Vikas Khemani-backed Q-Line Biotech, the biggest SME IPO of the year, to open on May 21

Q-Line Biotech, the biggest SME IPO of the year, is set to hit Dalal Street in the later part of the current week, with price band of Rs 326-343 per share.

The Uttar Pradesh-based diagnostic equipment and IVD products supplier is raising Rs 214.48 crore via initial public offering (IPO) of 62.53 lakh shares at the upper price band. It is entirely fresh issue with no offer-for-sale component.

The public issue will open on May 21 and close on May 25, while the one-day IPO anchor book will be launched on May 20.

Q-Line Biotech has already raised Rs 27.44 crore by issuing 8 lakh shares in pre-IPO round at the upper price band. Hence, the offer size has been reduced by 8 lakh shares.

The company will utilise 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 purpose.

"Total outstanding fund-based borrowings from banks and financial institutions amounted to Rs 242.6 crore as of December 2025," Q-Line said.

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

Promoters hold 92.24 percent stake in the company, and the remainder 7.76 percent shares are 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 the financial front, Q-Line Biotech has recorded profit of Rs 38.7 crore and revenue of Rs 232.4 crore for nine months period ended December 2025. Profit in the fiscal 2025 dropped 18.3 percent to Rs 28.1 crore impacted by exceptional loss of Rs 16.96 crore, however, revenue grew by 54 percent to Rs 313.8 crore compared to previous year.