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 May 2025 | Mainboard & SME IPO Watch List

By Jagat Joshi
May 27, 2025

Good News for eagerly waiting investors! We are about to enter May 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 latest IPO in May 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 May 2025.

It looks like Avanse Financial, Arunaya Organics Ltd., and JSW Cement are some of the IPOs expected to launch with amounts ₹3,500.00 Cr.,₹33.99 crores, and ₹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 May 2025 and ready to shake the stock market in May.

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

Here are the May IPO 2025 details. Let’s find out the current Mainboard and SME IPOs that open this May and in the forthcoming weeks in one place.

Upcoming IPO	Open Date	Close Date	Type of IPO	IPO Size	Price Band
Arunaya Organics	29 April	2nd May	SME	₹33.99 Cr.	₹55 to ₹58
Kenrik Industries	29 April	6 May	SME	₹8.75 Cr.	₹25
Wagons Learning	2 May	6 May	SME	₹38.38 Cr.	₹78 to ₹82
Srigee DLM	5 May	7 May	SME	₹16.98 Cr.	₹94 to ₹99
Manoj Jewellers	5 May	7 May	SME	₹16.20 Cr.	₹54
Virtual Galaxy Infotech	9 May	14 May	SME	₹93.29 Cr.	₹135 to ₹142
Integrity Infrabuild Developers	13 May	15 May	SME	₹12.00 Cr.	₹100
Accretion Pharmaceuticals	14 May	16 May	SME	₹29.75 Cr.	₹96 to ₹101
Borana Weaves	20 May	22 May	Mainboard	₹144.89 Cr.	₹205 to ₹216
Dar Credit & Capital	21 May	23 May	SME	₹25.66 Cr.	₹57 to ₹60
Belrise Industries	21 May	21 May	Mainboard	₹2,150 Cr.	₹85 to ₹90
Unified Data- Tech	21 May	21 May	SME	₹144.47 Cr.	₹260 to ₹273
Leela Hotels	26 May	28 May	Mainboard	₹3,500 Cr.	₹413 to ₹435
Aegis Vopak Terminals	26 May	28 May	Mainboard	₹2,800 Cr.	₹223 to ₹235
Prostarm Info Systems	May 27	29 May	Mainboard	₹168.00 Cr.	₹95 to ₹105
Blue Water Logistics	27 May	29 May	SME	₹40.50 Cr.	₹132 to ₹135
Astonea Labs	27 May	29 May	SME	₹37.67 Cr.	₹128 to ₹135
Nikita Papers	27 May	29 May	SME	₹67.54 Cr.	₹95 to ₹104
Scoda tubes	28 May	30 May	Mainboard	₹220 Cr.	₹130 to ₹140
NR Vandana Textile	28 May	30 May	SME	₹27.89 Cr.	₹42 to ₹45
3B Films	30 May	3 June	SME	₹33.75 Cr.	₹50
Victory Electric Vehicles	TBA	TBA	SME	₹40.66 Cr.	₹72
Aten Papers	TBA	TBA	SME	₹31.68 Cr.	₹91 to ₹96
Tata Capital	TBA	TBA	Mainboard	₹15,000 Cr	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	₹2000 Cr.	TBA
Vikran Engineering	TBA	TBA	Mainboard	₹1,000 Cr.	TBA
Solarworld Energy	TBA	TBA	Mainboard	₹600.00 Cr.	TBA
NSDL	TBA	TBA	Mainboard	TBA	TBA
Arisinfra Solutions	TBA	TBA	Mainboard	TBA	TBA
Paras Healthcare	TBA	TBA	Mainboard	TBA	TBA
Arohan Financial	TBA	TBA	Mainboard	TBA	TBA

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 traditional Indian jewelry. They are experts in handmade gold pieces and stones like diamonds, rubies, and cubic zirconia.

Wagoans Learnings

Wagons Learning IPO is the latest IPO, May 2025, will open on May 2, 2025, and close on May 6, 2025. This is a mixture of fresh issue and OFS, wherein the fresh issue of shares is worth ₹25.26 crores and an offer for sale (OFS) of up to 16,00,000 equity shares, each having a face value of ₹10.

Established in 2013, Wagons Learning Limited is well-known for delivering corporate training, digital education, and skill enhancement services.

Srigee DLM

Srigee DLM IPO is an upcoming IPO May 2025 will open on May 5, 2025, and close on May 7, 2025. It is a book-built issue through which the company aims to raise approximately ₹16.98 crores, entirely through a fresh issue of shares.

Srigee DLM IPO price band range is ₹94 to ₹99 per share, and Srigee DLM IPO listing date is 12 May 2025 on the BSE stock exchange.

Manoj Jewellers

The Manoj Jewellers IPO is scheduled to open on May 5, 2025, and close on May 7, 2025. This is a fixed price issue, through which the company plans to raise approximately ₹16.20 crores, entirely through a fresh issue of shares. The offer also includes an offer for sale (OFS) of an unspecified number of equity shares, each with a face value of ₹10.

Virtual Galaxy Infotech

Virtual Galaxy IPO is the latest IPO, which opened on 9 May 2025 and closed on 14 May 2025. It has a price band range of ₹135 – ₹142. This IPO is a fresh issue with the equity shares of 65,70,000.

Virtual Galaxy Infotech is a technology company that focuses on SaaS-based solutions. It provides core banking software, IT services, ERP implementation, and custom software development.

Integrity Infrabuild Developers

Integrity Infrabuild Developers is launching its IPO from May 13 to May 15, 2025. It is a Fixed Price Issue, and the company aims to raise around ₹12 crore through this public offering. Investors can subscribe to the IPO during these three days.

In 2024, the company generated a revenue of ₹64.63 crores, up from ₹45.23 crores in 2023. Its net profit also increased to ₹0.95 crores in 2024, compared to ₹0.29 crores in the previous year.

Accretion Pharmaceuticals

Accretion Pharmaceuticals is an SME IPO that is opening on May 14, 2025, and closes on May 16, 2025. Accretion Pharmaceuticals has decided price range of ₹96 to ₹101.

Jawa Capital Services Private Limited is the book-running lead manager of the Accretion Pharmaceuticals IPO, while Kfin Technologies Limited is the registrar for the issue.

Accretion Pharmaceuticals was founded in 2012 and is involved in manufacturing and selling tablets, capsules, and other healthcare products.

Borana Weaves

The upcoming Mainboard IPO is coming on 20th May 2025 and closing on 22nd May 2025. As per the sources, Borana Weaves Limited is launching 70,00,000 equity shares via Fresh Issue along with a face value of ₹10.

Borana Weaves Ltd. is a reputable textile manufacturer, offering a streamlined process that takes materials from fibre to finished fabric all in one location.

Dar Credit & Capital

The Dar credit & credential IPO is opening on 21 May 2025, and the closing date is 23rd May 2025. Moreover, the total IPO size is ₹ 25.66 crore, wherein 42,76,000 shares are included. Dar Credit & Capital IPO entirely consists fresh issue of ₹ ₹25.66 crore along with the face value of ₹10 per share.

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.

Belrise Industries

Belrise Industries IPO is opening on 21st May and closing on 23rd May 2025. Belrise Industries’ IPO has a price and range of ₹85 to ₹90 per share. Moreover, this company is going to raise around ₹2,150 crores, wherein the IPO will be an entirely fresh issue of ₹2,150 crores.

Additionally, the Belrise Industries is the latest May 2025 IPO, and it might be an opportunity to earn a profit.

Unified Data- Tech

Unified Data Tech Solutions Ltd is one of the leading companies in IT services. It is now going to launch an IPO, opening on 22 May 2025, and the closing date is 26 May 2025. Moreover, it has set the price band ₹260- ₹273, and its issue size is ₹144.47 Cr.

Founded in 2010, Unified Data-Tech Solutions Private Limited (UDTechs) is an IT services company based in Mumbai, focused on providing tailored and innovative technology solutions.

Leela Hotels

Leela Hotels IPO is opening on 26 May and will close on 28 May 2025. Leela Hotels has set a price band for its IPO is ₹413 to ₹435 per share. Wherein the fresh issue is 5.75 crore shares, and OFS would be 2.30 crore shares.

In 2024, the company recorded a revenue of ₹1,226.5 crores, up from ₹903.27 crores in 2023. The net loss also narrowed significantly to ₹2.13 crores in 2024, compared to a loss of ₹61.68 crores in the previous year.

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

Aegis Vopak Terminals

Aegis Vopak terminals is an upcoming May 2025 IPO, which will open on May 26 and close on May 28, 2025. Aegis Vopak company will earn around ₹2,800 crores via a fresh issue with a face value of ₹10 each.

This IPO is going to be listed on the BSE and NSE platforms.

The Aegis Vopak Terminals IPO is set to be listed on the BSE and NSE on June 2, 2025. The share allotment for the IPO will take place on May 29, 2025.

Aegis Vopak Terminals Limited, founded in 2013, is a company that runs storage terminals for liquefied petroleum gas (LPG) and other liquid products.

Prostarm Info Systems

Prostarm Info Systems IPO is considering the latest in May 2025, opening on May 27, 2025, and the IPO will close on May 29, 2025.

Prostarm Info Systems company is going to raise ₹168.00 crores via a fresh issue with the face value of 10 each. This IPO price band range is ₹95 to ₹105 per share.

Prostarm Info Systems is one of the leading companies in terms of designing, making, and selling energy storage and power conditioning equipment.

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.

Blue Water Logistics

Blue Water Logistics is one of the leading companies in terms of Supply Chain Management and operates extensively across states in India.

Blue Water Logistics IPO is the latest Mainboard May 2025 IPO, which is opening on 27th May 2025, and it will close on 29th May 2025. This IPO has consisted of a fresh issue of ₹40.5 crore with a face value of ₹10 per share.

Astonea Labs

Astonea Labs IPO is opening on May 27, 2025, to May 29, 2025, intending to raise ₹37.67 via a fresh issue. The price band range is ₹128 to ₹135 per share.

Founded in 2017, Astonea Labs Ltd. specializes in contract manufacturing of pharmaceutical and cosmetic products for clients in India as well as abroad.

Nikita Papers

The Nikita Papers IPO is scheduled to open on May 27, 2025, and will close on May 29, 2025. It is a Book Build Issue, aiming to raise approximately ₹67.54 crores. The IPO includes a fresh issue worth ₹67.54 crores with a face value of ₹10 each.

In 2024, the company posted a revenue of ₹346.78 crores, down from ₹401.31 crores in 2023. However, its profit increased to ₹16.60 crores in 2024, compared to ₹8.65 crores in the previous year.

Scoda Tubes

Scoda Tubes IPO is opening on 28 May 2025 and it will be closed on 30 May 2025. This IPO has a band range of ₹130 to ₹140 per share.

It also has pre-IPO investors, Malabar India Fund Limited, and Carnelian Bharat Amritkaal Fund invested ₹550 Million.

Neptune Petrochemical

Neptune Petrochemicals IPO is scheduled to open on May 28, 2025, and will close on May 30, 2025. The company wants to earn around ₹73.20 crores via a fresh issue with a face value of ₹10. The Neptune Petrochemicals IPO price band is ₹115 to ₹122 per share.

Neptune Petrochemicals manufactures and trades bitumen products, including bitumen emulsions, micro-surfacing emulsions, and similar materials.

NR Vandana Textile

NR Vandana Textile IPO is opening on May 28 and will close on May 30, 2025. Moreover, this company wants to earn around ₹27.89 crores via a fresh issue of ₹27.89 crores along with the face value of ₹10 each. Its price band is ₹42 to ₹45 per share.

Marwadi Chandarana Intermediaries Brokers Pvt. Ltd is the lead manager of this IPO.

N R Vandana Textile Industries Ltd, started in 1992, is a well-known company that designs, makes, and sells cotton products in bulk.

3B Films

3B Films IPO is opening on 30 May and will close on 3 June 2025. 3B Films has set a price band of ₹50 per share. This company has the aim to raise ₹33.75 crores, wherein the fresh issue of ₹17.76 crores and offer for sale up to 31,98,000 equity shares with a face value of ₹10 each.

3B Films Private Limited is a private company that was set up on September 3, 2014, and began with the goal of improving the CPP films industry by using advanced technology and focusing on producing high-quality Cast Polypropylene (CPP) and Cast Polyethylene (CPE) films.

Victory Electric Vehicles

Founded in October 2018, Victory Electric Vehicles International Limited specializes in the design, production, and distribution of electric vehicles.

This IPO price range is ₹72 per share, and it consists fresh issue of ₹40.66 Cr, wherein 56,47,000 shares.

Aten Papers

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.

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 capitalization stands at ₹31,460.16 crore.

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 Companies).

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 quota of 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% of 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 and-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.

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.

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.

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

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.

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.