Modern Diagnostic And Research Centre IPO – GMP, Review, Dates & Details
29 December 2025 ·
A Complete Analysis of Modern Diagnostic & Research Centre Limited IPO.
Introduction to Modern Diagnostic And Research Centre IPO
The Modern Diagnostic And Research Centre IPO is a BSE SME public issue from a well-established diagnostics player with nearly four decades of operational history. As preventive healthcare, early disease detection, and diagnostic testing demand continues to grow in India, organized diagnostic chains are increasingly attracting investor interest.
Modern Diagnostic & Research Centre Limited (MDRC) operates across multiple states with a diversified service mix spanning pathology, radiology, and specialized diagnostics. The IPO provides investors an opportunity to gain exposure to India’s expanding healthcare diagnostics segment through an SME listing.
Modern Diagnostic IPO Key Details
| Parameter | Details |
|---|---|
| IPO Type | Book Building IPO |
| Issue Size | ₹36.89 Crore |
| Fresh Issue | 40,99,200 Shares |
| Price Band | ₹85 – ₹90 per share |
| Face Value | ₹10 per share |
| Listing Exchange | BSE SME |
| Pre-IPO Market Cap | ₹135.89 Crore |
Modern Diagnostic IPO Dates
| Event | Date |
|---|---|
| IPO Opens | 31 December 2025 |
| IPO Closes | 2 January 2026 |
| Allotment Finalisation | 5 January 2026 |
| Refund Initiation | 6 January 2026 |
| Listing Date | 7 January 2026 |
Modern Diagnostic IPO Price Band & Lot Size
| Investor Category | Lots | Shares | Investment Amount (₹) |
|---|---|---|---|
| Retail (Minimum) | 2 | 3,200 | 2,88,000 |
| S-HNI (Minimum) | 3 | 4,800 | 4,32,000 |
| B-HNI (Minimum) | 7 | 11,200 | 10,08,000 |
Modern Diagnostic IPO Reservation Breakup
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| QIB (Including Anchor) | 19,44,000 | 47.42% |
| QIB (Ex-Anchor) | 7,82,400 | 19.09% |
| Anchor Investors | 11,61,600 | 28.34% |
| NII (HNI) | 5,85,600 | 14.29% |
| Retail Investors | 13,63,200 | 33.26% |
| Market Maker | 2,06,400 | 5.04% |
About Modern Diagnostic & Research Centre Limited
Incorporated in 1985, Modern Diagnostic & Research Centre Limited (MDRC) is a well-established diagnostic services provider in India. The company offers a comprehensive portfolio of pathology and radiology services to individual patients, hospitals, and institutional clients.
MDRC focuses on accuracy, reliability, and technology-driven diagnostics, supported by a centralized IT platform and modern testing infrastructure.
Business Model & Service Portfolio
MDRC operates an integrated diagnostics model covering both pathology and radiology.
Key Service Segments:
Pathology Services: Routine and specialized pathology tests, molecular diagnostics, cytogenetics, genetic disorder screening, and oncology panels.
Radiology Services: MRI, CT scans, ultrasound, digital X-ray, ECG, PFT, and neuro and cardiac imaging.
Home Sample Collection: Convenient doorstep sample collection with digital report delivery.
The company uses advanced equipment such as 3-Tesla MRI machines and 128-slice CT scanners, enabling premium diagnostic capabilities.
Geographic Presence & Infrastructure
Modern Diagnostic operates 21 centers, comprising:
18 pathology laboratories
3 full-service diagnostic centers
These facilities are spread across 8 Indian states, enabling regional diversification and stable patient inflow.
Competitive Strengths
Promoters with decades of healthcare diagnostics experience
Comprehensive end-to-end diagnostic offering
Centralized IT and reporting infrastructure
Strong focus on quality standards and customer service
Ability to offer cost-effective testing packages
Healthcare Diagnostics Industry Outlook
India’s diagnostics industry is expected to benefit from:
Rising preventive healthcare awareness
Growth in chronic and lifestyle diseases
Increasing insurance penetration
Expansion of organized diagnostic chains
These factors create a favorable operating environment for established players like Modern Diagnostic & Research Centre Limited.
Financial Performance Overview
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Income | 56.61 | 68.67 | 78.80 |
| EBITDA | -0.99 | 11.05 | 17.96 |
| Profit After Tax | -5.73 | 5.79 | 8.97 |
Balance Sheet Snapshot
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Assets | 36.54 | 49.49 | 64.57 |
| Net Worth | 5.96 | 11.76 | 20.73 |
| Total Borrowings | 15.31 | 20.46 | 22.09 |
IPO Objectives
The company plans to utilize IPO proceeds for:
Funding working capital requirements
Expansion of diagnostic infrastructure
General corporate purposes
Modern Diagnostic IPO GMP Today
The Modern Diagnostic IPO GMP reflects unofficial market sentiment prior to listing. Investors should note that GMP is speculative and can change daily based on demand and broader market conditions.
Key Risk Factors
Dependence on skilled medical professionals
Pricing pressure due to competition from larger chains
SME platform liquidity risks
Regulatory changes in healthcare diagnostics
Modern Diagnostic And Research Centre IPO Review
The Modern Diagnostic And Research Centre IPO review suggests that the issue offers exposure to a stable, asset-backed diagnostics business with improving profitability. Strong revenue growth, operational turnaround, and long operating history are positives, while SME liquidity risks remain.
Should You Apply?
This IPO may suit:
Investors with a medium-to-long-term horizon
Those seeking exposure to healthcare diagnostics
Investors comfortable with SME platform risks
Conservative investors may prefer to track post-listing performance.
FAQs
What is the Modern Diagnostic IPO price band?
₹85 to ₹90 per share.
Which exchange will the IPO list on?
BSE SME.
Is this a fresh issue?
Yes, the IPO is entirely a fresh issue.
What is the minimum investment for retail investors?
₹2,88,000.