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Kusumgar IPO Review 2026: GMP, Subscription Dates, Price Band, Financials, Valuation, Risks & Should You Apply?
Kusumgar IPO2 days ago
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Q-Line Biotech IPO GMP today remains in focus as the ₹214.48 crore NSE SME issue gets subscribed nearly 10x on Day 2 led by strong retail and HNI demand. Check Q-Line Biotech IPO details, GMP trend, subscription status, lot size, financials, allotment date, listing timeline, and complete IPO analysis.
Reviewed and Rewrite by
Rudransh Sangwan
Q-Line Biotech IPO has attracted strong investor interest as the NSE SME issue was subscribed nearly 9.87 times by Day 2, driven by aggressive participation from retail and HNI investors. The IPO has also generated strong activity in the grey market, with investors closely tracking the Q-Line Biotech IPO GMP today, listing expectations, and subscription momentum.
The ₹214.48 crore SME IPO opened for subscription on May 21, 2026, and will close on May 25, 2026. The issue is entirely a fresh issue of shares and aims to strengthen the company’s balance sheet while supporting future expansion plans.
Q-Line Biotech operates in the diagnostics and healthcare products segment and is engaged in manufacturing and supplying diagnostic reagents, consumables, kits, and pathology equipment across India.
The IPO comes at a time when India’s diagnostics and in-vitro diagnostics (IVD) industry continues witnessing strong growth due to rising healthcare spending and expanding medical infrastructure.
| IPO Details | Information |
|---|---|
| IPO Type | Book Building IPO |
| IPO Size | ₹214.48 Crore |
| Fresh Issue | 62,53,200 Shares |
| Listing Exchange | NSE SME |
| Face Value | ₹10 Per Share |
| Price Band | ₹326 to ₹343 |
| Issue Price | ₹343 Per Share |
| Lot Size | 400 Shares |
| Minimum Retail Application | 800 Shares |
| Minimum Retail Investment | ₹2,74,400 |
| IPO Open Date | May 21, 2026 |
| IPO Close Date | May 25, 2026 |
| Allotment Date | May 26, 2026 |
| Tentative Listing Date | May 29, 2026 |
The IPO is being managed by Hem Securities Ltd., while Purva Sharegistry (India) Pvt. Ltd. is acting as the registrar.
The Q-Line Biotech IPO GMP remained positive in the grey market following strong subscription demand across investor categories.
| Parameter | Status |
|---|---|
| Grey Market Sentiment | Positive |
| Retail Interest | Strong |
| HNI Participation | Very Strong |
| Listing Expectations | Optimistic |
| Investor Mood | Bullish |
Market participants are closely monitoring subscription momentum and grey market activity ahead of the IPO closing date.
The IPO was subscribed 9.87 times overall by the end of Day 2, indicating robust demand across categories.
| Category | Subscription (x) | Shares Offered | Shares Bid For |
|---|---|---|---|
| QIB | 5.19x | 11,88,000 | 61,64,400 |
| NII / HNI | 15.62x | 8,91,600 | 1,39,29,200 |
| Retail Investors | 10.07x | 20,79,200 | 2,09,35,200 |
| Total | 9.87x | 41,58,800 | 4,10,28,800 |
The issue received over 31,800 applications, reflecting healthy investor participation in the SME IPO segment.
The strongest demand came from the HNI category, which was subscribed more than 15 times on Day 2.
| Investor Segment | Subscription |
|---|---|
| bNII (> ₹10 Lakh) | 17.96x |
| sNII (< ₹10 Lakh) | 10.95x |
Retail participation also remained strong with the retail portion subscribed over 10 times.
| Category | Shares Offered | Allocation (%) |
|---|---|---|
| QIB Portion | 29,69,200 | 49.99% |
| NII / HNI Portion | 8,91,600 | 15.01% |
| Retail Portion | 20,79,200 | 35.00% |
| Market Maker | 3,13,200 | 5.01% |
The anchor investor portion raised approximately ₹61.10 crore before the IPO opening.
Q-Line Biotech raised strong anchor participation ahead of the IPO launch.
| Particulars | Details |
|---|---|
| Anchor Bid Date | May 20, 2026 |
| Amount Raised | ₹61.10 Crore |
| Shares Allocated | 17,81,200 Shares |
| 30-Day Lock-In Ends | June 25, 2026 |
| 90-Day Lock-In Ends | August 24, 2026 |
Strong anchor participation is generally viewed positively for SME IPO sentiment.
Founded in 2010, Q-Line Biotech Limited develops, manufactures, imports, and distributes a diversified range of diagnostic and healthcare products.
The company’s business segments include:
The company supplies products directly and through distributors to:
As of December 31, 2025, the company had substantial manufacturing capabilities across diagnostic product categories.
| Segment | Capacity |
|---|---|
| Diagnostic Kits | 1.4 Million Kits Annually |
| Selectra Machines | 1,200 Machines |
The company also employs a large operational and manufacturing workforce to support production and R&D activities.
The company has reported healthy growth in profitability and operational margins over recent years.
| Financial Metric | Dec 2025 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | ₹236.50 Cr | ₹322.58 Cr | ₹206.45 Cr | ₹184.81 Cr |
| PAT | ₹38.69 Cr | ₹28.13 Cr | ₹34.44 Cr | ₹32.10 Cr |
| EBITDA | ₹64.23 Cr | ₹71.32 Cr | ₹37.63 Cr | ₹32.98 Cr |
| Net Worth | ₹229.16 Cr | ₹189.95 Cr | ₹161.81 Cr | ₹127.37 Cr |
| Total Borrowings | ₹243.85 Cr | ₹164.95 Cr | ₹96.91 Cr | ₹73.65 Cr |
| KPI | Dec 2025 | FY25 |
|---|---|---|
| ROE | 16.88% | 17.66% |
| ROCE | 13.32% | 23.74% |
| PAT Margin | 16.65% | 8.97% |
| EBITDA Margin | 27.64% | 22.73% |
| Debt/Equity | 1.06 | 0.87 |
The company has shown strong EBITDA margins and stable profitability metrics despite rising competition in the diagnostics segment.
The company plans to utilize the IPO proceeds for operational expansion and debt reduction.
| IPO Objective | Estimated Amount |
|---|---|
| Working Capital Requirements | ₹93.50 Crore |
| Debt Repayment | ₹90 Crore |
| General Corporate Purposes | Remaining Amount |
Reduction in borrowings could help improve future balance sheet efficiency and profitability ratios.
The company has highlighted multiple strategic advantages supporting long-term growth potential.
| Event | Date |
|---|---|
| IPO Opening Date | May 21, 2026 |
| IPO Closing Date | May 25, 2026 |
| Basis of Allotment | May 26, 2026 |
| Refund Initiation | May 27, 2026 |
| Credit of Shares | May 27, 2026 |
| NSE SME Listing | May 29, 2026 |
Market participants believe the strong subscription figures and positive GMP trend indicate healthy listing demand for the IPO.
However, some analysts note that the issue appears relatively fully priced considering current financial metrics. Investors are advised to evaluate:
Despite valuation concerns, strong retail participation and robust HNI demand have kept overall sentiment positive.
Q-Line Biotech IPO has emerged as one of the most actively discussed SME IPOs this week following strong subscription numbers, healthy retail participation, and positive GMP sentiment.
The diagnostics-focused company is benefiting from rising healthcare demand and expansion in India’s IVD market. Investors will now closely monitor final subscription figures, allotment status, and listing-day performance on the NSE SME platform.
Q-Line Biotech IPO GMP remains positive amid strong retail and HNI subscription demand.
The IPO price band is fixed at ₹326 to ₹343 per share.
The lot size is 400 shares, while retail investors must apply for a minimum of 800 shares.
Retail investors need to invest approximately ₹2,74,400 at the upper price band.
The IPO closes on May 25, 2026.
The tentative allotment date is May 26, 2026.
The tentative listing date is May 29, 2026.
The IPO was subscribed 9.87 times by Day 2.
The company develops and manufactures diagnostic kits, reagents, consumables, and healthcare diagnostic equipment.