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
Mumbai, December 26, 2025 ( TGN ) – 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.
Equity Share Allocation
QIB Anchor Portion – Not more than 11,61,600 Equity Shares
Qualified Institutional Buyer – Not more than 7,82,400 Equity Shares
Non-Institutional Investors – Not less than 5,85,600 Equity Shares
Individual Investors – Not less than 13,63,200 Equity Shares
Market Maker – 2,06,400 Equity Shares
The net proceeds from the IPO will be utilized for Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories, Working Capital Requirement, Repayment of certain outstanding borrowings availed by the Company and General Corporate Purposes. The anchor portion will open on Tuesday, Dec 30, 2025 and the issue will open on Wednesday, Dec 31, 2025 and will close on Friday, Jan 02, 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 cum Managing Director of 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 (Modern Diagnostic, The Company) is a diagnostic and healthcare testing service provider in India, offering pathology and radiology services. The company’s diagnostic testing portfolio includes Pathology, encompassing Anatomical Pathology, Clinical Pathology, Forensic Pathology and Molecular Pathology, along with Radiology, which includes Diagnostic Radiology and Interventional Radiology services such as X-ray, Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI) and Ultrasound. These services are delivered using advanced computerized instruments, ensuring precise and dependable test results.
With a network of 21 centres, including 17 laboratories and 4 diagnostic centres across 8 states, Modern Diagnostic & Research Centre Limited serves individual patients, hospitals, and corporate customers. The company’s centres are equipped with laboratories featuring advanced diagnostic equipment and staffed by highly qualified professionals. The company adhere to strict internal and external quality control programs to ensure patients receive accurate and reliable test results at all times. The laboratories conduct daily quality controls, regular calibrations, and participate in External Quality Assurance Programs (EQAP) with esteemed institutions such as Biorad Laboratories, AIIMS, RML, and CMC Vellore.
Additionally, the company offers value-added services, including home sample collection, online report access, and customized test packages for institutions and individuals. The company remains committed to providing quality and affordable diagnostic and healthcare testing services through the use of advanced laboratory technology.
For the period ended 31st March 2025, the company reported Revenue of ₹ 7,794.54 Lakhs and EBITDA of ₹ 1,796.25 Lakhs & PAT ₹ 896.81 Lakhs.
For the period ended 30th June 2025, the company reported Revenue of ₹ 2,250.10 Lakhs and EBITDA of ₹ 586.19 Lakhs & PAT ₹ 299.82 Lakhs.
