Modern Diagnostic IPO: Closing the 2025 SME Season | The IPO List

Modern Diagnostic & Research Centre is set to open its IPO on December 31, 2025, marking the final entry for the year in the SME segment. With a price band of ₹85–₹90 and an issue size of ₹37 crore, the company aims to scale its pathology and imaging network across North India. This IPO comes at a time when regional healthcare players are aggressively seeking public capital to fund technological upgrades.\n\nThe diagnostic industry in India is highly fragmented, but Modern Diagnostic has differentiated itself through its focus on high-end radiology and genomic testing. By investing in advanced MRI and CT technology, they have become a "referral hub" for smaller clinics in the NCR region. The proceeds from the IPO are earmarked for the acquisition of new automated equipment, which is expected to lower per-test costs and improve turnaround times.\n\nMarket sentiment for healthcare stocks remains defensive and positive. While the broader market has seen volatility, diagnostic firms often provide a safety net due to the non-discretionary nature of healthcare spending. Analysts expect a steady subscription trend, though it may not reach the thousand-fold frenzy of the spices or tech sectors. The listing is expected in the first week of January 2026.\n\nA key risk for Modern Diagnostic is the increasing competition from aggressive "e-pharmacy" players who offer home collection services at deep discounts. To survive, Modern Diagnostic must leverage its high-end imaging capabilities, which are harder to commoditize than basic blood tests. Their deep-rooted local brand trust in Haryana and Delhi will be their biggest asset against national competitors.\n\nFor retail investors, this issue offers a chance to invest in a profit-making healthcare entity at a reasonable valuation. Unlike many high-flying SME stocks, Modern Diagnostic has a tangible asset base and a history of steady dividends. It is a recommended pick for those looking to round off their 2025 portfolio with a stable, service-oriented business.