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 – 14 IPOs Open for Investment and 8 IPOs Scheduled for Listing

By Jagat Joshi
September 6, 2024

The Indian primary market has been vibrating this week as investors eagerly anticipate an abundant number of new initial public offerings (IPOs) and listings. Eight companies are scheduled to list on the exchanges, and fourteen more are preparing to launch their initial public offerings (IPOs). 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.

The upcoming IPOs this week in India – check out Mainline and SME upcoming IPOs this week that are open, and scheduled for listing. Read on!

This upcoming week is going to be a big blast for investors as 14 new IPOs are going to be launched. Out of these 14 IPOs, 4 are mainline IPOs and the rest of them are listed on the SME platform. All these IPOs coming from different industries allow investors to invest in their preferred sectors.

Also if look back on this week Premier Energies Limited which comes under mainline and Jay Bee Laminations Limited which comes under the SME platform gave great returns to their investors. In the upcoming week, there are also 8 IPOs that are going to be listed.

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

New IPO Opening This Week:

The upcoming IPOs that opened this week are as follows:

Kross

The IPO of Kross Limited will open for subscription on September 9, 2024, and will close on September 11, 2024. The company is aiming to raise around ₹500.00 crores via this IPO. It is a mainline IPO and the price band is fixed at ₹228 to ₹240 per share.

KFin Technologies Limited is serving as the registrar for this offering while Equirus Capital Private Limited is the book-running lead manager for this offering.

Bajaj Housing Finance

Bajaj Housing Finance’s IPO will open to the public on September 9, 2024. It will open till September 11, 2024. This is a mainline IPO and is planning to raise Approximately ₹6,560 Crores. The price band for this IPO is ₹66 to ₹70 Per Share

The book-running lead managers for this IPO are Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited, JM Financial Limited, and IIFL Securities Limited. The registrar for this offering is KFin Technologies Limited. It has a GMP of around 50₹ with the listing gain of 70-75%.

Tolins Tyres

The IPO of Tolins Tyres will open on September 9, 2024. This mainline IPO will close on September 11, 2024. The company is planning to raise around ₹230 Crores through this IPO and price band is set at ₹215 to ₹226 Per Share.

Saffron Capital Advisors Private Limited is the book-running lead manager for this IPO while Cameo Corporate Services Limited is serving as the registrar for this. Currently, the grey market premium of Tolins Tyres is around ₹25 with a listing of 10-15%

Aditya Ultra Steel

Aditya Ultra Steel’s IPO will open on September 9, 2024. It will be listed on the NSE SME platform and the IPO will close on September 11, 2024. Aditya Ultra Steel will raise around Approx ₹45.88 crore through only fresh issues and the price band is also set at ₹59 to ₹62 Per Share.

The book-running lead manager of this IPO is Swastika Investment Limited while Cameo Corporate Services Limited is serving as the registrar for this offering.

Shubhshree Biofuels

The IPO of Shubhshree Biofuels will start for subscription on September 9, 2024, and will end on September 11, 2024. The company is aiming to raise Approx ₹16.56 Crores via only fresh issues. It is an NSE SME IPO with a price band of ₹113 to ₹119 Per Share.

Hem Securities Limited is the book-running lead manager for this IPO while Bigshare Services Pvt Ltd is serving as the registrar for it.

Share Samadhan will launch its IPO on the BSE SME platform. It will open on September 9, 2024, and will close on September 11, 2024. The company plans to raise Approximately ₹24.06 Crores through this IPO and the price band is fixed at ₹70 to ₹74 Per Share.

The registrar for this offering is Skyline Financial Services Private Ltd while book-running lead manager is Narnolia Financial Services Ltd.

Gajanand International

Gajanand International is all set to launch its IPO on September 9, 2024. It will be launched on the NSE SME platform. The IPO will close on September 11, 2024. Through this IPO the company is planning to raise Approximately ₹20.65 Crores at a fixed price band of ₹36 Per Share.

The book-running lead manager of this IPO is Fast Track Finsec Pvt Ltd while Skyline Financial Services Private Ltd is serving as the registrar for this offering.

P N Gadgil Jewellers

The Opening date of P N Gadgil Jewellers’ IPO is September 10, 2024, and it will close on September 12, 2024. It will be a mainline IPO. The issue size for this is around ₹1,100 Crores through fresh issues and OFS both. The Price band is also fixed at ₹456 to ₹480 Per Share.

The book-running lead managers of P N Gadgil Jewellers’ IPO are Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and Bob Capital Markets Limited while Bigshare Services Pvt Ltd is the Lead Manager for it. Right now the IPO has a GMP of around ₹180 while the listing gain is 35-40%.

SPP Polymer

SPP Polymer will launch its IPO on September 10, 2024, and the closing date of the IPO is September 12, 2024. It will be listed on the NSE SME platform. SPP Polymer is planning to raise Approx ₹24.49 Crores through this IPO. The price band of this IPO is fixed at ₹59 Per Share.

The registrar for this IPO is KFin Technologies Limited while Interactive Financial Services Ltd is serving as the book-running lead manager for it.

Trafiksol ITS

The IPO of Trafiksol ITS will open on September 10, 2024, and will close on September 12, 2024. It will be listed on the BSE SME platform. Trafiksol ITS is planning to raise approx ₹44.87 Crores through only fresh issues. The price band of it is ₹66 to ₹70 Per Share.

Maashitla Securities Pvt. Limited is the Registrar of the IPO while Ekadrisht Capital Private Limited is the book-running lead manager of it.

Excellent Wires

Excellent Wires will launch its IPO on September 11, 2024, and the closing date for the IPO is September 13, 2024. It is an NSE SME IPO with a fixed price band of ₹90 Per Share. The company is planning to raise Approx ₹12.60 Crores through this IPO.

Inventure Merchant Banker Services Pvt Ltd is the book-running lead manager for this offering while Bigshare Services Pvt Ltd is the registrar for it.

Innomet Advanced Materials

The Opening date of Innomet Advanced Materials’ IPO is September 11, 2024, and it will close on September 13, 2024. It will be listed on the NSE SME platform. The issue size for this is around Approx ₹34.24 Crores through only fresh issues. The Price band is also fixed at ₹100 Per Share.

The book-running lead manager of Innomet Advanced Materials’ IPO is Expert Global Consultants Private Limited while Skyline Financial Services Private Ltd is the Lead Manager for it.

Envirotech Systems Limited

The IPO of Envirotech Systems Limited will open on September 13, 2024, and will close on September 17, 2024. It will be listed on the NSE SME platform. Envirotech Systems Limited is planning to raise approx ₹30.24 Crores through only fresh issues. The price band of it is ₹53 to ₹56 Per Share.

Bigshare Services Pvt Ltd is the Registrar of the IPO while Share India Capital Services Private Limited is the book-running lead manager of it.

Deccan Transcon

The opening date of Deccan Transcon’s IPO is September 13, 2024, and the IPO will close on September 18, 2024. The company is selling 5,00,000 equity shares in OFS.

Unistone Capital Private Limited is the book-running lead manager while Link Intime India Pvt Ltd is serving as the registrar for this IPO.

IPO Listing This Week

There are 8 IPOs listing this week, which is as follows:

Jeyyam Global Foods

Jeyyam Global Foods’ allotment was finalized on 5 Sep 2024 and the listing will happen on Monday 9 Sep 2024. The IPO will be listed on the NSE SME platform. Currently, its GMP is around ₹25 with a listing gain of 40-45%.

Gala Precision Engineering

The allotment of Gala Precision Engineering IPO was already finalized on 5 Sep 2024 and it is a mainline IPO. The listing of this IPO will tentatively be scheduled on 9 Sep 2024. The grey market premium of Gala Precision Engineering is currently ₹290-₹300 and the listing gain is around 55%.

Naturewings Holidays

Naturewings Holidays is a BSE SME IPO and the allotment of this IPO was done on September 6, 2024, while listing for this IPO will approximately happen on September 10, 2024. Right now it has a listing gain of 40-45 % with the GMP around ₹30.

Namo eWaste

The allotment of Namo eWaste will happen on September 9, 2024. It is the NSE SME IPO and will be listed for trading on September 10, 2024. The grey market premium of Namo eWaste is currently around ₹50-55 with a listing gain of 55-60%.

Mach Conferences

The allotment date for Mach Conferences is confirmed on September 9, 2024. This IPO will be listed on the BSE SME platform and the listing date is tentatively fixed at September 11, 2024. The IPO has a listing gain of 85-90% with a GMP of around ₹200.

Shree Tirupati Balajee Agro

Shree Tirupati Balajee Agro’s allotment will happen on September 10, 2024, and it is a mainline IPO. The listing for it will also occur on September 12, 2024. Currently, its GMP is around ₹30 with a listing gain of 35-40%.

My Mudra Fincorp

The allotment date of My Mudra Fincorp IPO is confirmed and the shares will be allotted on September 10, 2024. It is an NSE SME IPO which will be listed on September 10, 2024. Currently, My Mudra Fincorp IPO has a GMP of around ₹40 with a listing gain of 35-40%.

Vision Infra Equipment

Vision Infra Equipment’s IPO allotment date is fixed at September 11, 2024. The listing of this IPO will happen on 13 September 2024. It will be listed on the NSE SME platform.

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 own research and get advice from financial advisors before making any investment decisions. Please keep in mind that Grey Market Premium (GMP) values also change on a daily basis 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.