The Modern Diagnostic & Research Centre IPO will issue 40,99,200 shares at a face value of ₹10. The subscription starts from December 31, 2025. Bids can be made until January 2, 2026. Shares are expected to be allotted on January 5, 2026. The listing is planned for January 7, 2026, on the BSE SME.
The IPO lots consist of 1,600 Shares each. The issue is priced between ₹85 and ₹90 per share. The retail category bids start at ₹2,88,000 for 2 lots. The minimum bid for sNII investors is 3 lots, making their investment ₹4,32,000, while the bNII category is required to bid with a minimum amount of ₹10,08,000 for 7 lots.
Modern Diagnostic & Research Centre IPO Details
The following table outlines the essential information related to the IPO:
| Particulars | Details |
| Bidding Opens | December 31, 2025 |
| Bidding Closes | January 2, 2026 |
| Issue Type | Book-built |
| IPO Lot Size | 1,600 Shares |
| Face value | ₹10 per share |
| Issue price | – |
| Price Band | ₹85 to ₹90 |
| Offer for sale | – |
| Fresh issue | 40,99,200 shares (₹37 Crore) |
| Total Issue Size | 40,99,200 shares (₹37 Crore) |
| Listing at | BSE SME |
| Minimum Investment | ₹2,88,000 |
Modern Diagnostic & Research Centre IPO Timeline
| Particulars | Details |
| Bidding Starts | December 31, 2025 |
| Bidding Ends | January 2, 2026 |
| Proposed Allotment Date | January 5, 2026 |
| Refund Initiation | January 6, 2026 |
| Demat Credit of Shares | January 6, 2026 |
| Listing Scheduled | January 7, 2026 |
| UPI mandate cut-off | – |
Modern Diagnostic & Research Centre Key Performance Indicators (KPIs)
The following table presents the KPIs of Modern Diagnostic & Research Centre:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | (64.92) | 65.40 | 55.21 |
| ROCE (%) | (17.18) | 25.57 | 36.18 |
| Debt Equity (times) | 2.57 | 1.74 | 1.07 |
| RoNW (%) | (96.12) | 49.28 | 43.27 |
| PAT Margin (%) | (10.18) | 8.63 | 11.51 |
| EBITDA margin (%) | (1.75) | 16.46 | 23.04 |
| Price Book Value | – | – | 4.78 |
Modern Diagnostic & Research Centre IPO Financials
Outlined below are the financial highlights of Modern Diagnostic & Research Centre:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 5,660.53 | 6,867.21 | 7,880.46 |
| Total Asset | 3,654.12 | 4,948.56 | 6,457.43 |
| Profit | (573.20) | 579.48 | 896.81 |
Modern Diagnostic & Research Centre IPO Subscription Status
Modern Diagnostic & Research Centre IPO shares subscription is as follows:
| Day | NII | Individual Investor | Total |
| Day 1 | 7.96 | 5.51 | 5.60 |
| Day 2 | 53.22 | 33.85 | 30.87 |
| Day 3 | 702.08 | 342.46 | 376.90 |
Modern Diagnostic & Research Centre IPO Grey Market Premium
Modern Diagnostic & Research Centre’s IPO is trading at a GMP of ₹0, indicating balanced sentiment in the grey market. The unchanged trend over recent sessions suggests investors are taking a cautious approach.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 02-01-2026 | ₹14 | ₹106 | 15.56% |  |
| 02-01-2026 | ₹13 | ₹104 | 14.44% | |
| 31-12-2025 | ₹12 | ₹103 | 13.33% | |
Note: The GMP values are taken from unofficial market activity, and they may shift rapidly based on investor demand, subscription trends, and overall sentiment.
Modern Diagnostic & Research Centre IPO Reservation
IPO shares have been allocated across investor groups in the following manner:
| Investor Category | Reservation |
| Market Maker Shares Offered | 2,06,400 (5.04%) |
| QIB Shares | 19,44,000 (47.42%) |
| NII (HNI) Shares | 5,85,600 (14.29%) |
| Retail Shares | 13,63,200 (33.26%) |
| Total Shares | 40,99,200 (100.00%) |
Modern Diagnostic & Research Centre IPO Lot Size
Investors can apply based on the lot sizes specified below:
| Investor Type | Lots | Shares | Amount |
| Individual Investors – Retail (Minimum) | 2 | 3,200 | ₹2,88,000 |
| Individual Investors – Retail (Maximum) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Minimum) | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Maximum) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Minimum) | 7 | 11,200 | ₹10,08,000 |
Details of Modern Diagnostic & Research Centre IPO Anchor Investors
Details related to the IPO’s anchor investors are provided below.
| Particulars | Details |
| Bidding Starts | December 30, 2025 |
| Shares Offered | 11,61,600 |
| Portion Size | Aprrox. 60% allocation from the QIB segment |
| Lock-in of 50% shares for 30 days | February 4, 2026 |
| Lock-in of the remaining shares for 90 days | April 5, 2026 |
Modern Diagnostic & Research Centre IPO Prospectus
Further details about the IPO are available in the documents listed below.
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed |
About Modern Diagnostic & Research Centre
Established in 1985, Modern Diagnostic & Research Centre maintains a registered office in West Delhi along with a corporate office in Gurugram, Haryana. The company is led by Devendra Singh Yadav, who serves as the Managing Director and is part of the promoter group along with Deepali Yadav, Asha Yadav, and Jitendra Singh.
The company operates in the diagnostic healthcare services sector, providing pathology and radiology testing services through a network of 21 centres (18 labs, 3 diagnostic) across 8 states. Its services cater to individual patients, hospitals, and institutional clients, allowing it to serve both retail and organised healthcare demand across multiple regions. This operational scale places the company within India’s steadily expanding diagnostic services industry.
| Lead Manager | Beeline Capital Advisors Pvt.Ltd. |
| Registrar of the Issue | MUFG Intime India Pvt.Ltd. |
Modern Diagnostic & Research Centre IPO Objectives
Funds raised through the issue will be applied towards the given objectives:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1 | Purchase of new diagnostic equipment | 2068.95 |
| 2 | Work capital requirements | 800.00 |
| 3 | Repayment of loan | 100.00 |
| 4 | General corporate needs | – |
Strength Of Modern Diagnostic & Research Centre
These strengths have supported steady growth and helped the company build a stable position in the diagnostic healthcare space.
1. Experienced leadership: With over 5 decades of combined industry experience, the promoters and senior management provide continuity, practical insight, and steady oversight across operations.
2. Integrated Diagnostic Services: Pathology and radiology services are offered within a single setup, including specialised tests and advanced imaging. This integration improves coordination, convenience, and cost efficiency.
3. Focus on Quality and Service: The company has been delivering services consistently with emphasis on accuracy, detailed reporting, and patient convenience, helping build long-term trust.
4. Centralised Technology Platform: A unified IT system supports operations, payments, and secure report access, improving efficiency and turnaround times.
Risk of Modern Diagnostic & Research Centre
The business is exposed to the following risks, and investors should exercise caution while evaluating the offering:
1. Operational Disruptions: Any interruption at laboratories or diagnostic centres can delay test processing, affecting patient care, revenues, and overall operations.
2. Regulatory Exposure: Healthcare services are regulated, and any violation or adverse ruling may lead to penalties, operational restrictions, or reputational harm.
3. Geographic Revenue Concentration: A large share of revenue is generated from specific regions, making performance sensitive to local disturbances.
4. Staff Retention: Diagnostic quality depends on experienced medical and technical professionals, who are in high demand across the industry.
Modern Diagnostic & Research Centre IPO Review
The Modern Diagnostic & Research Centre IPO reflects a business with a long operating history, integrated diagnostic services, and improving financial metrics. Strengths include experienced promoter leadership, a multi-state centre network, and a focus on quality and compliance. However, investors should weigh risks such as SME liquidity constraints, regulatory exposure, geographic revenue concentration, and reliance on skilled professionals. This issue is suitable for informed investors with a higher risk tolerance.
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Modern Diagnostic & Research Centre IPO FAQs
The Modern Diagnostic & Research Centre Limited IPO is a book-built issue of about ₹37 crore, consisting entirely of a fresh issue of 40,99,200 equity shares.
The IPO is neither clearly good nor bad. It has strengths like an established business and improving financials, but also carries risks such as high minimum investment, SME liquidity concerns, and regulatory exposure.
The current GMP of the Modern Diagnostic & Research Centre IPO is currently ₹0. The expected returns at this rate are 0%.
The IPO will open for subscription on December 31, 2025, and close on January 2, 2026.
The lot size is 1,600 shares. Retail investors must apply for a minimum of 3,200 shares, amounting to ₹2,88,000 at the upper price band.
Investors can apply through their bank’s ASBA-enabled net banking or a registered stockbroker using UPI.
The Modern Diagnostic & Research Centre IPO allotment is expected to be finalised on January 5, 2026.
The Modern Diagnostic & Research Centre IPO is expected to list on the BSE SME on January 7, 2026.
