Opening for its third day of subscription today, Modern Diagnostic and Research Centre is testing investor appetite for the healthcare diagnostic sector. This blog covers the subscription trends and the firm's expansion into North India.
Modern Diagnostic and Research Centre Limited is currently the primary focus for active traders as its IPO enters its final subscription day today, January 2, 2026. The company, a leading provider of pathology and radiology services in Haryana and Delhi-NCR, is looking to raise ₹36.89 crore through the BSE SME platform. Priced at a band of ₹85 to ₹90, the issue has seen steady interest, particularly from retail investors looking for long-term healthcare plays.
The company currently operates a network of diagnostic centers that handle over 1.5 million tests annually. The proceeds from this fresh issue are earmarked for a significant expansion, including the establishment of two new "Super Centers" in the NCR region and the acquisition of high-end imaging equipment like 3T MRI and 128-slice CT scanners. This technological upgrade is expected to improve margins by bringing more high-value specialized tests in-house.
Subscription figures as of yesterday showed the retail portion being covered over 12 times, while the HNI segment is beginning to see traction. Unlike the recent "hype-driven" tech listings, Modern Diagnostic is being viewed as a "value play" with a P/E ratio that is competitive compared to listed peers like Dr. Lal PathLabs or Metropolis. The lack of an aggressive grey market premium—currently hovering around ₹5 to ₹8—suggests that the listing might be stable rather than explosive.
Investors should note that the allotment is expected to be finalized on January 5, with the listing tentatively scheduled for January 7. For those bidding today, the focus should be on the company's ability to maintain its 18% EBITDA margin in an increasingly crowded diagnostic market. As the first major subscription closing of the year, its final numbers will set the tone for the January IPO cycle.