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.

The IPO market is set to be exciting with the Popular Upcoming IPOs in December 2024 & January 2025. 16 companies are in Que to launch their IPO.

By Jagat Joshi
December 9, 2024

Investors should be ready for an exciting IPO season. As 16 companies are set to launch their IPOs in the stock market, including both mainboard and SME listings. Among the companies planning to launch their IPOs are Vishal Mega Mart, Mobikwik, and LG India. The primary objective behind these IPOs is to raise approximately ₹22,000 crore in funding.

So, today we are describing here Detailed info on Upcoming IPOs in December 2024 and early January 2025.

Following are the IPOs that will be in the Mainboard segment

1. LG Electronics India:

LG Electronics, one of the largest South Korean companies filed a red draft herring prospectus to SEBI to launch an IPO.

2. Vishal Mega Mart IPO:

The company filed the DRHP to raise around 8000 crore through an IPO. The Vishal Mega Mart IPO will be open on 11 December and close on December 13. This issue is entirely an offer for sale up to 1,025,641,025 equity shares with a face value of ₹10 each. The price range of Vishal Mega Mart is fixed at ₹74 to ₹78 per share. The listing on this issue will be on December 18, on BSE and NSE.

3. Mobikwik IPO:

Mobikwik will be going to raise funds of ₹572 crore through an IPO. The Mobikwik IPO opening date will be on 11 December and the closing date will be on 13 December 2024. The price band of Mobikwik is set at ₹265 to ₹279 per share. The IPO minimum market lot size is 53 shares with ₹14,787 application amount. The IPO will be listed on BSE & NSE on December 18, 2024.

4. Sai Life Sciences IPO:

The size of this IPO will be around ₹3,042.62 crores. The IPO will be open on December 11 and will close on December 13. Sai Life Sciences IPO to list on BSE, and NSE on December 18, 2024. The price range of the IPO is fixed at ₹522 to ₹549 per share and the lot size of the IPO will be 27 shares.

5. Inventurus Knowledge Solutions IPO:

The open date of Inventurus Knowledge Solutions IPO is December 12 and closes on December 16, 2024. This issue comprises entirely an Offer for sale of up to 1,87,95,510 equity shares. The listing of the IPO will be on 19 December on BSE and NSE.

6. International Gemological Institute IPO:

The World’s second-largest company to provide services related to the certification and accreditation of various types of diamonds, the International Gemological Institute IPO‘s opening date will be December 13. The company decided to raise around ₹4225 crores through an IPO. This IPO will be closed on 17 December. This IPO will be listed on BSE and NSE on 20th December.

7. Avanse Financial Services IPO:

The company is ready to launch an IPO by raising funds of ₹3500 crore. The Avanse Financial IPO comprises a fresh issue of approximately ₹1,000.00 crores and offers for sale for up to ₹2500 crore equity shares.

8. Manjushree Technopack IPO:

Manjushree Technopack, a packaging solutions provider filed a Drhp to SEBI and asked permission to launch an IPO. This year on 20 August, Manjushree Technopack filed for a DRHP. Through this IPO, the company has decided to raise around ₹3000 crore of funds. The opening and closing date of the IPO is not declared yet.

9. Canara Robeco AMC IPO and Canara HSBC Life IPO:

Canara Bank India’s leading public sector asked for permission from RBI to launch an IPO for its two subsidiaries, Canara Robeco Asset Management and Canara HSBC Life Insurance. The Bank decided to sell 13% of ownership to Canara Robeco Asset Management and 14.5% of ownership to Canara HSBC Life Insurance.

10. Ecom Express IPO:

Haryana-based Ecom Express Private Limited has been approved for 2600 crores via IPO, where in fresh issue combined up to 1,284.50 crores and OFS(Offer for sale) value at 1,315.50. The opening and closing date of this IPO is not announced yet.

Following IPOs of the SME Segment

1. Dhanlaxmi Crop Science IPO:

The ₹23.80 crore size of this IPO open date is 9th December and will close on 11th December. The IPO is scheduled to be listed on the NSE SME on the 16th of December. The price range of Dhanlaxmi Crop Science IPO is fixed at ₹52 to ₹55 per share and the lot size of the IPO will be 2000 shares respectively.

2. Toss the Coin IPO:

10th December is the opening and 12th December is the closing date of this Toss the Coin IPO. The size of the IPO will be around ₹9.17 crores, while the cost ranges from ₹172 to ₹182 per share and the lot size of the IPO is 600 shares. After the closing of the IPO, the listing will take place on 17th December on BSE SME.

3. Jungle Camps India IPO:

The opening date of Jungle Camps India IPO is also on 10th December and the closing date is on 12th December. The shares will be listed on BSE SME on 17th December. The price band of the IPO will be ₹68 to ₹72 per share. The lot size of the IPO will be 1600 shares. Through this IPO the company decided to raise ₹29.42 crores.

4. Supreme Facility Management IPO:

The company wanted to raise 50 crore funds through its public issue. This IPO will be open on 11 December and will close on 13 December. The listing of their shares will be at NSE SME on 18th December. The price range of Supreme facility management IPO is set at ₹72 to ₹76 per share while the lot size of the IPO will be 1600 shares.

5. Purple United States IPO:

Purple United States IPO will be open on 11 December and close on 13 December. The company will raise around ₹32.81 crores via IPO. The listing of this IPO will be at NSE SME on 18th December. The price band of Purple United States IPO will be set at ₹121 to ₹126 per share.

6. Yash High Voltage IPO:

The opening date of Yash High Voltage IPO is 12th December and the closing date will be on 16th December. The company is about to raise around ₹110.01 crores through an IPO and offer for sale up to 11,30,000 equity shares. Yash Highvoltage IPO to be listed on BSE SME on December 19.

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.