MODERN DIAGNOSTIC & RESEARCH CENTRE IPO
Dhan Kirti is pleased to present a comprehensive overview of the Initial Public Offering (IPO) from Modern Diagnostic & Research Centre Limited (MDRCL), a prominent player in India’s evolving diagnostic and healthcare services sector. This IPO presents an opportunity for investors to engage with a company boasting a significant legacy and an integrated service model. As MDRCL prepares to list on the stock exchanges, understanding its business, financial objectives, and market dynamics becomes crucial for informed investment decisions. This detailed analysis covers the key aspects of the MDRCL IPO, from its fundamental business model and strategic strengths to potential risks and the schedule of events, providing a holistic perspective for prospective investors.
A Snapshot of the Offering
The Modern Diagnostic & Research Centre IPO is designed to raise capital to fuel its expansion and operational requirements. Here’s a quick look at the core details of this upcoming market event:
| IPO Period | 31st Dec 2025 – 02nd Jan 2026 |
|---|---|
| Listing on | 07 Jan 2026 |
| Price Band | ₹85 – ₹90 per equity share |
| Lot Size & Minimum Investment | 1600 shares (₹144,000 at upper price band) |
| Total Issue Size | ₹37 Crores |
Important Dates for Investors
Staying informed about the critical dates associated with the IPO is essential for investors planning to participate. Below are the key timelines:
- 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.
Understanding Modern Diagnostic & Research Centre Limited
Modern Diagnostic & Research Centre Limited (MDRCL), incorporated on April 16, 2012, is an India-based diagnostic and healthcare services company. While formally established as a private limited company and converted to a public limited company in December 2024, MDRCL boasts a rich operational history dating back to 1985 through a diagnostic proprietorship that was subsequently acquired by the company in 2013. This long-standing presence in the sector underscores its experience and deep understanding of the Indian healthcare landscape.
Promoted by Mr Devendra Singh Yadav, Mrs Deepali Yadav, Mrs Asha Yadav, and Mr Jitendra Singh, MDRCL operates an integrated diagnostic network designed to offer end-to-end solutions across a comprehensive range of pathology and radiology services. The company’s operational footprint spans 21 centres, comprising 17 laboratories and 4 diagnostic centres, strategically located across eight Indian states. This widespread presence enables it to cater to a diverse client base effectively.
MDRCL’s core service offerings are extensive, including a wide array of pathology tests such as clinical diagnostics, anatomical pathology, and advanced molecular diagnostics. In the radiology segment, the company provides essential services including X-rays, CT scans, MRI, and ultrasound imaging. Beyond its core diagnostic services, MDRCL is committed to enhancing patient convenience through value-added services like home sample collection and digital report delivery. Its business model is designed to serve individual patients, large hospitals, various healthcare providers, and corporate clients, with a steadfast focus on delivering quality diagnostics, ensuring affordability, and maintaining a patient-centric service delivery approach.
IPO Structure and Capital Mobilisation
The MDRCL IPO is structured as a fresh issue of shares, meaning that all the capital raised from this offering will directly flow into the company’s coffers. This direct infusion of funds is critical for the company to execute its growth strategies and strengthen its financial foundation.
| Total Funds Raised | ₹37 Crores |
|---|---|
| Fresh Issue Component | ₹37 Crores |
| Offer for Sale Component | Not Applicable (₹0 Crores) |
The absence of an Offer for Sale (OFS) component indicates that existing shareholders are not selling their stakes, reinforcing the company’s intention to utilise the entire proceeds for its future growth and operational needs.
Strategic Utilisation of IPO Proceeds
Modern Diagnostic & Research Centre Limited plans to strategically deploy the capital raised through its IPO across several key areas aimed at bolstering its infrastructure, enhancing operational capabilities, and improving financial health. The planned utilisation ensures that the funds contribute directly to the company’s long-term growth trajectory:
| 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 | 1% |
A significant portion of the proceeds is earmarked for capital expenditure on medical equipment, which is crucial for modernising its diagnostic centres and laboratories. This investment will enable MDRCL to upgrade technology, enhance diagnostic accuracy, and expand its service offerings. Additionally, a substantial allocation towards working capital requirements will ensure smooth day-to-day operations and support business growth. The repayment of outstanding borrowings will also strengthen the company’s balance sheet by reducing its financial leverage. The remaining funds are allocated for general corporate purposes, providing flexibility for strategic initiatives as needed.
Distinctive Strengths of MDRCL
Modern Diagnostic & Research Centre Limited possesses several inherent strengths that position it favourably within the competitive diagnostic and healthcare services industry:
- An established diagnostic business with a robust operating history tracing back to 1985, demonstrating long-term market presence, deep industry experience, and a strong brand recall among its clientele.
- Offers integrated service solutions encompassing both pathology and radiology under a unified network, providing comprehensive diagnostic care and acting as a convenient, single-point solution for patients and referring physicians.
- Wide geographical footprint with 21 operational centres across multiple Indian states, ensuring broader access to services and enabling the company to tap into diverse regional markets.
- Possesses a diverse portfolio of services, including high-end imaging techniques and advanced pathology tests, catering to a wide range of diagnostic needs from routine screenings to complex disease detection.
- Operates on a patient-centric model, offering convenient services such as home sample collection and digital report delivery to enhance user experience, improve accessibility, and cater to modern consumer preferences for convenience.
Key Considerations and Potential Risks
While MDRCL demonstrates strong competitive advantages, investors should also be aware of the potential risks associated with its operations and the sector it operates in:
- Operating within a highly regulated healthcare sector, the company is susceptible to frequent policy changes, evolving compliance requirements, and government interventions that could impact its business model and profitability.
- Relies on a select group of vendors for critical consumables and diagnostic reagents, potentially exposing it to supply chain disruptions, price fluctuations, or quality control issues if these key suppliers face challenges.
- The presence of significant indebtedness could impact the company’s cash flows and limit its financial flexibility for future growth, capital expenditures, or its ability to withstand adverse economic conditions.
- A portion of its loans are unsecured and repayable on demand, which could potentially strain liquidity if called upon unexpectedly, posing a challenge to its short-term financial management.
- Its operations are subject to various licensing, approval, and local regulatory frameworks across different states and regions, posing potential risks if compliance is not maintained or if crucial approvals are delayed or revoked.
Investor Interest: Latest Subscription Status
The investor response to the Modern Diagnostic & Research Centre IPO has been robust across various categories. The subscription data provides insight into the demand for the company’s shares:
Subscription statistics based on the latest available information as of 05:00 PM on January 02, 2026:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7.82 | 1514.00 | 193.51 |
| Non-Institutional Investors (NII) | 5.86 | 4111.39 | 702.08 |
| Retail Individual Investors (RII) | 13.63 | 4668.45 | 342.46 |
| Total | 27.31 | 10293.84 | 376.90 |
The strong oversubscription across all investor categories, particularly from Non-Institutional Investors and Retail Individual Investors, indicates significant market interest in MDRCL’s offering. This reflects investor confidence in the company’s business model and growth prospects within the diagnostic sector.
*GMP figures are unofficial and may vary; exchange data is more reliable.
Participating in the MDRCL IPO
For investors considering participation in the Modern Diagnostic & Research Centre IPO, it is crucial to submit your application before the subscription window closes. Prospective investors can conveniently apply for this IPO via the official Dhan Kirti IPO platform.
