ₹1100 crores as an offer-for-sale by the private equity firm Warburg Pincus.

Vikran Engineering

Vikran Engineering, an Engineering, Procurement, and Construction (EPC) firm, is set to raise ₹1,000 crore through an IPO, which is a combination of a fresh issue of Rs 900 crore and an offer for sale worth ₹100 crore by the promoter. IPO details are yet to be announced.

In order to expand its business, this firm has a presence in various sectors. preparing to venture into the solar EPC industry by managing turnkey projects for solar PV systems up to 100MWp and a balance of system projects for solar power plants up to 300MWp.

Leela Hotels

The Leela Hotels IPO will consist of a ₹5000 crore issue size, wherein a fresh issue of ₹3,000.00 crores and an offer for sale of Rs 2,000.00 crores. Leela Hotels’ opening date has not been announced yet, but it might be announced soon.

It specializes in owning, operating, and developing luxury hotels and resorts, delivering premium accommodations and personalized experiences rooted in the richness of Indian hospitality.

Solarworld Energy

Solarworld Energy’s IPO is a main-board public offering of equity shares with a face value of ₹5 each, totaling up to ₹600 crore. Wherein, the fresh issue would be ₹550 crore, and OFS would be ₹50 crore.

SolarWorld Energy Solutions Limited, founded in 2013, provides solar energy solutions and specializes in engineering, buying equipment, and building solar power projects.

Paras Healthcare

Paras Healthcare IPO might be coming soon, this IPO ₹400.00 crore and offer for sale of 1.50 crore shares. IPO opening -closing date and price band will be coming soon, as per the sources.

Founded in 1987, Paras Health is a healthcare organization that runs a network of hospitals across North India, including Bihar and Jharkhand.

Prostarm Info Systems

It’s an announcement that Prostarm Info Systems’ IPO might launch in 2025 and will also be closed in 2025. Moreover, this IPO is going to be listed on the BSE and NSE stock exchanges.

Prostarm Info Systems is one of the top firms, as it has top-notch power conditioning equipment for creating, assembling, selling, and servicing. Education to healthcare, railways to aviation, research to defense and security, all are benefited by this company, as they have expertise and knowledge.

Financially, the revenue of this company has also increased by ₹259.23 crores in 2024, which is higher than in 2023, which was ₹232.35 crores.

Arohan Financial

Arohan Financial Services, a microfinance company based in Kolkata, has submitted a draft prospectus to SEBI to obtain approval for launching its IPO. The company primarily targets underserved and unserved states across India. Market sources indicate that the IPO will raise approximately ₹1,750 crore.

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.