Modern Diagnostic & Research Centre Ltd IPO
Healthcare
Price Band
₹85 – ₹90
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹288000
Issue Size
₹36.89Cr
Opens
2025-12-31
Closes
2026-01-02
Listing
07-01-2026
Subscription Status
Qualified Institutional Buyers
193.51 x
Non-Institutional Investor
518.67 x
Retail Individual Investor
336.64 x
Total
347.59 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1HK501016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Modern Diagnostic & Research Centre Limited provides diagnostic and related healthcare test services in India, covering pathology and radiology. It offers imaging and clinical laboratory testing for core diagnostics, disease prevention, and monitoring, serving individual patients, hospitals, and other healthcare providers, and corporate customers. Services include ultrasound and colour doppler, computed tomography (CT) scan, magnetic resonance imaging (MRI), digital X-ray, mammography, heart lab, neuro lab, electrocardiogram (ECG), cone beam computed tomography (CBCT), orthopantomogram (OPG), and pulmonary function test (PFT), along with pathology services such as anatomical, clinical, forensic, and molecular pathology, and radiology services including diagnostic and interventional radiology. The company also provides home collection of specimens and online access to test reports, and offers customised test packages for institutional customers. It operates through a network of 21 centres, comprising 17 laboratories and 4 diagnostic centres, across 8 states, and performs tests in clinical laboratories using computerised instruments.
Pros
- • Modern Diagnostic & Research Centre claims to operate as a comprehensive diagnostic services provider, offering pathology and radiology tests under one network. It states that its facilities are equipped with advanced diagnostic technologies such as 3 Tesla MRI, 128-slice Dual Energy CT scanners, mammography, CBCT, Dual-Energy X-ray Absorptiometry (DEXA) for bone mineral density, and high-end pathology platforms including Next Generation Sequencing (NGS), Non-Invasive Prenatal Testing (NIPT), microarray testing, and Liquid Chromatography–Mass Spectrometry (LCMS/MS).
- • The company claims to have been providing diagnostic services since 1985 and states that it has built capabilities in specialised testing areas over time. These include therapeutic drug monitoring (TDM) for neuropsychiatric and anti-tuberculosis drugs, along with high-end molecular and genetic tests. It also claims to process samples received from outside India for select advanced diagnostic tests.
- • Modern Diagnostic & Research Centre claims to operate a centralised information technology platform that integrates logistics, reporting, and payment systems across its network. It states that this platform enables online access to diagnostic reports for patients and healthcare providers, supports operational tracking, and facilitates digital services such as home collection scheduling and report access through mobile and online interfaces.
Cons
- • Haryana accounted for Rs 27.96 crore (68.80 percent) of the company’s revenue for the period ended September 30, 2024; Rs 48.37 crore (71.85 percent) in FY24; Rs 42.10 crore (73.31 percent) in FY23, and Rs 46.21 crore (77.13 percent) in FY23. Any adverse political, social, economic, regulatory, or natural disasters in the region can negatively impact the company’s business, results of operations, financial condition, and cash flows.
- • The company, its directors, and promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
- • Pathology services accounted for Rs 29.16 crore (72.95 percent) of the company’s revenue for the period ended September 30, 2024; Rs 50.12 crore (74.66 percent) in FY24; Rs 41.07 crore (72.97 percent) in FY23, and Rs 48.95 crore (81.31 percent) in FY22. This concentration means that any disruption specific to pathology, such as changes in test volumes, pricing, competition, regulatory requirements, or quality-related issues, can have a disproportionate effect on overall operations and financial performance.
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