Modern Diagnostic IPO GMP gains traction as investors eye this promising SME public issue opening on December 31, 2025, with shares priced at ₹85-₹90 amid strong grey market buzz. The ₹36.89 crore fresh issue from Modern Diagnostic & Research Centre Limited, a multi-state diagnostics leader with 21 centers, reflects robust FY25 growth of 15% revenue to ₹78.81 crore and 55% PAT surge to ₹8.97 crore, fueling optimism for premium listings on BSE SME. Track live Modern Diagnostic IPO GMP updates alongside subscription status for strategic bidding decisions in this high-potential healthcare play. The registrar name is Skyline.
Modern Diagnostic IPO GMP Live: ₹17 (19%)
IPO Timeline
The IPO subscription window runs from December 31, 2025, to January 2, 2026, with allotment finalization on January 5, 2026, refunds on January 6, and listing on BSE SME on January 7, 2026. As of the opening day, overall subscription stood at 2.7x, led by non-institutional investors at 4.6x and retail at 2.98x.
| Event | Date |
|---|---|
| Issue Open | Dec 31, 2025 |
| Issue Close | Jan 2, 2026 |
| Allotment Finalization | Jan 5, 2026 |
| Refund Initiation | Jan 6, 2026 |
| Share Credit | Jan 6, 2026 |
| Listing Date | Jan 7, 2026 |
IPO Allocation Details
Modern Diagnostic & Research Centre offers shares at a price band of ₹85-₹90, with a lot size of 1,600 shares requiring a minimum investment of ₹1,44,000 for retail investors. Retail investors can apply for up to 2 lots (3,200 shares, ₹2,88,000), while the issue reserves 33.26% for retail, 14.29% for NII, 19.09% for QIB, 28.34% for anchors, and the rest for market makers.
| Category | Shares Offered | % Allocation |
|---|---|---|
| Anchor Investors | 11,61,600 | 28.34% |
| QIB | 7,82,400 | 19.09% |
| NII | 5,85,600 | 14.29% |
| Retail | 13,63,200 | 33.26% |
| Total | 40,99,200 | 100% |
Modern Diagnostic DRHP & RHP Files
Modern Diagnostic IPO GMP and Review
Modern Diagnostic & Research Centre grey market premium today is ₹17 2nd January 2026. The issue receives a positive review due to the company’s 15% revenue growth to ₹78.80 crore and 55% PAT surge to ₹8.97 crore in FY25, supported by 21 centers offering pathology, radiology, home collection, and digital reports. However, risks include regulatory hurdles, vendor dependence, and debt levels that could strain operations.
Merchant Bankers and Promoters
Skyline Financial Services acts as the lead manager and registrar, handling application processing and allotment. Promoters—Devendra Singh Yadav, Deepali Yadav, Asha Yadav, and Jitendra Singh—hold significant pre-issue stakes through their long-established diagnostics legacy since 1985. Specific anchor investor lists are not yet public, but 28.34% reservation indicates strong institutional interest potential.
Ngoo
Company Information
Modern Diagnostic & Research Centre Limited (MDRCL) is a major player in India’s diagnostic and healthcare services industry, providing integrated pathology and radiology solutions in several states. The company was founded on April 16, 2012, as a private limited company and became a public corporation in December 2024. Its roots go back to a diagnostic proprietorship that was founded in 1985 and was bought by the company in 2013 to strengthen its operational legacy. Deepali Yadav, Asha Yadav, Jitendra Singh, and Devendra Singh Yadav are in charge of MDRCL, which has 21 sites in eight Indian states. These include 17 laboratories and 4 diagnostic facilities. The focus is on quality, price, and patient convenience.
The company’s service portfolio includes full pathology testing, which includes clinical, anatomical, and molecular diagnostics, as well as advanced radiology alternatives including X-ray, CT scans, MRI, and ultrasound. MDRCL makes things easier to access by adding features like home sample collection and digital report delivery. It serves a wide range of clients, including individual patients, hospitals, healthcare providers, and businesses. This end-to-end model puts the company in a good position to meet the growing need for trustworthy diagnostics in areas that don’t have enough of them. It focuses on high-end imaging and specialized tests that help doctors make quick choices.
Key Strengths
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Long-standing operational history since 1985, providing established credibility in diagnostics.
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Multi-state footprint with 21 integrated centers for seamless pathology and radiology services.
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Patient-focused innovations like home collection and instant digital reports to improve satisfaction.
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Broad test portfolio, from routine checks to advanced molecular and imaging diagnostics.
Operational Risks
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Exposure to stringent healthcare regulations and frequent policy shifts that demand ongoing compliance.
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Reliance on key vendors for critical consumables and reagents, posing supply chain vulnerabilities.
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Elevated debt levels, including unsecured loans, which could pressure cash flows during expansion.
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Regional licensing and approval dependencies that heighten operational uncertainties.
Financial Highlights
Revenue climbed 15% to ₹78.81 crore in FY25 from ₹68.67 crore in FY24, with PAT jumping 55% to ₹8.97 crore, driven by expanded pathology and imaging services. EBITDA reached ₹17.96 crore, but borrowings stood at ₹22.09 crore secured loans, highlighting leverage amid growth. Funds will support equipment purchases (55.92%), working capital (31.35%), debt repayment (12.16%), and general purposes.
| Year (₹ Cr) | Revenue | PAT | Reserves | Borrowings |
|---|---|---|---|---|
| FY25 | 78.81 | 8.97 | 9.73 | 22.09 |
| FY24 | 68.67 | 5.79 | 10.76 | 20.46 |
| FY23 | – | – | 4.96 | 15.31 |
Valuation and Peers
Pre-IPO P/E stands at 11.04x with EPS of ₹8.15, appearing reasonable for a diagnostics firm with multi-state presence but modest scale. Post-issue P/E may rise slightly to 11.33x, supported by utilization for expansion. Peers like Max Healthcare (P/E 149x, market cap ₹1,03,444 Cr) and Apollo Hospitals (P/E 73x, ₹1,01,799 Cr) trade at premiums due to larger networks, while Modern’s affordability focus positions it for niche growth.
| Peer | P/E (x) | Market Cap (₹ Cr) | Book Value (₹) |
|---|---|---|---|
| Max Healthcare | 149 | 1,03,444 | 87 |
| Apollo Hospitals | 73 | 1,01,799 | 648 |
| Fortis Healthcare | 361 | 66,776 | 122 |
Company Address and Contact Details
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Company Registered Office: Plot No. H-64, 1st Floor, Block-H, Bali Nagar, Near Khetar Pal Hospital, Ramesh Nagar, New Delhi – 110015
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Company Website: www.mdrcindia.com
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Company Contact: +91-9999474297 | info@mdrcindia.com
Registrar Address and Contact Details
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Registrar: Skyline Financial Services Private Limited
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Registrar Office: D-153A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi – 110020
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Registrar Contact: +91-11-40450193-97 | ipo@skylinerta.com
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Registrar Website: www.skylinerta.com
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
