Last day! Modern Diagnostic IPO ends today; check latest subscription, GMP

Modern Diagnostic IPO:  The three-day subscription window for the initial public offering (IPO) of pathology and radiology services chain operator Modern Diagnostic & Research Centre is set to close today, Thursday, January 2, 2026.

 

The public issue, which opened for subscription on Wednesday, December 31, 2025, has received overwhelming demand from investors, getting subscribed over 28.77 times, driven largely by strong interest from non-institutional investors (NIIs) and the retail category.

 

According to BSE data, the maiden share sale of Modern Diagnostic has been oversubscribed 39.61 times in the NII segment, followed closely by the retail category at 33.85 times. Qualified institutional buyers (QIBs), while booking the lowest demand among categories, have still oversubscribed their portion by 8.94 times as of the end of the second day of subscription.

 

 

Positive sentiment has also extended to the grey market, where the company’s unlisted shares were commanding solid premiums on Thursday. According to sources tracking unofficial markets, Modern Diagnostic shares were trading at ₹104 per share, indicating a grey market premium (GMP) of ₹14, or 15.56 per cent, over the upper end of the issue price of ₹90.  ALSO READ | E to E Transportation IPO booked 526x; here's what GMP hints for D-St debut

Modern Diagnostic IPO details

The public offering of the diagnostic chain operator comprises an entirely fresh issue of 4.1 million equity shares, aggregating to ₹36.89 crore. There is no offer-for-sale (OFS) component.

 

Modern Diagnostic IPO is priced in the range of ₹85 to ₹90 per share, with a lot size of 1,600 shares. At the upper price band, a retail investor would require ₹2.88 lakh to apply for two lots, or 3,200 shares.

 

As the public issue closes for subscription today, the basis of allotment is likely to be finalised on Monday, January 5, while shares are expected to be credited to investors’ demat accounts on Tuesday, January 6.

 

Shares of Modern Diagnostic are tentatively scheduled to be listed on the BSE SME platform on Wednesday, January 7, 2026.

 

The company plans to utilise ₹20.7 crore from the net fresh issue proceeds for the purchase of medical equipment for its diagnostic centres and laboratories. Additionally, ₹8 crore, Modern Diagnostic said, will be used to fund working capital requirements and ₹1 crore for debt repayment, according to the red herring prospectus (RHP). The remaining funds will be deployed for general corporate purposes.