Highlights

• The Modern Diagnostic SME IPO is open from 31 December 2025 to 2 January 2026, with a price band of ₹85–₹90 per share.
• The company is offering 29,37,600 equity shares with a market lot size of 1,600 shares.
• Grey market premium (GMP) was reported at ₹13.5 as of 2 January 2026.

Modern Diagnostic and Research Centre Limited has opened its SME initial public offering (IPO) on the BSE platform, offering equity shares to investors between 31 December 2025 and 2 January 2026. The issue comes with a fixed price band and targets participation across institutional and retail investor categories, marking a key capital market event for the diagnostic services provider.

IPO Structure and Key Dates

The IPO of Modern Diagnostic is being conducted on the BSE SME platform under the equity category. The issue comprises 29,37,600 equity shares with a face value of ₹10 each. Investors can bid within the price band of ₹85 to ₹90 per share, with a tick size of ₹1.

The minimum bid quantity is set at 3,200 shares, translating into a minimum investment based on the upper price band. The issue allows participation from various investor categories, including financial institutions, insurance companies, mutual funds, foreign institutional investors, corporates, and individual investors. Retail investors can apply through the UPI mechanism under the IND category.

Book Running and Issue Management

Beeline Capital Advisors Private Limited is acting as the book running lead manager for the issue. Link Intime India Private Limited has been appointed as the registrar, while IndusInd Bank Limited is serving as the sponsor bank.

The maximum bid quantity for qualified institutional buyers has been capped at 27,31,200 shares, while non-institutional investors can bid for up to 19,48,800 shares, as per the issue structure disclosed.

Grey Market Activity

According to reports from market tracking platforms, the latest grey market premium (GMP) for the Modern Diagnostic SME IPO stood at ₹13.5 per share. The GMP figure was last updated on 2 January 2026, at 11:31 AM. Grey market activity is unofficial and operates outside the regulated exchange framework.

Company Background and Operations

Modern Diagnostic and Research Centre began operations in 1985 from New Railway Road, Gurugram. The company initially started with laboratory and X-ray services and has since expanded its diagnostic capabilities.

At present, the company offers a range of diagnostic services in radiology and high-end pathology, with the capacity to conduct more than 2,500 tests in-house. Its services cater to both routine and advanced diagnostic requirements.

Financial Performance Overview

For the period ended 30 June 2025, the company reported total assets of ₹77.86 crore, compared with ₹64.57 crore as of 31 March 2025. Total income for the quarter stood at ₹22.67 crore.

Profit after tax for the quarter was reported at ₹3.00 crore, while EBITDA was ₹5.86 crore. As of 30 June 2025, net worth stood at ₹23.72 crore, with reserves and surplus at ₹12.72 crore. Total borrowings were reported at ₹30.38 crore.

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