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.

Zomato IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
May 5, 2021

Zomato IPO date is announced, the IPO to hit the market on 14 July and closes on 16 July 2021. The Zomato IPO to raise ₹9375 Crores via IPO. SEBI clears Zomato IPO application on 20 July. Their listed company Naukri aka Info Edge (India) Ltd is their existing share holder and they will sell their stake of ₹375 crores via Zomato IPO.

Zomato Limited is planning to raise around ₹9375 crores via IPO. Zomato filed the DRHP with SEBI in April 2021 and cleared by SEBI on 2nd July 2021. The most awaited Zomato IPO to hit the market on 14 July 2021 as confirmed. The Zomato is one of the biggest startup success stories in India. Zomato is an Indian multinational restaurant aggregator and food delivery company founded by Pankaj Chaddah and Deepinder Goyal in 2008. As per the unlisted numbers the company has a valuations of around 53000 crores. The company looks good with the valuations but the financial results looks bit a worry but the coming years might give more revenues and the loss might be narrowed. The retail portion of the IPO is 10% while QIB is 75% and NII is 15%. Zomato IPO to list on NSE and BSE both the indices. Check out for Zomato IPO details.

How to apply in Share Holder Quota:

If you want to apply Zomato IPO in the share holder quota, you should buy at least 1 share of Info Edge (India) Ltd aka Naukri. It should be in your Demat account when the company announce their IPO date or file the DRHP. Info Edge, One of the biggest share holder of Zomato reduced their offer for sale from ₹750 crore to ₹375 crores that is 50% off what was offered in DRHP.

Important Details:
Equity Shares outstanding prior to the Issue = 6,66,09,69,150 Shares
Fresh Issue of 1,18,42,10,526 Shares @76/- = ₹9,000 Crores
Offer for Sale of 4,93,42,105 Shares @76/- = ₹375 Crores
Equity Shares outstanding after the Issue = 7,84,51,79,676 Shares

Category-wise Break up:
Anchor: 55,21,73,684 Shares = 4,196.52 Crores
QIB: 24,54,10,526 Shares = 2,797.68 Crores
NII: 18,40,57,895 Shares = 1,398.84 Crores
RII: 42,94,68,421 Shares = 932.56 Crores (Lot size: 195 = 6,29,258 Forms)
Empl.: 65,00,000 Shares = 49.40 Crores (Discount @??)
Total Issue: 1,23,35,52,631 Shares = 9,375.00 Crores.

Subscription required for 1X
RII = 6,29,258 Forms
NII = 1,398,84 Crores

Zomato IPO: Financial Information:
EPS for FY18-19: ₹(2.57) (Page #121 of RHP)
EPS for FY19-20: ₹(5.42) (Page #121 of RHP)
EPS for FY20-21: ₹(1.51) (Page #121 of RHP)

RoNW for FY18-19: (37.16)% (Page #122 of RHP)
RoNW for FY19-20: (113.64)% (Page #122 of RHP)
RoNW for FY20-21: (10.04)% (Page #122 of RHP)

NAV as on March 31, 2021 was ₹15.09 (Page #122 of RHP)

Subscription Estimates:
NII = 60K Crores = 42.89X
RII = 30L Forms = 4.77X Application wise

Zomato IPO Review

Apply with Long Term Gain

Brokerage Firm IPO Review & Recommendations

Axis Capital: Neutral
Capital Market: May Subscribe
Choice Broking: May Subscribe
GEPL Capital: Subscribe
ICICI Securities: Neutral
KR Choksey: Subscribe
Religare Broking: Neutral
Sharekhan: Neutral
Ventura Securities: Subscribe
YES Securities: Subscribe
Arihant Capital: Subscribe
Motilal Oswal: Subscribe for Listing Gain

Zomato IPO Date & Price Band

IPO Open:	14 July 2021
IPO Close:	16 July 2021
IPO Size:	Approx ₹9375 Crores
Fresh Issue:	Approx ₹9000 Crores
Offer for Sale:	Approx ₹375 Crores
Face Value:	₹1 Per Equity Share
Price Band:	₹72 to ₹76 Per Share
Listing on:	BSE & NSE
Retail Portion:	10%
Equity:	– Shares

Zomato IPO Market Lot

The Zomato IPO minimum market lot is 195 shares with ₹14,820 application amount. The retail investors can apply up-to 13 lots with 2535 shares or ₹192,660 amount.

Minimum Lot Size:	Minimum 195 Shares
Minimum Amount:	₹14,820
Maximum Lot Size:	Maximum 2535 Shares
Maximum Amount:	₹192,660

Zomato IPO Allotment & Listing

The Zomato IPO date is 14 July 2021 and the close date is 16 July 2021. The allotment will be finalized on 22 July 2021 and the IPO may list on 23 July 2021.

Basis of Allotment:	22 July 2021
Refunds:	22 July 2021
Credit to Demat Account:	22 July 2021
Listing Date:	23 July 2021

Zomato IPO Form

How to apply the Zomato IPO? You can apply Zomato IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Zomato IPO in the Invest section. The other option you can apply Zomato IPO via IPO forms download via NSE and BSE. Check out the Zomato forms – click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Zomato Company Financial Report

As per the DRHP the company reported ₹682 crore loss in nine months ending December 2020. The company shown a significant increase in the revenues in the pandemic with revenue increased almost three times. The loss is narrowed but the company valuations looks good and one should apply the Zomato IPO with short term and long term goals.

₹ in Crores
	Revenue	Expense	PAT
2018	₹466	₹-	-₹106.91
2019	₹1313	₹-	-₹1010.23
2020	₹2605	₹-	-₹2385.60
2021 – 9M	₹6330	₹-	-₹682.19

Company Promoters

COMPANY IS A PROFESSIONALLY MANAGED COMPANY AND DOES NOT HAVE AN IDENTIFIABLE PROMOTER

About Zomato

Launched in 2010, Our technology platform connects customers, restaurant partners and delivery partners, serving their multiple needs. Customers use our platform to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, we provide restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. We also operate a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners. We also provide our delivery partners with transparent and flexible earning opportunities.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Zomato IPO Registrar

Link Intime India Private Limited
C-101, 247 Park, 1stFloor
L.B.S. Marg, Vikhroli WestMumbai 400 083
Tel:+91 22 4918 6200
E-mail: zomato.ipo@linkintime.co.in
Investor Grievance e-mail: zomato.ipo@linkintime.co.in
Website: www.linkintime.co.in
SEBI Registration No.:INR00000405

Note: Check Zomato IPO allotment status on Linkintime website allotment URL. Click Here

Zomato IPO Lead Managers

Kotak Mahindra Capital Company Limited
Morgan Stanley India Company Private Limited
Credit Suisse Securities (India) Private Limited
BofA Securities India Limited
Citigroup Global Markets India Private Limited

Company Address

Zomato Limited
Ground Floor, 12A, 94 Meghdoot,
Nehru Place, New Delhi 110019
Tel:+91 011 40592373
Contact Person:Sandhya Sethia
Company Secretary and Compliance Officer
E-mail: companysecretary@zomato.com
Website:www.zomato.com
Corporate Identity Number: U93030DL2010PLC198141OUR

Zomato IPO FAQs

What is Zomato IPO?

Zomato IPO is a main-board IPO. They are going to raise ₹9375 Crores via IPO. The issue is priced at ₹72 to ₹76 per equity share. The IPO to list on BSE & NSE.

When Zomato IPO will open?

The IPO is to open on 14 July 2021 for QIB, NII, and Retail Investors.

What is Zomato IPO Investors Portion?

The investors’ portion for QIB 75%, NII 15%, and Retail 10%.

How to Apply the Zomato IPO?

You can apply Zomato IPO via ASBA online via your bank account. You can also apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Zomato IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Zomato”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Zerodha.

How to Apply the Zomato IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Zomato”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

What is Zomato IPO Size?

Zomato IPO size is ₹9375 crores.

What is Zomato IPO Price Band?

Zomato IPO Price Band is ₹72 to ₹76.

What is Zomato IPO Minimum and Maximum Lot Size?

The minimum bid is 195 Shares with ₹14,820 amount while maximum bid is 2535 shares with ₹192,660.

What is Zomato IPO Allotment Date?

Zomato IPO allotment date is 22 July 2021.

What is Zomato IPO Listing Date?

Zomato IPO listing date is 23 July 2021. The IPO to list on BSE and NSE.

Note: The Zomato IPO price band and date added as it will be officially announced. The IPO grey market premium (Zomato IPO GMP) added on the IPO grey market page as it will start)

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.