Modern Diagnostic IPO will open for subscription on December 31, 2025 and will close on January 2, 2026. The IPO is a book build issue and is proposed to be listed on the BSE SME platform on January 7, 2026. The basis of allotment is expected to be finalised on January 5, 2026, followed by refunds and demat credit on January 6, 2026.
The company plans to raise around ₹37 crores through this IPO, entirely via a fresh issue. The price band has been fixed at ₹85 to ₹90 per equity share with a face value of ₹10. The issue is divided into 50% for QIBs, 15% for NIIs, and 35% for retail investors.
Contents
Modern Diagnostic IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | December 31, 2025 |
| IPO Close Date | January 2, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹85 to ₹90 per share |
| Issue Size | Approx ₹37 crores |
| Fresh Issue | Approx ₹37 crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
| Anchor Investors List | View PDF |
Modern Diagnostic IPO
Open: 31-2 Jan
Issue Size: ₹37 Cr.
Objective: Raise funds to buy medical equipment, support working capital, repay debt.
Exchange: BSE SME
Modern Diagnostic IPO Review
Modern Diagnostic operates in the healthcare diagnostics segment with a strong presence in radiology and pathology services. The company has shown consistent revenue growth and a sharp improvement in profitability over the last three years.
The turnaround from losses in earlier years to steady profits reflects improving operational efficiency. Given the defensive nature of healthcare and the company’s expansion plans, the IPO looks suitable for investors with a long-term view who understand SME risks.
Modern Diagnostic IPO Market Lot Details
The minimum investment size is on the higher side, which is typical for SME IPOs.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,88,000 |
| 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 |
- Also Read: Admach Systems IPO (23-26 Dec)
IPO Reservation Structure
| Investor Category | Shares Offered | Allocation |
|---|---|---|
| Anchor Investor | 11,61,600 | 28.34% |
| QIB (Excluding Anchor) | 7,82,400 | 19.09% |
| NII | 5,85,600 | 14.29% |
| Retail | 13,63,200 | 33.26% |
Anchor Investor Details
| Particulars | Details |
|---|---|
| Anchor Bidding Date | December 30, 2025 |
| Shares Offered | 11,61,600 |
| Lock-in (50% – 30 Days) | February 4, 2026 |
| Lock-in (50% – 90 Days) | April 5, 2026 |
Modern Diagnostic IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | December 31, 2025 |
| IPO Close Date | January 2, 2026 |
| Basis of Allotment | January 5, 2026 |
| Refunds | January 6, 2026 |
| Credit to Demat | January 6, 2026 |
| IPO Listing | January 7, 2026 |
Promoters and Shareholding Pattern
The promoters of the company are Mr. Devendra Singh Yadav, Mrs. Deepali Yadav, Mrs. Asha Yadav, and Mr. Jitendra Singh.
| Particulars | Shares | Holding |
|---|---|---|
| Pre-Issue | 1,10,00,000 | 99.99% |
| Post-Issue | 1,50,99,200 | 72.85% |
Objects of the Issue
The company intends to utilise the IPO proceeds primarily for expansion and balance sheet strengthening. A major portion will be used for capital expenditure towards the purchase of medical equipment for diagnostic centres and laboratories.
Funds will also support working capital requirements and repayment of certain outstanding borrowings. These investments are expected to improve operational capacity and service quality.
About Modern Diagnostic & Research Centre Limited
Founded in 1985, Modern Diagnostic & Research Centre Limited is a well-established diagnostic and healthcare services provider in India.
The company offers a wide range of diagnostic services across radiology and pathology, including MRI, CT scan, ultrasound, digital X-ray, mammography, ECG, laboratory tests, and specialised heart and neuro diagnostics.
It also provides home sample collection services. Currently, the company operates 21 centres, including 17 labs and 4 diagnostic centres across 8 states.
Company Financial Performance
| Period | Revenue (₹ Cr) | Expenses (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2023 | 56.61 | 62.55 | -5.73 | 36.54 |
| 2024 | 68.67 | 61.81 | 5.79 | 49.49 |
| 2025 | 78.80 | 66.08 | 8.97 | 64.57 |
| June 2025 | 22.67 | 18.40 | 3.00 | 77.86 |
Valuation and Key Ratios (FY2025)
| KPI | Value |
|---|---|
| ROE | 55.21% |
| ROCE | 36.18% |
| EBITDA Margin | 23.04% |
| PAT Margin | 11.51% |
| Debt to Equity | 1.07 |
| EPS | ₹8.15 |
| RoNW | 43.27% |
| NAV | ₹18.84 |
Peer Comparison
| Company | EPS | PE | RoNW | NAV |
|---|---|---|---|---|
| Vijaya Diagnostic Centre Ltd | 13.92 | 72.36 | 18.07% | 77.42 |
IPO Lead Manager
Beeline Capital Advisors Pvt. Ltd.
Company Address
| Particulars | Details |
|---|---|
| Company Name | Modern Diagnostic & Research Centre Limited |
| Address | Plot No H-64, 1st Floor, BLK-H, Bali Nagar |
| Landmark | Near Khetar Pal Hospital |
| City | New Delhi |
| State | Delhi |
| Pincode | 110015 |
| Phone | 9999474297 |
| compliance@mdrcindia.com |
IPO Registrar
MUFG Intime India Pvt. Ltd.
Modern Diagnostic IPO FAQs
What is Modern Diagnostic IPO?
Modern Diagnostic IPO is an SME IPO aiming to raise ₹37 crores through a fresh issue. The IPO will be listed on BSE SME.
When will Modern Diagnostic IPO open?
The IPO will open on December 31, 2025 and close on January 2, 2026.
What is the price band of Modern Diagnostic IPO?
The price band is ₹85 to ₹90 per share.
What is the lot size for Modern Diagnostic IPO?
The minimum lot size is 3,200 shares, requiring an investment of ₹2,88,000.
What is the allotment date of Modern Diagnostic IPO?
The allotment is expected on January 5, 2026.
When will Modern Diagnostic IPO list?
The IPO is scheduled to list on January 7, 2026 on BSE SME.
Expert Comment
Modern Diagnostic IPO reflects a strong financial turnaround with improving margins and healthy return ratios. The healthcare diagnostics sector offers stable long-term demand, and the company’s expansion plans add visibility to future growth.
However, investors should be mindful of SME liquidity and higher investment size. Suitable for long-term investors with moderate risk appetite.
