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 February 2025 | Mainboard & SME IPO Watch List

By Jagat Joshi
March 5, 2025

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

If you are looking for the list of the Upcoming IPO in February 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 February 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., ₹4000 crores, and major IPO are yet to be announced with the price band and issue size, however, these could have happened in the February 2025 and ready to shake the stock market in February.

Since market sentiment was not satisfactory various IPO was not listed at expectation, wherein many IPOs were SME and Mainline also. However, now that the fed rate has been declared to be stable, there might be possibilities of increment in market conditions.

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

Upcoming IPO	Opening Date	Closing Date	Type of IPO	IPO Size	Price Band
Chamunda Electrical	4 February	6 February	SME	₹14.60 Cr.	₹47 to ₹50
Ken Enterprises	5 February	7 February	SME	₹83.65 Cr.	₹94
Solarium Green Energy	6 February	10 February	SME	₹105.04 Cr.	₹181 to ₹191
Readymix Construction Machinery	6 February	10 February	SME	Rs37.66 Cr.	₹121 to ₹123
Eleganz Interiors	7 February	11 February	SME	₹78.06 Cr.	₹123 to ₹130
Ajax Engineering	10 February	12 February	Mainboard	₹1,269.35 Cr.	₹599 to ₹629
Chandan Healthcare	10 February	12 February	SME	₹107.36 Cr.	₹151 to ₹159
PS Raj Steels	12 February	14 February	SME	₹28.28 Cr.	₹132 to ₹140
Hexaware Technologies	12 February	14 February	Mainboard	Rs 8,750 Cr.	₹674 to ₹708
Voler Car	12 February	14 February	SME	Rs 27.00 Cr.	₹85 to ₹90
MaxVolt Energy	12 February	14 February	SME	Rs 54.00 Cr.	₹171 to ₹180
L.K. Mehta Polymers	13 February	17 February	SME	₹7.38 Cr.	₹71
Shanmuga Hospital	13 February	18 February	SME	₹20.62 Cr.	₹54
Quality Power	14 February	18 February	Mainboard	₹858.70 Cr.	₹401 to ₹425
Tejas Cargo	14 February	18 February	SME	₹105.84 Cr.	₹160 to ₹168
Royalarc Electrodes	14 February	18 February	SME	₹36.00 Cr.	₹114 to ₹120
Swasth Foodtech	20 February	24 February	SME	₹14.92 Cr.	₹94
HP Telecom India	20 February	24 February	SME	₹34.23 Cr.	₹108
Beezaasan Explotech	21 February	25 February	SME	₹59.93 Cr.	₹165 to ₹175
Nukleus Office Solutions	24 February	27 February	SME	₹31.70 Cr.	₹234
Shreenath Paper	25 February	28 February	SME	₹23.36 Cr.	₹44
Balaji Phosphates	28 February	4 March	SME	TBA	TBA
Arisinfra Solutions	TBA	TBA	Mainboard	Rs 600 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	TBA	TBA
JSW Cement	TBA	TBA	Mainboard	₹4000 Cr.	TBA
Ather Energy	TBA	TBA	Mainboard	TBA	TBA
Vikran Engineering	TBA	TBA	Mainboard	TBA	TBA
Star Agriwarehousing	TBA	TBA	Mainboard	₹450 crores	TBA
Prostarm Info Systems	TBA	TBA	Mainboard	TBA	TBA

1. Chamunda Electrical

The Chamunda Electrical IPO started on February 4, 2025, and close on February 6, 2025. It is a book-built issue, along with an aim of ₹14.60 crores through the IPO, wherein fresh issue of Rs ₹14.60 crores and an offer for sale of up to [.] equity shares, each with a face value of ₹10. An IPO has a price band of ₹47 and ₹50 for each share.

Significantly, 35% of places are allocated for retail categories investors, while 15% are for High Net-worth Individuals (HNIs), and half of (50%) of places for Qualified Institutional Buyers (QIBs). Chamunda Electrical IPO is prepared to be launched on the NSE stock exchange on February 11, 2025.

2. Ken Enterprises

Ken Enterprises is launching its IPO (Initial Public Offering) from February 5 to February 7, 2025. The company aims to raise around ₹83.65 crores. This includes Fresh Issue: ₹58.27 crores & Offer for Sale: 27,00,000 shares, each with a face value of ₹10. Ken Enterprises IPO price band is ₹94 per share.

The retail quota is 50%, QIB is 00%, and HNI is 50%. Ken Enterprises IPO to list on NSE on February 12, 2025.

3. Solarium Green Energy

The initial public offering (IPO) of Solarium Green Energy is scheduled to open on February 6, 2025, and close on February 10, 2025. The company plans to generate approximately ₹105.04 crores through an initial public offering (IPO), which will include a new ₹105.04 crore issue with a face value of ₹10 per share. The price range for Solarium Green Energy’s IPO is ₹181 to ₹191 per share.

4. Readymix Construction Machinery

The Readymix Construction Machinery IPO will open on February 6, 2025, and close on February 10, 2025. An IPO is coming to raise around ₹37.66 crores. this amount will come entirely from a fresh issue of ₹37.66 crores, with no offer to sell existing shares. Each share has a face value of ₹10. The IPO’s price band is between ₹121 and ₹123 per share.

5. Eleganz Interiors

Eleganz Interiors IPO’s open date is February 7, 2025, and the IPO will close on February 11, 2025. Eleganz Interiors IPO is a Book Built Issue. The company is to raise around ₹78.06 crores via IPO that comprises fresh issue of ₹78.06 crores and offer for sale up to [.] equity shares with a face value of ₹10 each.

Eleganz Interiors IPO price band is ₹123 to ₹130 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Eleganz Interiors IPO to list on NSE on February 14, 2025.

6. Ajax Engineering

Ajax Engineering IPO is opening from 10th to 12th February 2025. Via this IPO, the company is going to generate ₹1,269.35 crores with the OFS of Rs 2,01,80,446 equity shares and all shares have a face value of ₹1. Furthermore, the price band for the IPO is set between ₹599 and ₹629 per share.

7. Chandan Healthcare

Chandan Healthcare IPO is an SME IPO. Chandan Healthcare IPO duration is 10th to 12th February 2025, and it is a combination of fresh issues of Rs of ₹70.79 crores and OFS up to 22,99,936 equity shares with face value of ₹10 each. Moreover, it has a price band ₹151 to ₹159 per share.

Additionally, Chandan Healthcare Limited is involved in diagnostic centers means it offers healthcare solutions. It has around 169 routine pathology tests and haematology, adding 713 specialized tests along with x-rays, ultrasonography, CT, MRI, and specialized CT scans.

8. PS Raj Steels

PS Raj Steels IPO’s open date is February 12, 2025, and the IPO will close on February 14, 2025. It has a retail category of 35%, QIB of 50%, and HNI of 15%, respectively. It has around Rs 28.28 crores through this IPO, which has a fresh issue of Rs ₹28.28 crores with a face value of Rs 10 each. PS Raj Steels IPO price band is ₹132 to ₹140 per share.

9. Hexaware Technologies

Hexaware Technologies IPO is opening from 12th February to 14th February 2025. It has OFS of Rs up to 12,35,87,570 equity shares with a face value of ₹1 each. Moreover, this company has set a price band between ₹674 to ₹708 per share.

It is involved in the business of IT, and business-related solutions are the most important for every human being, Hexaware is one of the top companies that provide IT and business solutions to their customers.

10. Voler Car

The Voler Car IPO is set to open on February 12, 2025, and will close on February 14, 2025. It will be offered through a Book Built Issue method. An IPO has a fresh issue of Rs ₹27.00 crores with a face value of ₹10 each. Further price band is set between ₹85 to ₹90 per share.

Volar Car Limited is one of the leading firms that provides the same ETS (Employee Transportation Services) to MNCs and other corporate companies.

11. MaxVolt Energy

MaxVolt Energy is an SME IPO starting from 12th February to 14th February 2025. An IPO comprising only OFS process and sales of up to 6,00,000 equity shares with a face value of ₹10 each. Its price band is ₹171 to ₹180 per share.

It was founded in 2019 and is involved in manufacturing Lithium-ion batteries. Its lithium-ion batteries are very helpful in making electric vehicles such as E-scooters, E-Rickshaws, and E-Cycles.

12. L.K. Mehta Polymers

L.K. Mehta Polymers IPO open date is February 13, 2025, and will close on February 17, 2025. An IPO considered ₹7.38 crores through IPO combining fresh issue ₹7.38 crores, which would be used for the company’s purposes.

Moreover, a share has a face value of ₹10. L.K. Mehta Polymers IPO price band is ₹71 per share.

L.K Mehta was established in 1995 and it is located in Madhya Pradesh, India. Along with 29 years of experience in this field, L.K Mehta Ltd has 20 Indian States and 500+ trusted customers. This has a business of making and selling plastic products.

13. Shanmuga Hospital

Shanmuga Hospital IPO open date is February 13, 2025, and the IPO will close on February 17, 2025. This IPO will raise ₹20.62 crores through new issues with a face value of ₹10 each. It has a price band of ₹54 per share.

Shanmuga Hospital is located in Salem and has a business of providing medical facilities to all the patients, with 29 years of experience, nowadays they have a strong consumer relationship.

14. Quality Power

Quality Power IPO’s open date is February 14, 2025, and the IPO will close on February 18, 2025. The company is to raise around ₹858.70 crores via IPO that comprises fresh issue of ₹225 crores and offer for sale up to 1,49,10,500 equity shares with a face value of ₹10 each. In this IPO The retailers have 10%, QIB is 75%, and HNI is 15%.

Quality Power Ltd is renowned for its high voltage equipment and solutions for grid connectivity and energy transitions, as well as is committed to providing power generation, transmission, distribution, and automation, including renewable energy applications.

15. Tejas Cargo

One of the best companies in terms of providing fast transportation services with the help of Full Truck Load is going to launch an IPO, the opening date is 14th February 2025 to February 18, 2025, moreover, a comparison of fresh issue of ₹105.84 crores and each share has a face value of Rs 10. Tejas Cargo IPO price band is ₹160 to ₹168 per share. This SME IPO is going to be listed on NSE on February 21, 2025.

16. Royalarc Electrodes

Royalarc Electrodes IPO is open for subscription on February 14, 2025, and will close on February 18, 2025. It is coming with ₹36.00 crores through this IPO, which consists of a fresh issue of ₹21.60 crores and an offer for sale of up to 12,00,000 equity shares along with a face value of ₹10. It has a price band set between ₹114 and ₹120 per share.

17. Swasth Foodtech

Swasth Foodtech India is one of the leading firms in terms of spreading out rice bran from crude oil. Moreover, this company has a solid motto regarding customer satisfaction and increased value of this company. However, Swasth Foodtech IPO has decided to launch an IPO, an opening date is February 20, 2025, and the closing date is February 24, 2025.

Swasth Foodtech IPO is going to be listed on the BSE platform, this is an SME IPO.

18. HP Telecom India

HP Telecom India Limited, established in March 2011, provides mobile phones and accessories and also enlarged its geographical reach, companies’ promoters are exploring new product lines such as Mobile like Nokia, Micro Max, Intex, Gionee, and Karbonn Mobiles because promoters are skilled and experienced.

Now, they have decided to launch an IPO, an opening date is February 20, 2025, and the IPO will close on February 24, 2025. Moreover, HP Telecom India IPO is a fully fresh issue of Rs ₹34.23 crores. HP Telecom India’s price band is ₹108 per share.

19. Beezaasan Explotech

Beezaasan Explotech is one of the leading companies in manufacturing and supplying varied types of accessories like slurry, emulsion, and detonating explosives. Moreover, it was founded in 2013 august, and it has decided to launch an SME IPO in February 2025.

Further, This IPO opening date is the 21st of 2025 and the 25th is closing 2025. Beezaasan Explotech price band also announced ₹165 to ₹175.

20. Nukleus Office Solutions

Nukleus Office Solutions Limited focuses on offering co-working and managed office spaces in the Delhi NCR area. Founded in December, the company provides a range of fully furnished and adaptable workspaces, such as dedicated desks, private offices, meeting rooms, startup hubs, and virtual office solutions.

Nukleus Office Solutions Limited’s IPO opening date is 24th February 2025 and the closing date is 27th February 2025. It has a fixed price band set up at Rs234 per share.

21. Shreenath Paper Products

Shreenath Paper Products Limited, founded in 2011 in Maharashtra, is a top manufacturer of paper products. The company supplies a wide range of paper materials, including coated, food-grade, machine-glazed, and adhesive papers, serving many customers across different industries.

Shreenath Paper IPO will open on February 25, 2025, and close on February 28, 2025. This IPO is a Fixed Price Issue fully fresh issue of ₹23.36 crores with a face value of ₹10. Shreenath Paper’s IPO price band is ₹44 per share.

22. Balaji Phosphates

Balaji Phosphates IPO is scheduled to open on February 28, 2025, and close on March 4, 2025., This IPO is an offer for sale of up to 12,18,000 equity shares, each with a face value of ₹10.

BALAJI PHOSPHATES PRIVATE LIMITED is a Private founded in 1996. It is classified as a Non-govt company and is registered at RoC-Kanpur.

23. Arisinfra Solutions

Arisinfra Solutions IPO is to surge around ₹600 crores in fresh issues with a face value of Rs 2 each, and a retail quota is 10%, QIB is 75%, and HNI of 15%. It is going to be listed on both BSE and NSE platforms soon.

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 d assets of ₹492.83 crore and revenue of ₹702.36 crore for the financial year ending March 31, 2024.

24. Vikran Engineering

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

25. Star Agriwarehousing

Star Agriwarehousing IPO includes a fresh issue of ₹450 crores and an offer for sale of up to 26,919,270 equity shares, each with a face value of ₹2.

The allocation will be 35% for retail investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-Worth Individuals (HNIs). Star Agriwarehousing plans to list on the BSE and NSE.

26. Avanse Financial Services

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

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 BSE & NSE.

27. 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.

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 is 50%, and an HNI is 15%. This IPO is proposed to be listed on BSE.

28. 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.

29. Vikram Solar

Vikram Solar IPO is a Book Built Issue, and Vikram Solar IPO issue size is yet to be announced yet, 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, for retailers 35% place, while QIB has 50% and 15% for High Net-worth Individuals (HNIs). Moreover, it has a purpose to get positions on the NSE and BSE stock exchanges.

30. 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 JSW cement IPO 35% place has been reserved for retaillars, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-worth Individuals (HNIs). An IPO shares will be listed on the NSE and BSE stock exchanges.

31. Ather Energy

Ather Energy IPO is a Book Built Issue. The company is to raise around ₹[.] crores via IPO that comprises fresh issues of ₹3,100.00 crores with a face value of ₹1 each.

Financially, it has a revenue of Rs 17836 million in 2023. This firm has 116 experience centers across 92 cities.

The retail quota is 10%, QIB is 75%, and HNI is 15%. Ather Energy IPO to list on BSE, NSE.

32. Prostarm Info Systems

It’s an announcement that Prostarm Info Systems IPO might launched in 2025 and will be also 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 ₹259.23 crores in 2024 which is higher than in 2023 was ₹232.35 crore.

Note: This news article is created only for educational purposes. It is not meant as an approval or recommendation to invest in any securities. Investors should conduct their research and get advice from financial advisors before making any investment decisions.

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.