Modern Diagnostic & Research Centre IPO
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Modern Diagnostic & Research Centre IPO details
Schedule of Modern Diagnostic & Research Centre
| Issue open date | 31 Dec 2025 |
| Issue close date | 02 Jan 2026 |
| UPI mandate deadline | 02 Jan 2026 (5 PM) |
| Allotment finalization | 05 Jan 2026 |
| Refund initiation | 06 Jan 2026 |
| Share credit | 06 Jan 2026 |
| Listing date | 07 Jan 2026 |
| Mandate end date | 17 Jan 2026 |
| Lock-in end date for anchor investors (50%) | 04 Feb 2026 |
| Lock-in end date for anchor investors (remaining) | 05 Apr 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Modern Diagnostic & Research Centre
Modern Diagnostic & Research Centre Limited (MDRCL) is an India-based diagnostic and healthcare services company. It was incorporated on April 16, 2012, as a private limited company and converted into a public limited company in December 2024. The business has legacy roots dating back to 1985 through a diagnostic proprietorship, which was acquired by the company in 2013. The company is promoted by Mr Devendra Singh Yadav, Mrs Deepali Yadav, Mrs Asha Yadav and Mr Jitendra Singh. MDRCL operates an integrated diagnostic network offering end-to-end solutions across pathology and radiology services. Its operations span 21 centres, comprising 17 laboratories and 4 diagnostic centres, across eight Indian states.MDRCL’s key offerings include pathology testing such as clinical, anatomical and molecular diagnostics, and radiology services including X-ray, CT scan, MRI and ultrasound. The company also provides value-added services like home sample collection and digital report delivery. Its business model caters to individual patients, hospitals, healthcare providers and corporate clients, with a focus on quality diagnostics, affordability and patient-centric service delivery.
Financials of Modern Diagnostic & Research Centre
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 37 |
| Fresh Issue – Proceeds go to the company | 37 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Capital expenditure for medical equipment (diagnostic centres & labs) | 20.69 (55.92%) |
| Working capital requirement | 11.6 (31.35%) |
| Repayment of certain outstanding borrowings | 4.5 (12.16%) |
| General corporate purposes | 0.21 (1%) |
Strengths
- Established diagnostic business with operating history dating back to 1985.
- Integrated service offering across pathology and radiology under one network.
- Presence across multiple states with 21 operational centres.
- Wide portfolio including high-end imaging and advanced pathology tests.
- Patient-centric model with home collection and digital report delivery.
Risks
- Highly regulated healthcare sector with frequent policy and compliance changes.
- Dependence on select vendors for consumables and diagnostic reagents.
- Significant indebtedness may impact cash flows and financial flexibility.
- Unsecured loans repayable on demand could strain liquidity.
- Operations are exposed to licensing, approval, and local regulatory risks.
Subscription Figures for Modern Diagnostic & Research Centre
As per media reports (Link), the Grey Market Premium (GMP) of Modern Diagnostic & Research Centre is reported at ₹12 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on January 01, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 7.82 | 69.98 | 8.94x |
| NII | 5.86 | 311.63 | 53.22x |
| Retail | 13.63 | 461.40 | 33.85x |
| Total | 27.31 | 843.02 | 30.87x |