Vikas Khemani-backed Q-Line Biotech opened its IPO on Wednesday, looking to raise up to Rs 214.48 crore through the NSE Emerge platform. The IPO consists of 62.53 lakh equity shares with a price band of Rs 326-343 per share. The company is commanding one of the strongest GMPs in recent past at 42% over the issue price.The issue has been subscribed over 2 times on the first day, led by institutional investors and retail investors. The QIB portion was booked over 3 times, while the retail quota was subscribed just over 2 times.Q-Line Biotech operates in the in-vitro diagnostics (IVD) and healthcare solutions segment, manufacturing diagnostic reagents, rapid testing kits, molecular diagnostics products, pathology equipment and related consumables used by hospitals, laboratories and healthcare institutions.At the upper end of the price band, the company is targeting a total issue size of Rs 214.48 crore. The issue will close on May 25. Investors can bid for a minimum lot size of 400 shares.The allocation structure includes up to 17.81 lakh shares reserved for anchor investors and up to 11.88 lakh shares for qualified institutional buyers. Retail investors will have access to at least 20.79 lakh shares, while non-institutional investors will get not less than 8.91 lakh shares.The company plans to utilise IPO proceeds primarily toward working capital requirements, repayment of certain borrowings and general corporate purposes.Founded in 2013, Q-Line Biotech develops and supplies diagnostic products across segments including clinical chemistry, haematology, immunodiagnostics and molecular diagnostics. Its product portfolio also includes point-of-care devices and rapid diagnostic kits.The company manufactures reagents and diagnostic consumables while also importing and distributing pathology equipment and related healthcare products.During the Covid-19 pandemic, the company expanded into manufacturing Covid testing products including RT-PCR kits, RNA extraction kits and viral transport medium kits through internal research and third-party technical collaborations.Q-Line Biotech said it has built its brand presence over the past 12 years through research and development capabilities, manufacturing infrastructure and quality assurance systems.On the financial front, the company reported revenue of Rs 313.78 crore in FY25 compared with EBITDA of Rs 71.32 crore and profit after tax of Rs 28.13 crore. For the nine months ended December 2025, revenue stood at Rs 232.42 crore, while EBITDA came in at Rs 64.22 crore and PAT at Rs 38.69 crore.HEM Securities and Share India Capital Services are the book-running lead managers to the issue, while Purva Sharegistry is acting as registrar.