Modern Diagnostic SME: Check IPO Date, Live Subscription and Key Details
Modern Diagnostic & Research Centre Limited (MDRC), established in 1985, is a prominent diagnostic services network in India. The company provides a comprehensive range of pathology and radiology solutions, including high-end molecular diagnostics, 3-Tesla MRI, and 128-slice CT scans. Operating 21 centers across 8 states, MDRC leverages a hub-and-spoke model and a centralized IT platform to offer digital reports and home sample collection. It serves a diverse clientele of individual patients, hospitals, and institutional customers.
Price Range
₹85.0 - ₹90.0
Issue Size
₹35.04 Cr
Lot Size
1,600 shares
IPO Type
BSE SME
GMP
₹14(+15.56%)
Est. Listing Price
₹104
Estimate Profit
₹44,800
Retail Portion
33.26%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
7.94
P/E Ratio
11.33
RoNW
43.27%
ROE
55.21%
Debt to Equity
1.07
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Timeline
IPO Opens
31 Dec
IPO Closes
2 Jan
Allotment
5 Jan
Listing
7 Jan
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 31 December 2025 | Subscription starts |
| IPO Close Date | 2 January 2026 | Subscription ends |
| Allotment Date | 5 January 2026 | Allotment |
| Listing Date | 7 January 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,88,000 |
SHNI (Min) | 3 | ₹4,32,000 |
SHNI (Max) | 6 | ₹8,64,000 |
BHNIAbove ₹10,00,000 | 7 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 47.42% |
| NII (Non-Institutional Investor) | 14.29% |
| SHNI (Small Non-Institutional Investor) | 4.68% |
| BHNI (Big Non-Institutional Investor) | 9.60% |
| Retail | 33.26% |
| Market Maker | 5.04% |
| Total | 100.00% |
IPO Objectives
- Funding capital expenditure for purchase of medical Equipments for diagnostic centers and laboratories (₹20.69 Cr).
- Funding Working Capital Requirement (₹8.00 Cr).
- Repayment of certain outstanding borrowings availed by the Company (₹1.00 Cr).
- General Corporate Expenses.
Strengths
- The company acts as a Comprehensive Service Provider, offering both pathology and radiology tests under one roof, which increases patient retention and average revenue per patient.
- It maintains a Regional Stronghold in North India with a history dating back to 1985, fostering high brand trust and an established doctor referral network.
- The business has achieved a Financial Turnaround, shifting from a loss in FY23 to a strong PAT of ₹8.97 Cr in FY25, supported by a robust RoNW of 43.27%.
- Its Hub-and-Spoke Efficiency model, supported by centralized IT infrastructure, allows for operational scalability and significant margin improvement.
- The company is led by Experienced Leadership, featuring industry veterans with decades of healthcare expertise and a highly qualified management team.
Weaknesses
- The business operates in a Fragmented and Competitive Sector, facing intense pressure from both national diagnostic giants and local unorganized players.
- There is an Inorganic Growth Dependency, as a major portion of growth is driven by acquisitions, creating risks related to the identification and integration of new labs.
- The company faces Geographical Concentration risks, with revenue heavily dependent on specific North Indian states, making it vulnerable to regional shifts.
- Operations are Working Capital Intensive due to the high cost of medical equipment and consumables, which can be further strained by currency volatility.
- Despite being manageable, the company carries significant debt levels (₹30.38 Cr) relative to its net worth, which may impact future financial flexibility.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 77.86 | 64.57 | 49.49 | 36.54 |
| Revenue (₹ Cr.) | 22.67 | 78.8 | 68.67 | 56.61 |
| PAT (₹ Cr.) | 3 | 8.97 | 5.79 | -5.73 |
| Net Worth (₹ Cr.) | 23.72 | 20.73 | 11.76 | 5.96 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Modern Diagnostic Ltd. | 4.78 | 11.33 | 55.21% | 23.72 |
| Vijaya Diagnostic Centre Ltd | 12.61 | 71.76 | 17.53% | 799 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 4.01x | 8.94x | 193.51x |
| NII | 7.96x | 53.22x | 702.08x |
| S-HNI | 4.63x | 32.3x | 386.91x |
| B-HNI | 11.76x | 63.42x | 855.83x |
| RII | 5.51x | 33.85x | 342.46x |
| Total | 5.6x | 30.87x | 376.9x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 7,82,400 | 15,14,00,000 | 1,362.6 |
| NII | 5,85,600 | 41,11,39,200 | 3,700.25 |
| Small NII | 1,92,000 | 7,42,86,400 | 668.58 |
| Big NII | 3,93,600 | 33,68,52,800 | 3,031.68 |
| RII | 13,63,200 | 46,68,44,800 | 4,201.6 |
| Total | 27,31,200 | 1,02,93,84,000 | 9,264.46 |
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Company Details
- Modern Diagnostic & Research Centre Ltd.
- Plot No H-64, 1st Floor BLK-H, Bali Nagar, Ramesh Nagar, West Delhi, New Delhi - 110015
- 9999474297
- compliance@mdrcindia.com
- http://www.mdrcindia.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- moderndiagnostic.smeipo@in.mpms.mufg.com
- https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Frequently Asked Questions
What is the primary business of Modern Diagnostic?
Modern Diagnostic is an integrated healthcare provider offering radiology and pathology services through 21 centers in India, specializing in high-end imaging and molecular tests.
When does the Modern Diagnostic IPO open and close?
The IPO opened on December 31, 2025, and is scheduled to close on January 2, 2026.
What is the IPO price band and minimum retail investment?
The price band is ₹85 to ₹90 per share. A retail investor needs to apply for a minimum of 2 lots (3,200 shares), costing ₹2,88,000.
What is the current Grey Market Premium (GMP) for the IPO?
As of January 1, 2026, the GMP is approximately ₹12-₹13, suggesting a potential listing price of ₹103 (a ~14% premium over the issue price).
How has the IPO been subscribed as of Day 2?
The IPO has seen strong interest, getting subscribed 6.06 times overall, with the NII portion leading at 9.46 times and Retail at 5.78 times.
Where will the shares be listed?
The shares are proposed to list on the BSE SME platform, with a tentative listing date of January 7, 2026.
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