Q-Line Biotech IPO

ListedSMEHealth CareNSE Emerge

Price band: ₹326 – ₹343
Issue size: ₹214 Cr
Lot size: 400 sh
Bidding: 21 – 25 May
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

71Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Q-Line Biotech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2010 · Lucknow, Uttar Pradesh · 362 employees

Q-Line Biotech makes in-vitro diagnostic (IVD) reagents and supplies the instruments pathology labs run them on. From Lucknow, Uttar Pradesh, it manufactures reagent formulations across clinical chemistry, haematology, immunodiagnostics and molecular diagnostics, plus point-of-care devices and rapid test kits, and it manufactures, imports and distributes diagnostic equipment and consumables. Customers are diagnostic service providers, hospitals and medical colleges, reached mainly through distributors — 283 of them as of 31 December 2025. Some instruments are built in India under technical collaborations with European partners, including the Selectra Pro M clinical chemistry analyser. The company has supplied diagnostic equipment since 2013 and had 362 permanent employees and 223 contract staff as of 31 March 2026, 19 of them in R&D.

Revenue splits between reagents, made in-house and recurring with test volumes, and instruments, largely bought in and resold. In FY25 reagents were Rs 176.40 Cr of standalone revenue (56.27%) and instruments Rs 114.94 Cr (36.64%). The mix shows in costs: FY25 purchases of stock-in-trade (Rs 63.73 Cr) exceeded own material consumed (Rs 57.62 Cr). Growth has been debt-funded — borrowings rose from Rs 96.91 Cr at FY24 to Rs 243.85 Cr by 31 December 2025, against an FY25 finance cost of Rs 14.70 Cr. The structural constraint is distribution: the top distributor, group entity POCT Services, took 62.94% of FY25 sales.

The company on paper

Legal name: Q-Line Biotech Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 10 Nov 2010
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74120UP2010PLC042528
Sector: Health Care · In-vitro diagnostic reagents and pathology instruments
Employees: 362
Registered office: Lucknow, Uttar Pradesh
Promoters: Saurabh Garg, Amita Garg, Ayush Garg, Ajay Kumar Mahanty, Abhay Agrawal
Promoter holding, pre-issue: 92.2%
Promoter holding, post-issue: 67.5%
Website: qlinebiotech.com

The numbers

Financial performance

Revenue has compounded at 31.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹214 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹214 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,13,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription102.48×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹343.00
Listed at: ₹452.00
Listing gain: up 31.8%
Since listing: up 13.4%
Against the issue price: up 49.5%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 800
At cut-off price: ₹343.00
Amount blocked: ₹2,74,400

One lot is 400 shares at ₹1,37,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,74,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1%

chance of one lot, per application

Retail subscription: 71.44×
Applicants per share available: 71.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹452.00

listed at, 31.8% against the issue price

Issue price: ₹343.00
Premium said: —
If allotted 400 shares: ₹43,600

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

FY25 profit fell below FY24 (Rs 28.13 Cr vs Rs 34.44 Cr) even though revenue rose ~54% and EBITDA nearly doubled, because FY25 carries an extraordinary item of Rs 16.97 Cr below PBT. Before that item FY25 pre-tax profit was Rs 61.16 Cr.
The 31 December 2025 column is a nine-month stub period, not a full year. Its Rs 232.42 Cr revenue is not comparable to FY25's Rs 313.78 Cr full-year figure.
PAT for FY23, FY24 and FY25 includes share of profit of associates (Rs 10.71 Cr, Rs 12.80 Cr and Rs 3.62 Cr respectively), which is nil in the nine-month FY26 stub. Roughly a third of FY24 profit was this non-operating associate income, so the profit series is not like-for-like.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Hem Securities Limited, Share India Capital Services Private Limited
RegistrarAllotment status is checked on the registrar's own site: Purva Sharegistry (India) Private Limited

How these figures were checked

Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

NSE cash-market bhavcopy, 29 May 2026 (listing day) — ISIN INE1G2W01011, symbol QLINE, series ST, open 452.00 / high 474.60 / low 431.00 / close 474.60, previous close 343.00, NewBrdLotQty 400 · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 21 May 2026
Closes: 25 May 2026
Allotment: 26 May 2026
Lists: 29 May 2026
Revenue (FY25): ₹314 Cr
Profit (FY25): ₹28.13 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.