Modern Diagnostic & Research Centre IPO is a BSE SME issue from a regional diagnostic chain offering pathology and radiology services, raising about ₹37 crore via a 100% fresh issue at a price band of ₹85–₹90 per share.
Modern Diagnostic IPO – Key Details
- Company: Modern Diagnostic & Research Centre Limited (MDRCL)
- Sector: Diagnostic services – pathology and radiology (X‑ray, CT, MRI, ultrasound) with home collection and digital reports.
- IPO Type: SME IPO, 100% fresh issue (no OFS).
- Exchange: BSE SME.
IPO timeline:
- Bidding window: 31 December 2025 – 2 January 2026
- Allotment: 5 January 2026 (tentative)
- Refunds: 6 January 2026
- Credit to Demat: 6 January 2026
- Listing date: 7 January 2026
Issue size & price:
- Total issue: 40,99,200 equity shares
- Issue size: approx. ₹36.9–₹37 crore (entirely fresh issue)
- Face value: ₹10 per share
- Price band: ₹85–₹90 per share
Promoters & network:
- Promoters: Devendra Singh Yadav, Deepali Yadav, Asha Yadav, Jitendra Singh.
- Network: 21 centres across 8 states – 17–18 labs and 3–4 diagnostic centres offering both pathology and radiology.youtube
- Incorporated: business roots since around 1985.
Financial :-
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 |
|
77.86 |
64.57 |
49.49 |
36.54 |
|
|
22.67 |
78.80 |
68.67 |
56.61 |
|
|
3.00 |
8.97 |
5.79 |
-5.73 |
|
|
5.86 |
17.96 |
11.05 |
-0.99 |
|
|
23.72 |
20.73 |
11.76 |
5.96 |
|
|
12.72 |
9.73 |
10.76 |
4.96 |
|
|
30.38 |
22.09 |
20.46 |
15.31 |
|
|
Amount in ₹ Crore |
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Lot size & minimum investment
Note: trackers differ slightly; exchange lot is 1,600 shares but retail minimum application shown as 3,200 shares on some sites.
- Trading lot: 1,600 shares (BSE SME).
- Common retail application structure:
- Minimum application: 2 lots = 3,200 shares ≈ ₹2,88,000 at upper band.
- HNI: 3 lots and above (4,800+ shares).
IPO Reservation
Modern Diagnostic IPO offers total 40,99,200 shares. Out of which 19,44,000 (47.42%) allocated to QIB, 7,82,400 (19.09%) allocated to QIB (Ex- Anchor), 5,85,600 (14.29%) allocated to NII 13,63,200 (33.26%) allocated to RII and 11,61,600 (28.34%) allocated to Anchor investors.
Objective of the IPO :-
Approximate deployment of ₹36.9–₹37 crore fresh issue:
- Purchase of medical equipment for labs and diagnostic centres: ~₹20.7 crore.
- Working capital requirements: ~₹8 crore.
- Repayment of certain debt: ~₹1 crore.
- General corporate purposes (including expansion of centre network and infra).
Lead Manager: Beeline Capital Advisors; Registrar: MUFG Intime India Pvt. Ltd.
Business Snapshot & Positives
Modern Diagnostic runs an integrated diagnostic platform providing a one‑stop solution for pathology (clinical, anatomical, molecular) and radiology imaging (X‑ray, CT, MRI, ultrasound), with home sample collection and digital reporting.
It caters to individual patients, hospitals, doctors and corporate clients, focusing on quality, turnaround time and affordability in Tier‑1 and Tier‑2 catchments.
Key positives often highlighted by analysts:
- Asset-backed growth: funds going into new equipment and centre expansion, not promoter OFS.
- Long operating history and established brand in its core geographies.
- Structural tailwinds from rising diagnostic spending, preventive check‑ups and insurance penetration.
- SME valuation that may be lower than large listed pan‑India diagnostic chains, but with higher growth potential (and higher risk).
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
FAQs
Q1. What are the Modern Diagnostic IPO dates and listing schedule?
The IPO opens on 31 December 2025 and closes on 2 January 2026; allotment is expected on 5 January 2026, refunds and Demat credit on 6 January 2026, and listing on the BSE SME platform on 7 January 2026.
Q2. What is the Modern Diagnostic IPO price band and lot size?
The price band is ₹85–₹90 per share. The SME trading lot is 1,600 shares; many platforms show a minimum retail application of 2 lots, i.e., 3,200 shares (~₹2.72–2.88 lakh).
Q3. How big is the issue and is there any OFS?
The IPO comprises 40,99,200 equity shares aggregating to about ₹36.89–₹37 crore and is entirely a fresh issue; there is no Offer for Sale component.
Q4. What will the IPO money be used for?
Net proceeds will be deployed mainly to buy advanced diagnostic and radiology equipment (~₹20.7 crore), fund working capital (~₹8 crore), repay about ₹1 crore of debt, and for general corporate purposes including network expansion and infra strengthening.
Q5. What does Modern Diagnostic’s business look like?
It operates 21 centres (labs plus diagnostic centres) across eight states, offering pathology, radiology, imaging, and value‑added services like home blood collection and online reports to patients, hospitals and corporates.youtube
Q6. On which exchange will the shares list and under which segment?
The shares are proposed to list on the BSE SME platform, making it an SME IPO with higher minimum investment and typically lower liquidity than main‑board issues.
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