MODERN DIAGNOSTIC & RESEARCH CENTRE IPO
IPO at a Glance
| IPO Period | 31st Dec 2025 – 02nd Jan 2026 |
|---|---|
| Listing on | 07 Jan 2026 |
| Price Band | ₹85 – ₹90 |
| Lot Size & Minimum Investment | 1600 Shares – ₹144000 |
| Total Issue Size | 37 Crores |
Important Dates for Investors
- Opening Date: 31 Dec 2025
- Closing Date: 02 Jan 2026
- UPI Payment Deadline: 02 Jan 2026 (5 PM)
- Allotment Announcement: 05 Jan 2026
- Refund Processing: 06 Jan 2026
- Demat Credit: 06 Jan 2026
- Stock Market Listing: 07 Jan 2026
- Mandate Validity End: 17 Jan 2026
- Anchor Investor Lock-in Release (50%): 04 Feb 2026
- Anchor Investor Lock-in Release (Remaining): 05 Apr 2026
*Dates may be revised as per official updates.
About Modern Diagnostic & Research Centre Limited
Founded in 2012, Modern Diagnostic & Research Centre Limited (MDRCL) operates in the diagnostic and healthcare services sector, specializing in an integrated network of pathology and radiology services. The company became a public limited company in December 2024, though its operational legacy in diagnostics traces back to a proprietorship established in 1985, which MDRCL acquired in 2013. Promoted by Mr. Devendra Singh Yadav, Mrs. Deepali Yadav, Mrs. Asha Yadav, and Mr. Jitendra Singh, MDRCL manages 21 centres, including 17 laboratories and 4 diagnostic centres, spread across eight states in India. This widespread presence underscores its commitment to accessible healthcare.
MDRCL’s core products and services encompass a wide array of pathology tests, including clinical, anatomical, and molecular diagnostics, alongside comprehensive radiology services like X-ray, CT scans, MRI, and ultrasound. Beyond core diagnostics, the company provides value-added services such as convenient home sample collection and secure digital report delivery. The business model is designed to cater to a diverse clientele, including individual patients, hospitals, other healthcare providers, and corporate clients, with a strong emphasis on delivering high-quality, affordable, and patient-centric diagnostic solutions.
Understanding the IPO Issue Structure
| Total Funds Raised | 37 Crores |
|---|---|
| Fresh Issue Component | 37 Crores |
| Offer for Sale Component | 0 Crores |
The entire issue size of ₹37 Crores is composed solely of a Fresh Issue. This means that all proceeds from the IPO will directly go to Modern Diagnostic & Research Centre Limited, providing the company with fresh capital for its growth and operational plans. Investors can find detailed financial information and trends in the company’s official prospectus.
Strategic Utilization of IPO Proceeds
The capital raised through the IPO is strategically earmarked for several key initiatives aimed at bolstering MDRCL’s infrastructure, operational efficiency, and financial health. The allocation demonstrates a clear roadmap for growth and sustainability:
| Objective | Amount (INR Crores) | Allocation % |
|---|---|---|
| Capital expenditure for medical equipment (diagnostic centres & labs) | 20.69 | 55.92% |
| Working capital requirement | 11.60 | 31.35% |
| Repayment of certain outstanding borrowings | 4.50 | 12.16% |
| General corporate purposes | 0.21 | 0.57% |
A significant portion, over 55%, is allocated to capital expenditure, specifically for acquiring advanced medical equipment for its diagnostic centres and laboratories. This investment is crucial for enhancing diagnostic capabilities and maintaining technological relevance. Furthermore, a substantial allocation to working capital will support day-to-day operations and future expansion, while repayment of existing borrowings aims to strengthen the company’s balance sheet and reduce financial leverage. A smaller portion is set aside for general corporate purposes, offering flexibility for various strategic initiatives.
Distinctive Strengths of MDRCL
Modern Diagnostic & Research Centre Limited possesses several key strengths that position it favorably within the competitive healthcare diagnostics sector:
- **Established Operational History:** The company benefits from a robust operational history dating back to 1985 through its legacy proprietorship, providing it with extensive experience and deep market understanding in the diagnostic field.
- **Integrated Service Offering:** MDRCL offers a comprehensive range of integrated services, covering both pathology and radiology under a single, unified network. This holistic approach provides convenience and extensive diagnostic solutions to its patient base.
- **Multi-State Presence:** With 21 operational centres, including laboratories and diagnostic centres, across eight Indian states, MDRCL demonstrates a significant geographical footprint, enhancing accessibility and market reach.
- **Wide Portfolio of Tests:** The company boasts a broad portfolio of services, encompassing high-end imaging and advanced pathology tests. This diverse offering allows MDRCL to cater to a wide spectrum of diagnostic needs, from routine check-ups to complex investigations.
- **Patient-Centric Service Model:** MDRCL prioritizes patient convenience and experience through value-added services such as home sample collection and efficient digital report delivery. This patient-first approach fosters trust and loyalty among its clientele.
Key Considerations and Risks
While MDRCL presents compelling strengths, potential investors should also be aware of certain risks inherent to its operations and the industry:
- **Regulatory Environment:** The healthcare sector is heavily regulated and subject to frequent policy and compliance changes. Any adverse changes in regulations, licensing requirements, or pricing policies could significantly impact the company’s operations and profitability.
- **Vendor Dependence:** MDRCL’s operations depend on a limited number of select vendors for essential consumables and diagnostic reagents. Any disruption in the supply chain or quality issues from these vendors could affect service delivery and operational efficiency.
- **Financial Indebtedness:** The company’s significant indebtedness could potentially strain its cash flows and limit its financial flexibility, particularly in pursuing future growth opportunities or navigating adverse economic conditions.
- **Unsecured Loans:** The presence of unsecured loans repayable on demand poses a potential liquidity risk. Should these loans be called for repayment unexpectedly, it could place considerable pressure on the company’s financial resources.
- **Operational Licensing and Regulatory Risks:** MDRCL’s widespread operations are continuously exposed to various risks associated with obtaining and maintaining necessary licenses, approvals, and compliance with local regulatory frameworks across different states. Non-compliance could lead to penalties or operational disruptions.
Latest Subscription Status
Subscription statistics based on the latest available information:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7.82 | 31.39 | 4.01x |
| Non-Institutional Investors (NII) | 5.86 | 46.59 | 7.96x |
| Retail Individual Investors (RII) | 13.63 | 75.07 | 5.51x |
| Total | 27.31 | 153.06 | 5.6x |
*GMP figures are unofficial and may vary; exchange data is more reliable.
How to Apply
Investors can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes.
