Modern Diagnostic & Research Centre was incorporated on April 16, 2012. The company is a diagnostic healthcare services provider in India, offering integrated pathology and radiology testing through a nationwide network. It serves individual patients, hospitals, healthcare providers, and corporate clients with end-to-end diagnostic solutions for disease diagnosis, prevention, and monitoring
| Bidding Dates |
|---|
| 31 Dec 2025 - 02 Jan 2026 |
| Subscription |
|---|
| 350.49x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,72,000 | 2 | 2 | 1600 | 4.1 M | ₹85 - ₹90 | 72.85 % | ₹348.4 M - ₹368.9 M | RHP DOC |
Modern Diagnostic Research IPO SUBSCRIPTION STATUS
02 Jan '26Modern Diagnostic Research IPO overall subscription rate was 350.49 times the total available shares
Modern Diagnostic Research IPO retail subscription rate was 454.06 times in the retail segment
Modern Diagnostic Research IPO non-institutional investor subscription rate was 933.52 times in the non-institutional investor category
Modern Diagnostic Research IPO Qualified Institutional Bidder subscription rate was 103.08 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
02 Jan 2026 (Day 2) | 454.06x | 933.52x | 103.08x |
31 Dec 2025 (Day 1) | 7.3x | 12.52x | 2.14x |
Modern Diagnostic Research FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 22.5 | 3.0 | -6.3 | -7.7 | 26.1% |
| FY25 | 77.9 | 9.0 | 13.7 | 0.6 | 23.0% |
| FY24 | 67.1 | 5.8 | 7.9 | -3.0 | 16.5% |
| FY23 | 56.3 | -5.7 | -0.1 | -3.3 | -1.8% |
Modern Diagnostic Research IPO SUBSCRIPTION STATUS DETAILS
Modern Diagnostic Research had 4.1 M shares on offer
Modern Diagnostic Research IPO offer price was in the range ₹85 - ₹90
Modern Diagnostic Research IPO minimum Investment was ₹272000
Modern Diagnostic Research IPO issue size was ₹ 348.4 M - ₹ 368.9 M
Modern Diagnostic Research had a minimum lot size of 1600 Shares per application
Modern Diagnostic Research NUMBER OF SHARES ON OFFER
Modern Diagnostic Research IPO IMPORTANT DATES
| Issue Open Date | 31 Dec 2025 |
| Issue close Date | 02 Jan 2026 |
| Allotment Date | 05 Jan 2026 |
| Refund Date | 06 Jan 2026 |
| Demat Account Credit Date | 06 Jan 2026 |
| Listing Date | 07 Jan 2026 |
| Listing on Exchange(s) | BSE |
| Modern Diagnostic Research Allotment Status | Exchange/ Registrar |
Modern Diagnostic Research IPO subscription opened on 31 Dec 2025, and closed on 02 Jan 2026
IPO allotment for Modern Diagnostic Research was finalized on Monday, 05 Jan 2026
IPO listing for Modern Diagnostic Research was on BSE on Wednesday, 07 Jan 2026
Modern Diagnostic Research IPO LISTING GAINS
| Issue Price (adjusted) | 90.0 |
| Listing Open Price | 99.5 |
| Listing Close Price | 95.0 |
| Listing Gain% | 10.6% |
| Current Gain% | -42.2% |
Modern Diagnostic Research Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Modern Diagnostic & Research Centre Ltd. | 52 | 78.5 | 14.9 | -0.4 | 0.9 | 9 | 4.4 | 84.1 | 6.8 | 5.3 | -41.4 | 3.5 | -41.4 |
| Dr. Lal Pathlabs Ltd. | 1931.6 | 32421.7 | 59.8 | 10.7 | 11.2 | 20.1 | 16 | 2864.2 | 12.1 | 504.8 | 3.6 | 32.3 | 5.6 |
| Inventurus Knowledge Solutions Ltd. | 1737.7 | 29814.3 | 39 | 1 | 8.9 | 25.8 | 16.9 | 3211 | 18.8 | 721.6 | 48.4 | 44.5 | 40.9 |
| Vijaya Diagnostic Centre Ltd. | 1351.1 | 13916 | 74.2 | 3 | 16.2 | 18.1 | 11.5 | 835 | 19.3 | 173 | 20.9 | 18.2 | 24.9 |
| Indegene Ltd. | 554.4 | 13357.5 | 33.3 | -4.2 | 3.5 | 12.8 | 8.7 | 3582.5 | 21.6 | 401.1 | -1.4 | 16.6 | -7.9 |
| Metropolis Healthcare Ltd. | 563.2 | 11680.1 | 57.9 | 1.8 | 6.8 | 12.6 | 8.9 | 1671.4 | 24.1 | 190 | 31.1 | 9.7 | 32.6 |
Modern Diagnostic Research INFORMATION ON IPO ISSUE
About Modern Diagnostic Research
Modern Diagnostic & Research Centre was incorporated on April 16, 2012. The company is a diagnostic healthcare services provider in India, offering integrated pathology and radiology testing through a nationwide network. It serves individual patients, hospitals, healthcare providers, and corporate clients with end-to-end diagnostic solutions for disease diagnosis, prevention, and monitoring
Object of the Issue
- Funding capital expenditure for purchase of medical equipments for diagnostic centre and laboratories
- Funding working capital requirement
- Repayment of certain outstanding borrowings availed by the company
- General corporate purpose
Modern Diagnostic Research - PROMOTERS
| Name |
|---|
| Devendra Singh Yadav |
| Deepali Yadav |
| Asha Yadav |
| Jitendra Singh |
Modern Diagnostic Research - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Devendra Singh Yadav | Chairman & Managing Director |
| Deepali Yadav | Whole Time Director |
| Ajay Kohli | Non-Executive Director |
| Rishabh Kumar Jain | Non-Executive & Independent Director |
| Sanjay Khandelwal | Non-Executive & Independent Director |
Modern Diagnostic Research Book Running Lead Manager
Beeline Capital Advisors Private Limited
mb@beelinemb.com
Modern Diagnostic Research Registrar to the issue
MUFG Intime India Private Limited
moderndiagnostic.smeipo@in.mpms.mufg.com
Modern Diagnostic Research Strengths
All-in-one solution provider
The company provides a comprehensive, affordable one-stop diagnostic solution by offering a wide range of advanced pathology and imaging services under one roof. Its integrated, technology-driven approach improves convenience, diagnostic accuracy, and access to high-quality healthcare for a broad patient base
Quality & customer service
The company has built a strong reputation since 1985 for delivering reliable, high-quality diagnostic services, supported by multiple industry awards and advanced capabilities such as therapeutic drug monitoring and high-end international testing. It enhances patient convenience through digital tools, detailed clinician-reviewed reports, and a commitment to accurate diagnosis, including rechecks when required
Centralized information technology platform
The company operates a centralized IT platform that integrates logistics, payments, and operations across its diagnostic network, enabling efficient service delivery and real-time performance monitoring. The platform also provides secure online access to diagnostic results for healthcare providers, improving coordination, speed of diagnosis, and patient outcomes
Modern Diagnostic Research Risks
Expansion risks
The company’s expansion into new geographies and diagnostic segments may face operational, financial, and regulatory challenges. Uncertain demand, infrastructure setup delays, compliance requirements, and local market dynamics could impact profitability and slow strategic growth
Data privacy & security
The company handles large volumes of sensitive patient data, and any failure in data privacy or cybersecurity could lead to regulatory penalties, legal action, and loss of customer trust. Despite existing safeguards, evolving cyber threats and changing data protection regulations pose ongoing risks to operations and reputation
Lag in technology & innovation
The company operates in a rapidly evolving diagnostic healthcare industry and must continually invest in new tests, technologies, and equipment to remain competitive. Failure to anticipate trends or introduce advanced services on time and at competitive costs could adversely affect its operations, financial performance, and market position
IPO FAQs
The promoters of the company are Devendra Singh Yadav, Deepali Yadav, Asha Yadav and Jitendra Singh.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 85.0 - 90.0.
The IPO application opens on Dec 31, 2025 and closes on Jan 02, 2026.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 272,000.0, the maximum value for this IPO is Rs 288,000.0.
This IPO will be allotted on Jan 05, 2026.
The refund will be credited to your account on Jan 06, 2026.
The allotted shares will be credited to your demat on Jan 06, 2026.
Modern Diagnostic & Research Centre Ltd.’s shares listed on the stock exchanges on Jan 07, 2026.