Modern Diagnostic & Research Centre IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Dec 31 to Jan 02 2026
Price Band
₹85 - 90
Current GMP
₹99.5 (+10.56%)
Subscription
376.90 times
IPO Details
| IPO Date | 31 Dec, 2025 to 2 Jan, 2026 |
| Listing Date | Wed, Jan 7, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹85 to ₹90 |
| Issue Price | ₹90 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 40,99,200 shares (agg. up to ₹ 37 Cr) |
| Reserved for Market Maker | 2,06,400 shares (agg. up to ₹ 2 Cr) Spread X Securities Pvt.Ltd. |
| Net Offered to Public | 38,92,800 shares (agg. up to ₹ 35 Cr) |
| Share Holding Pre Issue | 1,10,00,000 shares |
| Share Holding Post Issue | 1,50,99,200 shares |
IPO Date
31 Dec, 2025 to 2 Jan, 2026
Listing Date
Wed, Jan 7, 2026 T
Face Value
₹ 10 per share
Price Band
₹85 to ₹90
Issue Price
₹90 per share
Lot Size
1,600 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
40,99,200 shares (agg. up to ₹ 37 Cr)
Reserved for Market Maker
2,06,400 shares (agg. up to ₹ 2 Cr) Spread X Securities Pvt.Ltd.
Net Offered to Public
38,92,800 shares (agg. up to ₹ 35 Cr)
Share Holding Pre Issue
1,10,00,000 shares
Share Holding Post Issue
1,50,99,200 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 193.51 |
| Non-Institutional Buyers*** | 702.08 |
| bNII (bids above ₹10L) | 855.83 |
| sNII (bids below ₹10L) | 386.91 |
| Individual Investors | 342.46 |
| Total ** | 376.90 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
193.51
Non-Institutional Buyers***
702.08
bNII (bids above ₹10L)
855.83
sNII (bids below ₹10L)
386.91
Individual Investors
342.46
Total **
376.90
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Dec 3 1, 2025 (Day 1) | 4.01 | 7.96 | 11.76 | 4.63 | 5.51 | 5.60 |
| Jan 1 , 2026 (Day 2) | 8.94 | 53.22 | 63.42 | 32.30 | 33.85 | 30.87 |
| Jan 2 , 2026 (Day 3) | 193.51 | 702.08 | 855.83 | 386.91 | 342.46 | 376.90 |
DayDec 3
1, 2025 (Day 1)
QIB (Ex Anchor)4.01
NII*7.96
NII (> ₹10L)11.76
NII (< ₹10L)4.63
Individual Investors5.51
Total5.60
DayJan 1
, 2026 (Day 2)
QIB (Ex Anchor)8.94
NII*53.22
NII (> ₹10L)63.42
NII (< ₹10L)32.30
Individual Investors33.85
Total30.87
DayJan 2
, 2026 (Day 3)
QIB (Ex Anchor)193.51
NII*702.08
NII (> ₹10L)855.83
NII (< ₹10L)386.91
Individual Investors342.46
Total376.90
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 07-01-2026 | 90.00 | 14(15.56%) | 104 |
| 06-01-2026 | 90.00 | 14(15.56%) | 104 |
| 05-01-2026 | 90.00 | 13.5(15.00%) | 103.5 |
| 04-01-2026 | 90.00 | 16(17.78%) | 106 |
| 03-01-2026 | 90.00 | 16(17.78%) | 106 |
| 02-01-2026 | 90.00 | 16(17.78%) | 106 |
| 01-01-2026 | 90.00 | 14(15.56%) | 104 |
| 31-12-2025 | 90.00 | 13(14.44%) | 103 |
| 30-12-2025 | 90.00 | 10(11.11%) | 100 |
| 29-12-2025 | 90.00 | 0(0.00%) | 90 |
| 28-12-2025 | 90.00 | 0(0.00%) | 90 |
| 27-12-2025 | 90.00 | 0(0.00%) | 90 |
| 26-12-2025 | 90.00 | 0(0.00%) | 90 |
| 25-12-2025 | 90.00 | 0(0.00%) | 90 |
| 24-12-2025 | 90.00 | 0(0.00%) | 90 |
Date07-01-2026
Price90.00
GMP14(15.56%)
Estimate List Price104
Date06-01-2026
Price90.00
GMP14(15.56%)
Estimate List Price104
Date05-01-2026
Price90.00
GMP13.5(15.00%)
Estimate List Price103.5
Date04-01-2026
Price90.00
GMP16(17.78%)
Estimate List Price106
Date03-01-2026
Price90.00
GMP16(17.78%)
Estimate List Price106
Date02-01-2026
Price90.00
GMP16(17.78%)
Estimate List Price106
Date01-01-2026
Price90.00
GMP14(15.56%)
Estimate List Price104
Date31-12-2025
Price90.00
GMP13(14.44%)
Estimate List Price103
Date30-12-2025
Price90.00
GMP10(11.11%)
Estimate List Price100
Date29-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
Date28-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
Date27-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
Date26-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
Date25-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
Date24-12-2025
Price90.00
GMP0(0.00%)
Estimate List Price90
IPO Important Dates
| IPO Open | Wed, Dec 31, 2025 |
| IPO Close | Fri, Jan 2, 2026 |
| Allotment | Mon, Jan 5, 2026 |
| Refund | Tue, Jan 6, 2026 |
| Credit of Shares | Tue, Jan 6, 2026 |
| Listing | Wed, Jan 7, 2026 |
IPO Open
Wed, Dec 31, 2025
IPO Close
Fri, Jan 2, 2026
Allotment
Mon, Jan 5, 2026
Refund
Tue, Jan 6, 2026
Credit of Shares
Tue, Jan 6, 2026
Listing
Wed, Jan 7, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,88,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Min) | 7 | 11,200 | ₹10,08,000 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares3,200
Amount₹2,88,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares3,200
Amount₹2,88,000
ApplicationS-HNI (Min)
Lots3
Shares4,800
Amount₹4,32,000
ApplicationS-HNI (Max)
Lots6
Shares9,600
Amount₹8,64,000
ApplicationB-HNI (Min)
Lots7
Shares11,200
Amount₹10,08,000
Key Performance Indicator
| ROE | 55.21% |
| ROCE | 36.18% |
| Debt/Equity | 1.07 |
| RoNW | 43.27% |
| PAT Margin | 11.51% |
| EBITDA Margin | 23.04% |
| Price to Book Value | 4.78 |
ROE
55.21%
ROCE
36.18%
Debt/Equity
1.07
RoNW
43.27%
PAT Margin
11.51%
EBITDA Margin
23.04%
Price to Book Value
4.78
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) |
|---|---|---|---|---|---|
| Modern Diagnostic & Research Centre Ltd. | 8.15 | 8.15 | 18.84 | 43.27 | |
| Vijaya Diagnostic Centre Ltd | 13.92 | 13.92 | 77.42 | 72.36 | 18.07 |
Company NameModern Diagnostic & Research Centre Ltd.
EPS (Basic)8.15
EPS (Diluted)8.15
NAV (₹ per share)18.84
P/E (x)
RoNW (%)43.27
Company NameVijaya Diagnostic Centre Ltd
EPS (Basic)13.92
EPS (Diluted)13.92
NAV (₹ per share)77.42
P/E (x)72.36
RoNW (%)18.07
IPO Reservation
| Market Maker Shares Offered | 2,06,400 (5.04%) |
| QIB Shares Offered | 19,44,000 (47.42%) |
| − Anchor Investor Shares Offered | 11,61,600 (28.34%) |
| − QIB (Ex. Anchor) Shares Offered | 7,82,400 (19.09%) |
| NII (HNI) Shares Offered | 5,85,600 (14.29%) |
| − bNII > ₹10L | 3,93,600 (9.60%) |
| − sNII < ₹10L | 1,92,000 (4.68%) |
| Retail Shares Offered | 13,63,200 (33.26%) |
| Total Shares Offered | 40,99,200 (100.00%) |
Market Maker Shares Offered
2,06,400 (5.04%)
QIB Shares Offered
19,44,000 (47.42%)
− Anchor Investor Shares Offered
11,61,600 (28.34%)
− QIB (Ex. Anchor) Shares Offered
7,82,400 (19.09%)
NII (HNI) Shares Offered
5,85,600 (14.29%)
− bNII > ₹10L
3,93,600 (9.60%)
− sNII < ₹10L
1,92,000 (4.68%)
Retail Shares Offered
13,63,200 (33.26%)
Total Shares Offered
40,99,200 (100.00%)
Information about company
Incorporated in 1985, Modern Diagnostic & Research Centre Limited (MDRC) is a diagnostic chain in India, offering a comprehensive range of pathology and radiology services.
The company provides reliable diagnostic tests, home specimen collection, online reports, and customized test packages for institutional customers and patients based on their specific needs.
The company operates 21 centers (18 labs, 3 diagnostic centers) across 8 states, offering diagnostic services like ultrasound, CT, MRI, X-ray, ECG, PFT, and specialized labs for heart and neuro care.
Services:
Competitive Strengths:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories 20.69 2 Funding Working Capital Requirement 8.00 3 Repayment of certain outstanding borrowings availed by the Company 1.00 4 General Corporate Expenses 3.33
Disclaimer
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