Key Highlights :
- Total Issue Size – Up To 40,99,200 Equity Shares of ₹ 10 each
- IPO Size – ₹ 36.89 Crore (At Upper Price Band)
- Price Band – ₹ 85 – ₹ 90 Per Share
- Lot Size – 1,600 Equity Shares
Modern Diagnostic & Research Centre Limited, (Modern Diagnostic, The Company) service provider in diagnostic and related healthcare tests services in India proposes to open its Initial Public Offering on December 31, 2025, aiming to raise ₹36.89 Crore (At Upper Price Band) by fresh issue of 40,99,200 equity shares, to be listed on the BSE SME platform.
The issue size is 40,99,200 equity shares at a face value of ₹ 10 each with a price band of ₹85 – ₹90 Per Share.
The company’s IPO equity share allocation is structured across multiple investor categories to ensure balanced participation. The QIB Anchor Portion will comprise not more than 11,61,600 equity shares, while the Qualified Institutional Buyers (QIBs) segment is capped at 7,82,400 equity shares. The Non-Institutional Investors (NII) category has been allocated not less than 5,85,600 equity shares, and Individual Investors (Retail) will receive not less than 13,63,200 equity shares. Additionally, 2,06,400 equity shares have been reserved for the Market Maker. The net proceeds from the IPO will be utilised towards funding capital expenditure for the purchase of medical equipment for the company’s diagnostic centres and laboratories, meeting working capital requirements, repayment of certain outstanding borrowings, and for general corporate purposes. The anchor portion of the IPO will open on Tuesday, December 30, 2025, followed by the issue opening on Wednesday, December 31, 2025, and closing on Friday, January 2, 2026.
The Book Running Lead Manager to the Issue Beeline Capital Advisors Private Limited, The Registrar to the Issue is MUFG Intime India Private Limited.
Dr. Devendra Singh Yadav, Chairman & Managing Director, Modern Diagnostic & Research Centre Limited expressed, “The listing of the Company’s equity shares is a significant milestone for the company as it undertakes its next phase of expansion. Since inception, the Company has emphasized accuracy, timeliness, and accessibility in diagnostic services, with a focus on supporting clinicians and enhancing patient care outcomes.
The proposed IPO will provide us with the financial strength to accelerate our expansion strategy. The net proceeds will be strategically utilized towards capital expenditure for the acquisition of advanced medical equipment, strengthening our diagnostic and laboratory infrastructure, and expanding our network of centres. This will enhance testing capabilities, improve turnaround times, and ensure consistent, high-quality diagnostic services across locations.”
About Modern Diagnostic & Research Centre Limited:
Modern Diagnostic & Research Centre Limited is a leading diagnostic and healthcare testing service provider in India, offering a comprehensive range of pathology and radiology services. Its diagnostic portfolio spans clinical, anatomical, molecular, and forensic pathology, alongside advanced radiology and imaging services including X-ray, CT scan, MRI, and ultrasound, delivered through modern, computerised diagnostic equipment to ensure accurate and reliable results.
The company operates a robust network of 21 centres comprising 17 laboratories and 4 diagnostic centres across 8 states, serving individual patients, hospitals, and corporate clients. Its facilities are equipped with advanced diagnostic infrastructure and managed by qualified medical and technical professionals, supported by stringent internal and external quality control systems. Modern Diagnostic participates in recognised External Quality Assurance Programs (EQAP) with institutions such as Biorad Laboratories, AIIMS, RML Hospital, and CMC Vellore, reinforcing its commitment to quality and precision.
Enhancing patient convenience, the company also offers home sample collection, digital report access, and customised testing solutions for institutions and individuals. For the financial year ended March 31, 2025, Modern Diagnostic reported revenue of ₹7,794.54 lakh, EBITDA of ₹1,796.25 lakh, and PAT of ₹896.81 lakh. For the quarter ended June 30, 2025, the company posted revenue of ₹2,250.10 lakh, EBITDA of ₹586.19 lakh, and PAT of ₹299.82 lakh, reflecting steady operational performance.
