How to Check Modern Diagnostic & Research Centre IPO Allotment Status

Modern Diagnostic & Research Centre Limited (MDRC) is a diagnostic chain in India, offering a comprehensive range of pathology and radiology services. The company was incorporated in 1985.

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 include Pathology (MDRC provides a wide array of tests, including high-end molecular diagnostics, cytogenetics, and specialized panels for genetic disorders and cancer), Radiology (The centre offers advanced imaging services such as MRI, CT scans, ultrasound, and digital X-rays, utilizing state-of-the-art equipment like a 3-Tesla MRI machine and a 128-slice CT scanner), and Home Sample Collection (MDRC offers home blood sample collection services in several cities, providing convenience for patients unable to visit the centre). As of June 30, 2025, Modern Diagnostic had total assets of ₹77.86 crore.

The Modern Diagnostic IPO came with a total issue size of ₹36.89 crore, comprising entirely a fresh issue of ₹36.89 crore. The IPO opened on December 31, 2025, and closed on January 2, 2026. The allotment is expected on Monday, January 5, 2026. The share price band was set at ₹85 to ₹90 per share.

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Steps to Check Modern Diagnostic IPO Allotment Status on Registrar Site

• Visit the MUFG Intime India Pvt. Ltd. 
• Select "Modern Diagnostic" from the dropdown menu on the allotment status page
• Enter your PAN ID, Demat Account Number, or Application Number in the designated field
• Complete the captcha verification process and click on the "Submit" button to view your allotment status

Steps to Check Modern Diagnostic IPO Allotment Status on BSE

• Navigate to the BSE SME IPO Allotment Status Page
• Select the issue type: equity/debt
• Choose "Modern Diagnostic" from the list of active IPOs in the dropdown menu
• Input your Application Number and PAN ID in the required fields
• Verify the captcha and click "Search" to check your allotment status

Modern Diagnostic IPO Subscription Status

Modern Diagnostic IPO received exceptional investor interest, being subscribed 376.90 times overall. Here is the category-wise breakdown as of 5:09:32 PM on January 2, 2026:

• QIB Category (Ex Anchor): 193.51 times
• Non-Institutional Investors (NII): 702.08 times
• Retail Investors: 342.46 times

Modern Diagnostic IPO Share Price and Investment Details

The minimum investment required was ₹2,88,000 for 2 lots (3,200 shares). The issue raised ₹10.45 crore from anchor investors. Given the overall subscription of 376.90 times, with extremely strong institutional participation at 193.51 times, extraordinarily high NII participation at 702.08 times, and exceptionally strong retail subscription at 342.46 times, the IPO is expected to list with a substantial premium.

Utilisation of IPO Proceeds

The proceeds will be utilised for funding capital expenditure towards the purchase of medical equipment for diagnostic centres and laboratories amounting to ₹20.69 crore, funding working capital requirements amounting to ₹8.00 crore, repayment of certain outstanding borrowings availed by the Company amounting to ₹1.00 crore, and for general corporate expenses.

Business Overview

Modern Diagnostic & Research Centre Limited is engaged in providing pathology and radiology testing services under a single integrated platform. The company operates across eight states with 21 diagnostic centres and continues to expand its footprint. It follows a hub-and-spoke, asset-light operating model that supports higher margins.

The company reported financial performance with a 15% increase in revenue and a 55% rise in profit after tax between FY24 and FY25. It reported an ROE of 55.21% and maintained a debt-to-equity ratio of 1.07.

The company benefits from an experienced promoter-led management team, a comprehensive and cost-effective diagnostics offering, a strong focus on quality and customer service, and a centralised information technology platform. However, investors should note the post-issue P/E ratio of 11.33 and Price to Book Value of 4.78.