Q-Line Biotech IPO Set to Open on May 21 Backed by Vikas Khemani

Q-Line Biotech Set to Launch on Dalal Street with Rs 214.48 Crore IPO

Q-Line Biotech, the largest SME IPO of the year, is scheduled to hit Dalal Street later this week with a price band of Rs 326-343 per share. The Uttar Pradesh-based diagnostic equipment and IVD products supplier is raising Rs 214.48 crore through an initial public offering (IPO) of 62.53 lakh shares at the upper price band. This is an entirely fresh issue with no offer-for-sale component.

The public issue is set to open on May 21 and close on May 25, with the one-day IPO anchor book launching on May 20. Notably, Q-Line Biotech has already raised Rs 27.44 crore by issuing 8 lakh shares in a pre-IPO round at the upper price band, reducing the offer size by 8 lakh shares.

The company plans to utilize Rs 93.5 crore of IPO proceeds for working capital requirements, Rs 90 crore for repayment of certain borrowings, and the remaining funds for general corporate purposes. As of December 2025, Q-Line Biotech's total outstanding fund-based borrowings from banks and financial institutions amounted to Rs 242.6 crore.

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Q-Line Biotech develops a diverse range of reagents, including clinical chemistry, haematology, immunodiagnostics, molecular diagnostics, and others (POC devices & rapids), as well as in-vitro diagnostics (IVD), pathology equipment's & devices. These products cater to distributors, diagnostic service providers, and hospitals.

The company's promoters hold a significant stake of 92.24 percent, with the remaining 7.76 percent shares owned by public shareholders, including Carnelian Asset Advisors founder Vikas Vijaykumar Khemani (holding 2.55 percent stake) and Calliope Capital Advisors (1.37 percent stake).

On a financial front, Q-Line Biotech has recorded a profit of Rs 38.7 crore and revenue of Rs 232.4 crore for the nine months period ended December 2025. However, the company's profit in the fiscal 2025 dropped 18.3 percent to Rs 28.1 crore, impacted by an exceptional loss of Rs 16.96 crore. Revenue, on the other hand, grew by 54 percent to Rs 313.8 crore compared to the previous year.

The merchant bankers appointed for the Q-Line Biotech IPO are Hem Securities and Share India Capital Services.

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