Bookbuilding IPO | ₹37 Cr | Listed at BSE SME | Wed, Dec 31, 2025 - Fri, Jan 2, 2026
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 Open
Wed, Dec 31, 2025
IPO Close
Fri, Jan 2, 2026
Issue Price
₹90 per share
Market Cap (Pre-IPO)
₹135.89 Cr
| 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 only |
| 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 Spread X Securities Pvt.Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 38,92,800 shares (agg. up to ₹35 Cr) |
| 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 |
Modern Diagnostic IPO comprises a total issue size of 40,99,200 shares. The net offer to the public is 38,92,800 shares, after excluding 2,06,400 shares allotted on a firm basis. Of the Net offer 19,44,000 (49.94%) are allocated to QIB, 5,85,600 (15.04%) allocated to NII 13,63,200 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 19,44,000 | 49.94% | 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 | 15.04% | 14.29% |
| − bNII > ₹10L | 3,93,600 | 9.60% | |
| − sNII < ₹10L | 1,92,000 | 4.68% | |
| Retail Shares Offered | 13,63,200 | 35.02% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,06,400 | 5.04% | |
| Total Shares Offered | 40,99,200 | 100.00% | 100.00% |
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 |
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 |
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:
Competitive Strengths:
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 | ||||
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 |
| 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 (₹) | 8.15 | 7.94 |
| P/E (x) | 11.04 | 11.33 |
| Promoter Holding | 99.99% | 72.85% |
| Market Cap | ₹135.89 Cr. |
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.
| # | 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 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹90.00 |
| Open | ₹99.50 |
| Low | ₹94.53 |
| High | ₹100.00 |
| Last Trade | ₹94.99 |
Lead Manager Reports
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 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.
