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 IPOs This Week – 10 IPOs are Open for Investment, and 6 IPOs are Scheduled for Listing

By Jagat Joshi
May 27, 2025

Upcoming IPOs This week, the Indian primary market has been vibrating as investors eagerly anticipate an abundance of new initial public offerings (IPOs) and listings. 6 companies will be listed on the stock exchange, and 9 firms are planning for an IPO.

The recent spike in initial public offerings (IPOs) highlights how active and dynamic our financial environment is, providing market participants with an abundance of investment options.

For the upcoming IPOs this week in India, check out Mainboard and SME Upcoming IPOs this week that are open and scheduled for listing. Read on!

This Upcoming week is going to be a big movement for investors. These IPOs come from various industries, and investors have the opportunity to choose investments in their preferred sectors. The upcoming SME IPOs are 6.

The following is a detailed overview of the IPOs that will open and list this week.

The ten new IPOs are opening this week, along with fresh opportunities for investors.

The Upcoming IPOs that opened this week are as follows:

Leela Hotels

Leela Hotels IPO (Schloss Bangalore) is opening on May 26, 2025, and will close on May 28, 2025, to raise around ₹3,500 crores, wherein a fresh issue of ₹2,500 crores and offer for sale up to 2,29,88,505 equity shares with a face value of ₹10 each.

Leela Hotels’ IPO registrar is Kfin Technologies Limited.

Leela Hotels IPO Lead Managers are Axis Capital Limited, Citigroup Global Markets India Private Limited, Iifl Securities Ltd, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Jm Financial Limited, Bofa Securities India Limited, Morgan Stanley India Company Pvt Ltd, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited.

Aegis Vopak Terminals

Aegis Vopak terminals IPO is opening on May 26, 2025 and will close on May 28, 2025. It is going to raise around ₹2,800 crores via fresh issue with the face value of ₹10 each.

Aegis Vopak Terminals has asisigned MUFG Intime India Private Ltd as a IPO registrar.

Aegis Vopak terminals IPO’s lead managers are ICICI Securities Limited, Iifl Securities Ltd, Jefferies India Private Limited, Hdfc Bank Limited, Bnp Paribas.

Blue Water Logistics

Blue Water Logistics IPO will open on May 27, 2025, and close on May 29, 2025. The company plans to raise about ₹40.50 crores through a fresh issue with a face value of ₹10 each.

Maashitla Securities Private Limited is IPO registrar of Blue Water Logistics IPO and Smart Horizon Capital Advisors Private Limited is lead manager.

Prostarm Info Systems

Prostarm Info Systems IPO will open on May 27, 2025, and close on May 29, 2025. It is a Book Built Issue. The company aims to raise about ₹168 crores through the IPO, which includes a fresh issue of ₹168 crores with a face value of ₹10.

Prostarm Info Systems selected KFin Technologies Limited as a IPO registrar.

Choice Capital Advisors Private Limited is a lead manager of the IPO.

Nikita Papers

Nikita Papers IPO is opening on 27 May 2025 and will close on 29 May 2025. Moreover, a company’s goal is to earn around ₹67.54 crores, which is entirely fresh issue with the face value of ₹10 each.

Skyline financial Service Private Ltd is IPO registrar and fast Track Finsec Pvt Ltd is lead manager.

Astonea Labs

Astonea Labs IPO is opening on 27 May 2025 and close on May 29, 2025. The company plans to raise ₹37.67 crores through its IPO, which includes a a fresh issue worth ₹37.67 crores with a face value of ₹10 each.

KFin Technologies Limited is IPO registrar and Oneview Corporate Advisors Pvt. Ltd is a IPO lead manager.

Neptune Petrochemicals

Neptune Petrochemicals’ IPO will open on May 28, 2025, and close on May 30, 2025. The company plans to raise about ₹73.20 crores through the IPO, which includes a fresh issue of ₹73.20 crores with a face value of ₹10 each.

MUFG Intime India Private Limited is a IPO registrar and lead manager is Beeline Capital Advisors Pvt Ltd.

NR Vandana textile

NR vandana textile IPO is opening on May 28, 2025 and will close on 30 May 2025. A company has goal to raise ₹27.89 crores,wherein the entirely fresh issue of ₹27.89 crores with the face value of ₹10 each.

Cameo Corrporate Services Limited is IPO registrar and Marwadi Chandarana Intermediaries Brokers Pvt. Ltd is lead manager.

Scoda Tubes

Scoda Tubes IPO is opening on May 28, 2025 and close on May 30 2025.

Scoda Tubes IPO is going to raise around ₹220 crores which comprises a fresh issue of ₹220 crores with a face value of ₹10 each.

MUFG Intime India Private Ltd is IPO registrar and Monarch Networth Capital Ltd lead manager.

3B Films

3B Films IPO is opening on 30 May and will close on June 3, 2025. This IPO ₹33.75 crores via IPO that comprises a fresh issue of ₹17.76 crores and an offer for sale up to 31,98,000 equity shares with a face value of ₹10 each.

Maashitla Securities Private Limited is the IPO registrar, and Nirbhay Capital Services Private Limited is the lead manager.

This week, the IPO’s listing

There are 6 IPOs listed this week, which are as follows:

Borana Weaves

The Borana Weaves IPO is scheduled to open on May 20, 2025, and will close on May 22, 2025. The Share allotment is set to be finalized on May 23, 2025, with the IPO to be listed on May 27, 2025.

Dar Credit

The Dar Credit IPO will open on May 21, 2025, and close on May 23, 2025. The allotment finalized on May 26, 2025, with the IPO to list on May 28, 2025.

Belrise Industries

The Belrise Industries IPO opens on May 21 and concludes on May 23. Share allotment is set to be finalized on May 26, with the IPO listing scheduled for May 28.

Unified Data- Tech

The Unified Data-Tech IPO opens on May 22 and closes on May 26. The allotment of shares will be finalized on May 27, with the IPO scheduled to be listed on May 29.

Leela Hotels

Leela Hotels IPO was opened on May 26 and closed on 28 May, 2025. Moreover, it’s allotment on May 29, 2025 and the IPO listing on June 2, 2025.

Aegis Vopak Terminals

Aegis Vopak Terminals IPO subscription duration was 26 to 28 May 2025. Aegis Vopak Terminals IPO allotment is finalised on May 29 and Aegis Vopak Terminals IPO listing on June 2.

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. Please keep in mind that Grey Market Premium (GMP) values also change daily depending on market conditions and premiums.

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.