The initial public offer (IPO) of Modern Diagnostic and Research Centre received bids for 1,61,37,600 shares as against 29,37,600 shares on offer, as per BSE data as of 17:00 hours on Wednesday (31 December 2025). The issue was subscribed 5.49 times.

The issue opened for bidding on Wednesday (31 December 2025) and it will close on Friday (2 January 2025). The price band of the IPO was between Rs 85 to Rs 90 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on BSE’s SME platform.

The IPO comprises fresh issue of 40,99,200 equity shares. The promoter and promoter shareholding will dilute to 72.85% from 99.99% Pre-IPO.

About 2,06,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 38,92,800 equity shares. The issue and the net issue will constitute 27.15% and 25.78% respectively of the post offer paid up equity share capital of the company

The company intends to utilize the net proceeds for funding capital expenditure for purchase of medical equipment towards establishment of new diagnostic centre & labs, funding working capital requirement, repayment of certain outstanding borrowings availed by company for general corporate purpose.

Ahead of the IPO, Modern Diagnostic and Research Centre on Tuesday, 30 December 2025, raised Rs 10.45 crore from anchor investors. The board allotted 11.61 lakh shares at Rs 90 per share to 9 anchor investor.

Modern Diagnostic & Research Centre Limited (MDRC) is an established diagnostic services chain in India, offering a comprehensive portfolio of pathology and radiology services. The company is committed to delivering accurate, timely, and reliable diagnostic solutions supported by advanced technology and professional expertise. MDRC operates 21 diagnostic centres, comprising 18 laboratories and 3 diagnostic centres, across 8 states in India. Its service offerings include a wide range of diagnostic modalities such as MRI, CT scans, ultrasound, digital X-rays, ECG, PFT, and specialized diagnostic services for cardiac and neurological care.

The company’s pathology division provides an extensive array of routine and advanced tests, including molecular diagnostics, cytogenetics, and specialized panels for genetic disorders and oncology. The radiology division is equipped with state-of-the-art imaging infrastructure, including a 3-Tesla MRI machine and a 128-slice CT scanner, enabling high-quality diagnostic imaging. MDRC also offers home specimen collection services in select cities, ensuring greater convenience for patients, along with online report access and customized diagnostic packages for institutional clients and individual patients. As of 30 September 2025, the company had 616 employees including consultants and doctors.

The company recorded revenue from operations of Rs 22.50 crore and net profit of Rs 2.99 crore for the period ended 30 June 2025.