Modern Diagnostic IPO Soars to 30.84x Subscription: Exceptional Investor Response
Modern Diagnostic & Research Centre's IPO has received overwhelming investor response with 30.84x overall subscription, significantly higher than initial figures. The company's strong financial performance showing revenue growth from ₹56.28 crore to ₹77.95 crore and profitability turnaround has attracted exceptional investor interest across all categories, particularly from retail and non-institutional buyers.
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Modern Diagnostic & Research Centre Limited's ₹29.69 crore initial public offering has received an exceptional response from investors, achieving a remarkable overall subscription of 30.84 times. The comprehensive healthcare diagnostics services provider, which operates 21 centres including 18 laboratories and 3 diagnostic centres across 8 states, has attracted unprecedented interest across all investor categories.
Outstanding IPO Subscription Performance
The public offering has demonstrated extraordinary demand across all investor segments, with the bHNI (Non-Institutional Buyers) category leading with an exceptional 63.43 times subscription. Retail investors have shown tremendous confidence with 33.82 times subscription, while sHNI category achieved 32.04 times subscription, reflecting strong market confidence in the company's healthcare diagnostics business model.
| Investor Category: | Subscription Level |
|---|---|
| Total Subscribed: | 30.84x |
| bHNI (Non-Institutional): | 63.43x |
| Retail: | 33.82x |
| sHNI (Non-Institutional): | 32.04x |
| QIB (Qualified Institutional): | 8.94x |
| Employees: | 0.00x |
IPO Structure and Timeline
The public offering comprises entirely of fresh issue shares worth ₹29.69 crore, with the bidding period running from December 31, 2025, to January 2, 2026. The company will utilize the proceeds primarily for capital expenditure on medical equipment and working capital requirements.
| Parameter: | Details |
|---|---|
| Issue Size: | ₹29.69 crore |
| Issue Type: | Fresh Issue |
| Opening Date: | December 31, 2025 |
| Closing Date: | January 2, 2026 |
| Network: | 21 centres across 8 states |
Fund Utilization Strategy
The net proceeds from the IPO will be allocated strategically across multiple growth initiatives. The largest portion of ₹20.69 crore will fund capital expenditure for advanced medical equipment including PET CT scanners and SPECT machines. Additionally, ₹8.00 crore will support working capital requirements, while ₹1.00 crore will be used for debt repayment.
Strong Financial Performance
Modern Diagnostic & Research Centre has demonstrated remarkable financial recovery and growth trajectory. The company achieved a significant turnaround from losses in FY23 to strong profitability, with revenue growing consistently over the past two years.
| Financial Metric: | FY23 | FY24 | FY25 | Growth (FY23-25) |
|---|---|---|---|---|
| Revenue: | ₹56.28 cr | ₹67.13 cr | ₹77.95 cr | +38.52% |
| PAT: | (₹5.73 cr) | ₹5.79 cr | ₹8.97 cr | Turnaround |
| PAT Margin: | (10.12%) | 8.43% | 11.38% | +21.50pp |
| Total Assets: | ₹36.54 cr | ₹49.49 cr | ₹64.57 cr | +76.77% |
Business Operations and Investment Highlights
Founded in 2012 with a legacy dating back to 1985, the company provides comprehensive diagnostic services including advanced technologies like 3Tesla MRI, 128 slice Dual Energy CT scans, and genetic testing services. The company operates an advanced centralized IT platform that integrates its extensive network through unified logistics and payment systems. The exceptional subscription response reflects strong investor confidence in India's growing healthcare diagnostics sector and the company's proven operational metrics with consistent profitability improvement.
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