About
Modern Diagnostic IPO is a book build issue of ₹36.89 crores. The issue is entirely a fresh issue of 0.41 crore shares of ₹36.89 crore.
Modern Diagnostic IPO bidding started from Dec 31, 2025 and ended on Jan 2, 2026. The allotment for Modern Diagnostic IPO was finalized on Jan 5, 2026. Modern Diagnostic IPO will list on BSE SME with a tentative listing date fixed as Jan 7, 2026.
Modern Diagnostic IPO price band is set at ₹90 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,88,000 (3,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (4,800 shares), amounting to ₹4,32,000.
Beeline Capital Advisors Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Spread X Securities Pvt.Ltd..
Refer to Modern Diagnostic IPO RHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Wed, Dec 31, 2025
IPO Close
Fri, Jan 2, 2026
Issue Price
₹90 per share
Market Cap (Pre-IPO)
₹135.89 Cr
IPO Details
| IPO Date | 31 Dec, 2025 to 2 Jan, 2026 |
| Listed on | Wed, Jan 7, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹85 to ₹90 |
| Issue Price | ₹90 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 40,99,200 shares (agg. up to ₹37 Cr) |
| Reserved for Market Maker | 2,06,400 shares (agg. up to ₹2 Cr) Spread X Securities Pvt.Ltd. |
| Net Offered to Public | 38,92,800 shares (agg. up to ₹35 Cr) |
| Share Holding Pre Issue | 1,10,00,000 shares |
| Share Holding Post Issue | 1,50,99,200 shares |
| BSE Script Code | 544673 |
| ISIN | INE1HK501016 |
IPO Timetable
- IPO OpenWed, Dec 31, 2025
- IPO CloseFri, Jan 2, 2026
- AllotmentMon, Jan 5, 2026
- RefundTue, Jan 6, 2026
- Credit of SharesTue, Jan 6, 2026
- ListingWed, Jan 7, 2026
IPO Reservation
Modern Diagnostic IPO offers total 40,99,200 shares. Out of which 19,44,000 (47.42%) allocated to QIB, 7,82,400 (19.09%) allocated to QIB (Ex- Anchor), 5,85,600 (14.29%) allocated to
NII
13,63,200 (33.26%) allocated to RII and 11,61,600 (28.34%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,06,400 (5.04%) |
| QIB Shares Offered | 19,44,000 (47.42%) |
| − Anchor Investor Shares Offered | 11,61,600 (28.34%) |
| − QIB (Ex. Anchor) Shares Offered | 7,82,400 (19.09%) |
| NII (HNI) Shares Offered | 5,85,600 (14.29%) |
| − bNII > ₹10L | 3,93,600 (9.60%) |
| − sNII < ₹10L | 1,92,000 (4.68%) |
| Retail Shares Offered | 13,63,200 (33.26%) |
| Total Shares Offered | 40,99,200 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,88,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,32,000 |
S-HNI (Max) | 6 | 9,600 | ₹8,64,000 |
B-HNI (Min) | 7 | 11,200 | ₹10,08,000 |
IPO Anchor Investors
Modern Diagnostic IPO raises ₹10.45 crore from anchor investors. Modern Diagnostic IPO Anchor bid date is December 30, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Dec 30, 2025 |
| Shares Offered | 11,61,600 |
| Anchor Portion (₹ Cr.) | 10.45 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Feb 3, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Apr 4, 2026 |
About Modern Diagnostic & Research Centre Ltd.
Incorporated in 1985, Modern Diagnostic & Research Centre Limited (MDRC) is a diagnostic chain in India, offering a comprehensive range of pathology and radiology services.
The company provides reliable diagnostic tests, home specimen collection, online reports, and customized test packages for institutional customers and patients based on their specific needs.
The company operates 21 centers (18 labs, 3 diagnostic centers) across 8 states, offering diagnostic services like ultrasound, CT, MRI, X-ray, ECG, PFT, and specialized labs for heart and neuro care.
Services:
- Pathology:MDRC provides a wide array of tests, including high-end molecular diagnostics, cytogenetics, and specialized panels for genetic disorders and cancer.
- Radiology:The centre offers advanced imaging services such as MRI, CT scans, ultrasound, and digital X-rays, utilizing state-of-the-art equipment like a 3-Tesla MRI machine and a 128-slice CT scanner.
- Home Sample Collection:MDRC offers home blood sample collection services in several cities, providing convenience for patients unable to visit the centre.
Competitive Strengths:
- Experienced Promoter and Management Team
- Comprehensive diagnostics provider delivering all-in-one solution at cost-effective prices
- Focus on quality and customer service
- Centralized information technology platform
Company Financials (Restated)
Modern Diagnostic & Research Centre Ltd.’s revenue increased by 15% and profit after tax (PAT) rose by 55% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 77.86 | 64.57 | 49.49 | 36.54 |
| Total Income | 22.67 | 78.80 | 68.67 | 56.61 |
| Profit After Tax | 3.00 | 8.97 | 5.79 | -5.73 |
| EBITDA | 5.86 | 17.96 | 11.05 | -0.99 |
| NET Worth | 23.72 | 20.73 | 11.76 | 5.96 |
| Reserves and Surplus | 12.72 | 9.73 | 10.76 | 4.96 |
| Total Borrowing | 30.38 | 22.09 | 20.46 | 15.31 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories | 20.69 |
| 2 | Funding Working Capital Requirement | 8.00 |
| 3 | Repayment of certain outstanding borrowings availed by the Company | 1.00 |
| 4 | General Corporate Expenses | 3.33 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 55.21% |
| ROCE | 36.18% |
| Debt/Equity | 1.07 |
| RoNW | 43.27% |
| PAT Margin | 11.51% |
| EBITDA Margin | 23.04% |
| Price to Book Value | 4.78 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.15 | 7.94 |
| P/E (x) | 11.04 | 11.33 |
| Promoter Holding | 99.99% | 72.85% |
| Market Cap | ₹135.89 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2025 available in RHP.
IPO Review
Modern Diagnostic IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
The Modern Diagnostic IPO is subscribed 376.90 times on January 2, 2026 6:19:32 PM (Day 3). The public issue subscribed 342.46 times in the individual investors category, 193.51 times in the QIB category, and 702.08 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 193.51 | 7,82,400 | 15,14,00,000 | 0 |
| NII* | 702.08 | 5,85,600 | 41,11,39,200 | 0 |
| bNII (bids above ₹10L) | 855.83 | 3,93,600 | 33,68,52,800 | |
| sNII (bids below ₹10L) | 386.91 | 1,92,000 | 7,42,86,400 | |
| Individual Investor | 342.46 | 13,63,200 | 46,68,44,800 | 0 |
| Total | 376.90 | 27,31,200 | 1,02,93,84,000 | 1,90,121 |
Total Application : 1,90,121
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees and commissions payable to the BRLM (including any underwriting commission, brokerage and selling commission) | 3.05 |
| 2 | Fees Payable to Registrar to the Issue | 0.02 |
| 3 | Fees payable to Legal Advisor | 0.02 |
| 4 | Fees Payable Advertising, Marketing Expenses and Printing Expenses | 0.25 |
| 5 | Fees Payable to Regulators including Stock Exchanges and other Intermediaries | 0.10 |
| 6 | Fees payable for Financial Due Diligence | 0.01 |
| 7 | Fees payable to Secretarial work | 0.04 |
| 8 | Fees payable to Peer Review Auditor | 0.04 |
| 9 | Fees Payable to Market Maker (for Three Years) | 0.09 |
| 10 | Escrow Bank Fees | 0.01 |
| 11 | Others (Fees payable for marketing & distributing expenses, selling commission, brokerage, processing fees and miscellaneous expenses) | 0.25 |
Listing Day Trading Information
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹90.00 |
| Open | ₹99.50 |
| Low | ₹94.53 |
| High | ₹100.00 |
| Last Trade | ₹94.99 |
Check IPO Performance…
IPO Registrar
MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- moderndiagnostic.smeipo@in.mpms.mufg.com
- Visit Website
IPO Lead Manager(s)
- Beeline Capital Advisors Pvt.Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- 9999474297
- compliance@mdrcindia.com
- Visit Website
IPO FAQs
Modern Diagnostic IPO is a SME IPO of 40,99,200 equity shares of the face value of ₹10 aggregating up to ₹37 Crores. The issue is priced at ₹90 per share. The minimum order quantity is 1600.
The IPO opens on Wed, Dec 31, 2025, and closes on Fri, Jan 2, 2026.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Modern Diagnostic IPO using UPI as a payment gateway. Zerodha customers can apply in Modern Diagnostic IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Modern Diagnostic IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Modern Diagnostic IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Modern Diagnostic IPO opens on Wed, Dec 31, 2025 and closes on Fri, Jan 2, 2026.
Modern Diagnostic IPO lot size is 1600, and the minimum amount required for application is ₹2,88,000, with 2 lots being the minimum application size.
You can apply in Modern Diagnostic IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Modern Diagnostic IPO will be done on Monday, January 5, 2026, and the allotted shares will be credited to your demat account by Tue, Jan 6, 2026. Check the Modern Diagnostic IPO allotment status.
The Modern Diagnostic IPO listing date is on Wed, Jan 7, 2026.
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