Modern Diagnostic & Research Centre IPO
Modern Diagnostic & Research Centre IPO Details
-
Open Date
31 Dec 2025
-
Close Date
02 Jan 2026
-
Listing Date
07 Jan 2026
- IPO Price Range
₹ 85 to ₹90
- IPO Size
₹ 37 Cr
- Listing Exchange
BSE SME
Modern Diagnostic & Research Centre IPO Timeline
Modern Diagnostic & Research Centre IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 31-Dec-2025 | 4.01 | 7.96 | 5.51 | 5.60 |
| 1-Jan-2026 | 8.94 | 53.22 | 33.85 | 30.87 |
Last Updated: 02 January 2026 6:18 PM by 5paisa
Modern Diagnostic & Research Centre (MDRC) is an Indian diagnostic services provider that began operations in 1985 in Gurugram and has grown into a leading pathology and imaging business. It offers a wide spectrum of diagnostic facilities, including high-end pathology and radiology tests, with in-house capability to perform over 2,500 tests across its network. MDRC operates multiple labs and touchpoints across India, serving over 1.5 crore customers with accredited, quality-focused diagnostic solutions. The company emphasises advanced technology, reliable results, and extensive experience in healthcare diagnostics.
Established in: 1985
Managing Director: Dr. D.S Yadav
Modern Diagnostic & Research Centre Objectives
1. Funding capital expenditure for purchase of medical equipments for diagnostic centre and laboratories (₹20.69 Cr)
2. Funding working capital requirement (₹8 Cr)
3. Repayment of certain outstanding borrowings availed by the company (₹1 Cr)
4. General corporate expenses
Modern Diagnostic & Research Centre IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹37 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹37 Cr |
Modern Diagnostic & Research Centre IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | 2,72,000 |
| Retail (Max) | 2 | 3,200 | 2,88,000 |
| S-HNI (Min) | 3 | 4,800 | 4,08,000 |
| S-HNI (MAX) | 6 | 9,600 | 8,64,000 |
| B-HNI (Min) | 8 | 11,200 | 10,08,000 |
Modern Diagnostic & Research Centre IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 8.94 | 7,82,400 | 69,98,400 | 62.99 |
| Non-Institutional Buyers | 53.22 | 5,85,600 | 3,11,63,200 | 280.47 |
| bNII (bids above ₹10L) | 63.42 | 3,93,600 | 2,49,61,600 | 224.65 |
| sNII (bids below ₹10L) | 32.30 | 1,92,000 | 62,01,600 | 55.81 |
| Individual Investors (IND category bidding for 2 Lots) | 33.85 | 13,63,200 | 4,61,40,800 | 415.27 |
| Total** | 30.87 | 27,31,200 | 8,43,02,400 | 758.72 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 56.28 | 67.13 | 77.95 |
| EBITDA | -1 | 11.05 | 17.96 |
| PAT | -5.73 | 5.8 | 9 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 36.54 | 49.49 | 64.57 |
| Share Capital | 1 | 1 | 1 |
| Total Liabilities | 36.54 | 49.49 | 64.57 |
| Cash Flows (₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | -0.12 | 7.93 | 13.73 |
| Net Cash Generated From / (used in) Investing Activities | 2.12 | -11.03 | -13.14 |
| Net Cash Generated From / (used in) Financing Activities | -6.47 | 3.36 | -0.22 |
| Net Increase (Decrease) in Cash and Cash Equivalents | -4.48 | 0.26 | 0.37 |
Strengths
1. Established diagnostic service provider with decades of operational experience
2. Integrated pathology and radiology offerings across multiple centres
3. Ability to conduct a wide range of routine and specialised diagnostic tests in-house
4. Focus on quality systems, accreditations, and standardised operating processes
Weaknesses
1. Revenue concentration linked to a limited geographic presence
2. High operating costs due to equipment, technology, and skilled manpower requirements
3. Dependence on timely sample collection, processing, and reporting infrastructure
4. Exposure to operational disruptions at laboratories or diagnostic centres
Opportunities
1. Rising demand for diagnostic and preventive healthcare services in India
2. Scope to expand centre network and test offerings in existing and new regions
3. Increasing preference for organised diagnostic service providers
4. Potential to deepen relationships with hospitals, doctors, and corporate clients
Threats
1. Intense competition from national diagnostic chains and regional laboratories
2. Regulatory and compliance risks related to healthcare and clinical standards
3. Pricing pressure due to competition and negotiated institutional contracts
4. Risks related to technological obsolescence and data security
1. Offers diagnostic services in both pathology and radiology, catering to diverse healthcare testing needs.
2. Proposed listing on the BSE SME platform, providing market access for growth capital.
3. Experienced promoters and structured corporate setup with clear governance disclosures.
4. IPO proceeds aimed at supporting expansion of diagnostic capacity and strengthening operations.
Modern Diagnostic & Research Centre operates as an integrated pathology and radiology diagnostic services provider with a network of centres and laboratories across India, offering comprehensive healthcare testing solutions. The company’s listing on the BSE SME platform through its IPO aims to support its ongoing expansion strategy. MDRC is positioned to benefit from increasing demand for diagnostic services in the Indian healthcare market and its broad service portfolio, which caters to individual, institutional, and corporate clients.
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FAQs
Modern Diagnostic & Research Centre IPO opens from December 31, 2025 to January 2, 2026.
The size of Modern Diagnostic & Research Centre IPO is ₹37 Cr.
The price band of Modern Diagnostic & Research Centre IPO is fixed at ₹85 to ₹90 per share.
To apply for Modern Diagnostic & Research Centre IPO, follow the steps given below:
● Login to your 5paisa demat account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the Modern Diagnostic & Research Centre IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of Modern Diagnostic & Research Centre IPO is of 3,200 shares and the investment required is ₹2,88,000.
The share allotment date of Modern Diagnostic & Research Centre IPO is January 5, 2026
The Modern Diagnostic & Research Centre IPO will likely be listed on January 7, 2026.
Beeline Capital Advisors Private Limited is the book running lead manager for Modern Diagnostic & Research Centre IPO.
Modern Diagnostic & Research Centre IPO plans to utilise the raised capital from the IPO for:
1. Funding capital expenditure for purchase of medical equipments for diagnostic centre and laboratories (₹20.69 Cr)
2. Funding working capital requirement (₹8 Cr)
3. Repayment of certain outstanding borrowings availed by the company (₹1 Cr)
4. General corporate expenses