Modern Diagnostic SME IPO: The Final Window of 2025 | The IPO List

Modern Diagnostic & Research Centre is officially set to open its IPO for subscription on December 31, 2025, making it the very last public issue of the year. Priced in the band of ₹85–₹90, the ₹37.01 crore issue is entirely a fresh issue of shares. The company operates a network of diagnostic labs in North India, focusing on advanced radiology and pathology services, which are seeing a double-digit growth rate in Tier-2 cities.\n\nThe "Healthcare Diagnostic" sector has become a favorite for defensive investors in late 2025. Modern Diagnostic’s USP lies in its high-end imaging capabilities, including 3T MRI and 128-slice CT scans, which attract a high volume of doctor referrals. The funds raised will be used to establish a new "Experience Center" and expand their satellite lab network in Haryana and Uttar Pradesh.\n\n [Image of a modern MRI machine] \n\nFinancial data reveals a PAT margin of approximately 9.3%, which is healthy for a regional player. The company’s Return on Equity (ROE) stands at 47%, showcasing its ability to generate high returns for its shareholders. As national giants like Dr. Lal PathLabs and Metropolis focus on metropolitan markets, regional players like Modern Diagnostic are finding ample growth opportunities in underserved districts.\n\nInvestors should keep an eye on the opening day subscription on New Year’s Eve. Historically, end-of-year IPOs see moderate but quality participation as holiday-season liquidity is lower. However, given the company’s solid ROE and clean balance sheet (debt-to-equity of 0.04), it is expected to be a steady performer. The subscription window will remain open until January 2, 2026.\n\nIn summary, Modern Diagnostic is a "Quality-at-a-Reasonable-Price" play. It offers a way to participate in the corporatization of Indian healthcare with a company that has proven its local dominance. For those looking to start their 2026 portfolio with a defensive healthcare pick, this IPO deserves a place on the shortlist. Allotment is expected by January 5, with listing shortly after.