IPO Overview
Q-Line Biotech Limited is a healthcare public limited company based in Lucknow, Uttar Pradesh, established in 2010. The company is an Indian in-vitro diagnostics (IVD) and healthcare solutions company engaged in manufacturing and supplying diagnostic reagents, rapid test kits, molecular diagnostics, pathology equipment, and related consumables used by hospitals, laboratories, and healthcare institutions across India. The company operates across key diagnostic segments including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics, and Point-of-Care (POC) devices.
Since its incorporation, Q-Line Biotech has over 15 years of experience in the diagnostic industry and has served 150+ national and international clients, with 12 years of experience in developing and manufacturing various products. The company is now launching its IPO on the NSE SME (Emerge) platform, aiming to raise ₹214.48 crore at the upper price band. The price band is set at ₹326 – ₹343 per share, and the issue opens on 21 May 2026 and closes on 25 May 2026, with listing expected on 29 May 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME (Emerge) |
| Anchor Bidding Date | 20 May 2026 |
| IPO Open Date | 21 May 2026 |
| IPO Close Date | 25 May 2026 |
| Allotment Date | 26 May 2026 (Expected) |
| Refund Initiation | 27 May 2026 |
| Credit to Demat | 27 May 2026 |
| Listing Date | 29 May 2026 (Tentative) |
| Price Band | ₹326 – ₹343 per share |
| Face Value | ₹10 per share |
| Lot Size | 400 shares |
| Minimum Investment (Retail) | ₹2,74,400 (2 lots = 800 shares) |
| Minimum Investment (HNI) | ₹4,11,600 (3 lots = 1,200 shares) |
| Issue Size | ₹214.48 crore |
| Fresh Issue | 62,53,200 equity shares (₹214.48 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will flow directly into the company.
Issue Break-up
| Category | Allocation |
| QIB – Anchor Portion | Up to 17,81,200 equity shares |
| QIB – Net (excl. Anchor) | Up to 11,88,000 equity shares |
| Non-Institutional Investors (NII) | Not less than 8,91,600 equity shares |
| Retail Individual Investors (RII) | Not less than 20,79,200 equity shares |
| Market Maker | 3,13,200 equity shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and 100% of the funds raised will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to utilize the net IPO proceeds as follows: ₹110 crore towards meeting working capital requirements, and ₹90 crore for repayment of certain borrowings availed by the company, in part or full. The remaining amount will be used for general corporate purposes.
- Working capital requirements — ₹110 crore
- Repayment / prepayment of existing borrowings — ₹90 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: HEM Securities Limited & Share India Capital Services Private Limited
- Registrar to the Issue: Purva Sharegistry (India) Private Limited
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of the company are Saurabh Garg, Amita Garg, Ayush Garg, Ajay Kumar Mahanty, and Abhay Agrawal.
Promoter and Chairman & Managing Director Saurabh Garg has over 31 years of experience in the healthcare and diagnostics sector, while other senior management personnel oversee areas including manufacturing, R&D, operations, finance, and strategic collaborations.
Company Details
Q-Line Biotech is engaged in the business of developing, manufacturing, and marketing a diverse range of reagents (including kits and POC devices) and consumables, and manufacturing, importing, distributing, and supplying diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and IVD products directly or through distributors, majorly to diagnostic service providers, hospitals, and medical colleges.
Sectors Served:
- Hospitals & Medical Colleges
- Diagnostic Laboratories
- Healthcare Institutions
- Point-of-Care (POC) Testing Facilities
Key Products & Diagnostic Segments:
- Clinical Chemistry reagents & analyzers
- Haematology analyzers & consumables
- Immunodiagnostics kits
- Molecular Diagnostics products
- Rapid Test Cards & POC Devices
- Pathology equipment & related consumables
Key Capabilities:
- Established manufacturing capabilities with focus on R&D, reverse engineering, and quality control. Diversified product portfolio with focus on IVD industry. Widespread distribution network with presence across all four regions of India and long-standing relationships with customers.
Distribution Network:
- As of March 31, 2026, the company had 283 distributors, 103 sales personnel, and 35 service engineers supporting laboratories, hospitals, institutions, and distributors, marketing products across approximately 26 states and Union Territories.
Workforce:
- As of March 31, 2026, the company employed 362 permanent employees and 223 additional contract employees across various departments. Of the permanent staff, 19 personnel are deployed at R&D laboratories, constituting 5.25% of total permanent employee strength.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹206.45 | ₹34.44 |
| FY25 | ₹322.58 | ₹28.13 |
Key Financial Metrics
- Revenue grew significantly from ₹206.45 crore in FY24 to ₹322.58 crore in FY25 — a growth of ~56% YoY. However, PAT declined from ₹34.44 crore in FY24 to ₹28.13 crore in FY25, indicating margin pressure despite revenue growth.
- Post-IPO, the company’s paid-up equity capital will increase from ₹17.07 crore to ₹23.33 crore. At the upper price band, the company is targeting a market capitalization of approximately ₹800.16 crore.
Company Strengths
- Over 15 years of experience in the diagnostic industry, serving 150+ national and international clients, with 12 years dedicated to developing and manufacturing IVD products.
- Diversified product portfolio across multiple IVD segments and a widespread pan-India distribution network covering all four regions of the country.
- Strong emphasis on R&D, quality standards, and ISO-certified manufacturing processes, along with experienced promoter leadership with healthcare industry expertise.
- Entire IPO is a fresh issue — zero promoter exit, all capital directed towards business growth and debt reduction
- Long-standing presence in the IVD space since 2010 with an integrated approach to healthcare solutions covering reagents, consumables, devices, and services under one platform.
- Strong revenue growth of ~56% YoY in FY25, indicating significant scale-up in business operations
Key Risks & Challenges
- PAT Decline Despite Revenue Growth: PAT fell from ₹34.44 crore in FY24 to ₹28.13 crore in FY25, despite a 56% jump in revenue — indicating rising costs and compressing margins.
- Severe Geographic Concentration: In FY25, Uttar Pradesh accounted for 72.25% of total sales, a dependency that increased further to 75.12% (₹174.59 crore) in 9M FY26 — making the business highly region-dependent.
- Customer Concentration Risk: The top 10 customers of the company contributed ₹257.78 crore, which is 82.17% of total revenue from operations — indicating very high dependency on a small customer base.
- High Contingent Liabilities: As of 9M FY26, Q-Line Biotech carries an aggregate contingent liability of ₹61.64 crore — 155% of net profit for the same period — of which ₹46.05 crore consists of corporate financial guarantees extended to promoter-owned group entities.
- High competition from established multinational diagnostic and medical device companies, and regulatory changes in medical devices and diagnostic products may impact operations.
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
