Comparison between Modern Diagnostic IPO and TechDefence Labs IPO.
Modern Diagnostic IPO is a SME Bookbuilding IPO proposed to list at BSE SME while TechDefence Labs IPO is a SME Bookbuilding proposed to list at NSE SME.
| Modern Diagnostic IPO | TechDefence Labs IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | BSE SME | NSE SME |
| Lead Managers | Beeline Capital Advisors Pvt.Ltd. | GYR Capital Advisors Pvt.Ltd. |
| Registrar | MUFG Intime India Pvt.Ltd. | Purva Sharegistry (India) Pvt.Ltd. |
| Market Maker | Spread X Securities Pvt.Ltd. | Giriraj Stock Broking Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Modern Diagnostic IPO is up to ₹35.04 Cr whereas the issue size of the TechDefence Labs IPO is up to ₹37.03 Cr. The final issue price of Modern Diagnostic IPO is ₹90.00 per share and of TechDefence Labs IPO is ₹193.00 per share.
| Modern Diagnostic IPO | TechDefence Labs IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹85.00 per share | ₹183.00 per share |
| Issue Price (Upper) | ₹90.00 per share | ₹193.00 per share |
| Issue Price (Final) | ₹90.00 per share | ₹193.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1600 shares | 600 shares |
| Fresh Issue Size | 38,92,800 shares | 19,18,800 shares |
| Fresh Issue Size (Amount) | up to ₹35.04 Cr | up to ₹37.03 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 38,92,800 shares | 19,18,800 shares |
| Issue Size Total (Amount) | up to ₹35.04 Cr | up to ₹37.03 Cr |
Modern Diagnostic IPO opens on Dec 31, 2025, while TechDefence Labs IPO opens on Sep 15, 2025. The closing date of Modern Diagnostic IPO and TechDefence Labs IPO is Jan 02, 2026, and Sep 17, 2025, respectively.
| Modern Diagnostic IPO | TechDefence Labs IPO | |
|---|---|---|
| Anchor Bid Date | Dec 30, 2025 | Sep 12, 2025 |
| Issue Open | Dec 31, 2025 | Sep 15, 2025 |
| Issue Close | Jan 02, 2026 | Sep 17, 2025 |
| Basis Of Allotment (Tentative) | Jan 05, 2026 | Sep 18, 2025 |
| Initiation of Refunds (Tentative) | Jan 06, 2026 | Sep 19, 2025 |
| Credit of Share (Tentative) | Jan 06, 2026 | Sep 19, 2025 |
| Listing date (Tentative) | Jan 07, 2026 | Sep 22, 2025 |
| Anchor Lockin End date 1 | Feb 03, 2026 | Oct 18, 2025 |
| Anchor Lockin End date 2 | Apr 04, 2026 | Dec 17, 2025 |
Modern Diagnostic IPO P/E ratio is 11.04, as compared to TechDefence Labs IPO P/E ratio of 32.51.
| Modern Diagnostic IPO | TechDefence Labs IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | 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.
| Company Financials (Restated)TechD Cybersecurity Ltd.'s revenue increased by 97% and profit after tax (PAT) rose by 159% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 99.99 | 86.61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 72.85 | 63.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 11.04 | 32.51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹135.89 Cr. | ₹144.36 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 55.21 | 62.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 36.18 | 54.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 1.07 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹8.15 | ₹5.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 43.27 | 37.93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Modern Diagnostic IPO Retail Individual Investors (RII) are offered 13,63,200 shares while in TechDefence Labs IPO retail investors are offered 13,63,200 shares. Qualified Institutional Buyers (QIB) are offered 7,82,400 shares in Modern Diagnostic IPO and 3,84,000 shares in TechDefence Labs IPO.
| Modern Diagnostic IPO | TechDefence Labs IPO | |
|---|---|---|
| Anchor Investor Reservation | 11,61,600 shares | 5,74,800 shares |
| Market Maker Reservation | 2,06,400 shares | 1,01,400 shares |
| QIB | 7,82,400 shares | 3,84,000 shares |
| NII | 5,85,600 shares | 2,88,000 shares |
| RII | 13,63,200 shares | 6,72,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 38,92,800 shares | 19,18,800 shares |
Modern Diagnostic IPO subscribed 376.90x in total, whereas TechDefence Labs IPO subscribed 718.30x.
| Modern Diagnostic IPO | TechDefence Labs IPO | |
|---|---|---|
| QIB (times) | 193.51x | 284.17x |
| NII (times) | 702.08x | 1,279.03x |
| Big NII (times) | 855.83x | 1,517.95x |
| Small NII (times) | 386.91x | 801.19x |
| RII (times) | 342.46x | 726.06x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 376.90x | 718.30x |
