Modern Diagnostic IPO (SME)

Modern Diagnostic & Research Centre Ltd. is launching a Book-Built SME IPO of Rs. 36.89 crore, entirely a fresh issue of 40,99,200 equity shares.

The IPO opens on December 31, 2025 and closes on January 2, 2026.
The allotment is expected on January 5, 2026, and the tentative listing on January 7, 2026, on BSE SME.

The price band is Rs. 85 to Rs. 90 per share.
The lot size is 1,600 shares.
As the minimum retail application requires 2 lots (3,200 shares), the minimum retail investment is Rs. 2,88,000 at the upper price.

Registrar: MUFG Intime India Pvt. Ltd.
Market Maker: Spread X Securities Pvt. Ltd.

Final Subscription Tally Net Size – Rs.35.00 Crore Q-50%,NII-15% RII-35% Op-31 Dec Close- 2 Jan All-5 Jan Li-7 Jan
QIB	NII x	RII x	Total x	Applications
193.51	519.38	342.46	350.49	189518
Applications- Q-106,NII-43520, RII-145889 GMP Op-10-17-10 End-17

🕗 Last Update: 7 January 2026, 6.00 AM

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IPO Details

Particulars	Details
IPO Dates	Dec 31, 2025 – Jan 2, 2026
Listing	BSE SME
Face Value	Rs. 10 per share
Price Band	Rs. 85 to Rs. 90
Lot Size	1,600 shares
Issue Size	40,99,200 shares (Rs. 36.89 Cr)
Fresh Issue	Entirely Fresh
Market Maker Portion	2,06,400 shares (Rs. 2.00 Cr)
Net Offer to Public	38,92,800 shares (Rs. 35.00 Cr)
Pre-Issue Shares	1,10,00,000
Post-Issue Shares	1,50,99,200
Market Cap (Pre-IPO)	Rs. 135.89 Cr

IPO Timeline (Tentative)

Event	Date
IPO Open	Wed, Dec 31, 2025
IPO Close	Fri, Jan 2, 2026
Allotment	Mon, Jan 5, 2026
Refunds	Tue, Jan 6, 2026
Shares in Demat	Tue, Jan 6, 2026
Listing Date	Wed, Jan 7, 2026
UPI Cut-off	5 PM, Jan 2, 2026

Reservation Structure

Investor Category	Shares
Market Maker	2,06,400
QIB	Not more than 50% of Net Issue
NII (HNI)	Not less than 15% of Net Issue
Retail	Not less than 35% of Net Issue

IPO Lot Size

Category	Lots	Shares	Amount (Rs.)
Retail (Min–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

Company Financials (Rs. in Crore)

Period	30-Sep-24	FY24	FY23	FY22
Assets	57.79	49.49	36.54	48.70
Total Income	40.33	68.67	56.61	60.58
PAT	4.96	5.79	-5.73	-1.45
Net Worth	16.71	11.76	5.96	11.70
Reserves & Surplus	15.71	10.76	4.96	10.70
Borrowings	21.13	20.46	15.31	20.40

Growth Snapshot

Based on available financials, the company has returned to profitability in FY24 after reporting losses in FY22 and FY23. PAT improved to Rs. 5.79 crore in FY24, indicating recovery ahead of the IPO. Asset base and income levels reflect a stabilising operating profile, though borrowings remain elevated and require monitoring.

Key Performance Indicators (As of FY24)

KPI	Value
ROE	65.40%
ROCE	25.58%
Debt / Equity	1.74
RoNW	49.28%
PAT Margin	8.63%
Price to Book Value	0.77
EPS (Pre / Post)	Rs. 5.27 / Rs. 6.56
P/E (Pre / Post)	17.08x / 13.71x

About the Company

Incorporated in 1985, Modern Diagnostic & Research Centre Ltd. (MDRC) is a diagnostic chain in India offering a comprehensive range of pathology and radiology services.

The company provides diagnostic testing, home sample collection, online reporting and customised test packages for hospitals, institutions and individual patients.

MDRC operates 21 centres (17 laboratories and 4 diagnostic centres) across 8 states, offering services such as ultrasound, CT, MRI, X-ray, ECG, PFT and specialised diagnostic testing for cardiac and neuro care.

As on February 28, 2025, the company had 570 employees, including consultants and doctors.

Competitive Strengths

Experienced promoter and management team
Comprehensive diagnostics offering under one platform
Focus on quality standards and customer service
Centralised IT and reporting infrastructure
Wide geographic footprint across multiple states

Promoters

The promoters of the company are Mr. Devendra Singh Yadav, Mrs. Deepali Yadav, Mrs. Asha Yadav and Mr. Jitendra Singh.

Company Contact

Modern Diagnostic & Research Centre Ltd. Address

Plot No H-64,1st Floor BLK-H,

Bali Nagar City landmark near Khetar Pal Hospital,

Ramesh Nagar, West Delhi

West Delhi, New Delhi, 110015

Phone: 9999474297

Email: compliance@mdrcindia.com

Website: http://www.mdrcindia.com/

IPO Lead Manager(s)

Beeline Capital Advisors Pvt. Ltd.

Grade A (Trusted Banker)
✔ Success ≥ 80% AND Avg Listing Gain > 8%

IPO Registrar

MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉️ moderndiagnostic.smeipo@in.mpms.mufg.com
🌐 https://in.mpms.mufg.com

Chanakya IPO Review

Modern Diagnostic & Research Centre operates in the healthcare diagnostics space with a long operating history and diversified service offerings across pathology and radiology. The company has demonstrated a turnaround in profitability in FY24 after losses in earlier years, which is a positive development ahead of the IPO.

Chanakya View

Suitable for medium-risk investors. Key monitorables include sustainability of profitability, debt levels and working capital management. Listing performance will depend on subscription response, SME market sentiment and confidence in earnings stability post-IPO.

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