Modern Diagnostic IPO GMP Today: Premium Rises With Strong Subscription Demand | Image With Upstox
Modern Diagnostic & Research Centre Ltd has launched its SME IPO on the BSE platform, and it is drawing solid interest from investors. The company is a well-known diagnostics chain based in Gurugram, operating since 1985.
It runs 21 centres across 8 states with a mix of pathology labs, radiology units, and complete diagnostic facilities. The business also offers home sample collection and digital reporting. With healthcare spending rising in India, the company is positioned as a mid-tier diagnostics provider with stable earnings visibility.
In FY25, revenue grew 15% to ₹78.8 crore and profit after tax rose 55% to ₹8.97 crore, which helped boost investor confidence in the IPO.
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The IPO opened on December 31, 2025, and will close on January 2, 2026. The total issue size is ₹36.89–37 crore, consisting entirely of a fresh equity issue of 40.99 lakh shares. The price band is ₹85–₹90 per share, with most investors considering the upper band for calculations.
The minimum application size for retail investors is 2 lots, meaning 3,200 shares, which translates to ₹2.88 lakh at the upper price band. This is a higher entry barrier compared with mainboard IPOs, which is common for SME platforms. The allotment is expected on January 5, 2026, and the stock is likely to list on January 7, 2026 on BSE SME. Anchor investors contributed ₹10.45 crore at ₹90 per share, reflecting early institutional interest.
The GMP started low at ₹0–10 in the initial days but moved up as subscription momentum increased. As of January 1, 2026, the GMP reached ₹13, reflecting a 14.44% premium. This implies a listing price estimate near ₹103 against the issue price of ₹90. Earlier GMP updates suggested an 11–12% premium, so sentiment has clearly improved.
GMP remains moderate when compared to high-speculation SME IPOs, suggesting measured optimism rather than speculative frenzy. Investors appear to value the company’s long operating history, strong profit recovery, and healthcare exposure.
Demand for the IPO has increased steadily since opening.
Day 1 subscription stood at about 5.6 times overall, with retail at ~5.5 times, NII at ~8 times, and QIB at ~4 times.
By Day 2 (January 1, partial updates), total subscription reportedly moved into the 8–15 times range, showing rapid acceleration across investor categories. This reflects growing trust in the company’s business stability and earnings potential.
Modern Diagnostic operates as a comprehensive diagnostics platform, offering services including pathology, MRI, CT scans, X-rays, molecular tests, preventive health packages, and home collections. The company has a 40-year operating history, with accreditations such as NABL and NABH, which improves credibility in the diagnostics space.
The company follows a hub-and-spoke model to control costs and improve efficiency. The FY25 profit surge of 55% shows how operating leverage is kicking in as volumes grow.
Key financial highlights include:
These numbers signal healthy profitability for an SME diagnostics provider.
Public discussion, especially on X, remains neutral-to-positive.
Most users focus on:
Investors are also highlighting:
There is some caution about SME volatility, but this is normal for the segment. The tone is more steady confidence than hype-driven speculation.
India’s diagnostics sector benefits from:
Diagnostics services often generate repeat demand, creating stable business visibility. This supports investor interest even when broader markets are volatile.
With the GMP at ₹13, the listing price estimate stands around ₹103, offering potential gains of 11–14% on listing. GMP may still fluctuate before debut, especially because SME listings often show higher price swings due to limited liquidity.
Investors should also consider:
Still, the business remains relatively defensive compared with cyclical sectors.
Modern Diagnostic & Research Centre’s IPO is gaining traction due to solid FY25 financials, sector strength, improving GMP, and strong subscription interest. It positions itself as a reliable mid-tier diagnostics provider with steady expansion plans. Listing gains look moderately positive, not speculative. The IPO suits investors comfortable with SME risk-reward dynamics who want healthcare exposure.
This IPO reflects confidence in India’s growing diagnostics ecosystem, backed by rising patient volumes, deeper testing penetration, and digital-driven healthcare adoption.
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