Modern Diagnostic & Research Centre Ltd (MDRC), a leading integrated diagnostics provider, sees its SME initial public offering (IPO) close for subscription today, January 2, 2026. The three-day bidding window, which opened on December 31, 2025, has attracted massive investor interest, with the issue subscribed over 60 times as of early final day data reflecting confidence in the booming Indian diagnostics sector.

The ₹36.89 crore book-built issue comprises entirely fresh equity shares (no offer-for-sale), priced in a band of ₹85-90 per share. Minimum application for retail investors is two lots (3,200 shares), requiring ₹2.88 lakh at the upper band. Anchor investors raised ₹10.45 crore pre-IPO.

MDRC, incorporated in 1985 and operating since 2012, runs 21 centres (18 labs + 3 diagnostic centres) across 8 states, offering comprehensive pathology (including molecular diagnostics, cytogenetics) and radiology services (3T MRI, 128-slice CT, ultrasound). Key differentiators include home sample collection, digital reports, and specialized testing for genetics and cancer.

Financially, the company has staged a strong recovery: Revenue grew 15% YoY to ~₹78 crore in FY25, while PAT surged 55% to ~₹9 crore. Proceeds will primarily fund advanced equipment (e.g., PET-CT scanners), working capital, and expansion targeting new centres in Lucknow and labs in multiple cities.

Subscription momentum built rapidly: fully subscribed on Day 1 (~5.5x), ~29x on Day 2, and >60x entering the final hours, led by non-institutional investors. Grey market premium holds at ₹14 (15.56% over upper band), suggesting a listing pop around ₹104.

Allotment finalization is expected on January 5, with listing on BSE SME platform on January 7, 2026.

This IPO underscores surging investor appetite for healthcare diagnostics amid rising preventive testing, insurance penetration, and post-pandemic awareness.