MODERN DIAGNOSTIC & RESEARCH CENTRE IPO
Snapshot of the Offering
| 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 | INR 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.
Delving into Modern Diagnostic & Research Centre
Founded on April 16, 2012, Modern Diagnostic & Research Centre Limited (MDRCL) operates in the dynamic diagnostic and healthcare services sector. While officially incorporated in 2012 and converted to a public limited company in December 2024, the company boasts a rich legacy dating back to 1985 through a diagnostic proprietorship that was subsequently acquired in 2013. Promoted by Mr Devendra Singh Yadav, Mrs Deepali Yadav, Mrs Asha Yadav, and Mr Jitendra Singh, MDRCL has established itself as an integrated diagnostic network. It offers comprehensive, end-to-end solutions across both pathology and radiology services. The company’s extensive footprint includes 21 operational centres, comprising 17 advanced laboratories and 4 dedicated diagnostic centres, strategically spread across eight Indian states. MDRCL’s core offerings encompass a wide spectrum of pathology tests, including clinical, anatomical, and molecular diagnostics, alongside advanced radiology services such as X-ray, CT scans, MRI, and ultrasound. Beyond its core diagnostic capabilities, the company emphasizes a patient-centric approach by providing value-added services like convenient home sample collection and prompt digital report delivery. Its robust business model caters to a diverse clientele, including individual patients, hospitals, various healthcare providers, and corporate clients, consistently focusing on delivering quality diagnostics, maintaining affordability, and ensuring exceptional patient care.
IPO Structure and Capital Generation
| Total Funds Raised | INR 37 Crores |
|---|---|
| Fresh Issue Component | INR 37 Crores |
| Offer for Sale Component | N/A |
The IPO of Modern Diagnostic & Research Centre Limited is structured entirely as a fresh issue, aiming to raise a total of INR 37 Crores. This means that all proceeds from the offering will directly flow into the company, bolstering its financial resources for future growth and operational stability. There is no Offer for Sale (OFS) component, indicating that existing shareholders are not divesting their equity through this public issue.
Strategic Utilization of Fresh Capital
| 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% |
Modern Diagnostic & Research Centre plans to strategically deploy the net proceeds from this fresh issue to fuel its growth and strengthen its operational framework. A significant portion, over 55%, is earmarked for capital expenditure, primarily focusing on acquiring advanced medical equipment for its diagnostic centres and laboratories. This investment is crucial for enhancing service capabilities and expanding capacity. Approximately 31% of the funds will address the company’s working capital requirements, ensuring smooth day-to-day operations and facilitating business expansion. A dedicated allocation of over 12% is planned for the repayment of certain outstanding borrowings, which could lead to improved financial flexibility and reduced interest burdens. The remaining portion will be utilized for general corporate purposes, providing the company with flexibility for various strategic initiatives.
Advantages that Drive Growth
- **Long-Standing Operational History:** The company benefits from an established diagnostic business with a comprehensive operating history dating back to 1985, fostering significant brand trust and market recognition.
- **Integrated Service Portfolio:** Modern Diagnostic & Research Centre offers an integrated service model, combining both pathology and radiology services under a single, unified network, providing convenience and comprehensive solutions to patients and clients.
- **Multi-State Presence:** With 21 operational centres strategically located across multiple Indian states, the company demonstrates a wide geographical reach, enhancing accessibility and market penetration.
- **Extensive Test and Imaging Portfolio:** MDRCL provides a broad range of services, including high-end imaging solutions and advanced pathology tests, catering to diverse diagnostic needs and staying competitive in the market.
- **Patient-Centric Service Model:** The company’s focus on patient convenience, highlighted by services like home sample collection and digital report delivery, enhances customer satisfaction and strengthens its market positioning.
Key Considerations for Investors
- **Regulatory Landscape:** Operating within the highly regulated healthcare sector, the company is susceptible to frequent policy and compliance changes, which could impact operations and profitability.
- **Vendor Dependency:** There is a significant reliance on a select group of vendors for critical consumables and diagnostic reagents, which could expose the company to supply chain risks or cost fluctuations.
- **Financial Indebtedness:** The company carries significant indebtedness, which may potentially impact its cash flows, restrict financial flexibility, and affect its ability to fund future growth initiatives.
- **Liquidity Risk from Unsecured Loans:** The presence of unsecured loans repayable on demand poses a potential liquidity risk, as creditors could demand repayment at short notice, straining the company’s financial resources.
- **Operational Licensing and Approvals:** MDRCL’s operations are inherently exposed to risks associated with obtaining and maintaining various licenses, approvals, and adhering to local regulatory requirements across its multi-state network.
Real-time Investor Interest
Subscription statistics based on the latest available information as of 05:00 PM on January 01, 2026:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7.82 | 69.98 | 8.94 |
| Non-Institutional Investors (NII) | 5.86 | 311.63 | 53.22 |
| Retail Individual Investors (RII) | 13.63 | 461.40 | 33.85 |
| Total | 27.31 | 843.02 | 30.87 |
*GMP figures are unofficial and may vary; exchange data is more reliable.
Participating in the IPO
Investors can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes.
