GMP hints at double digit listing gains for Modern Diagnostic IPO on Jan 7

Modern Diagnostic IPO listing forecast: Grey market trends suggest a positive listing for pathology and radiology services chain operator Modern Diagnostic & Research Centre, which is set to debut on D-Street on Wednesday, January 7, 2026. This comes after the company successfully raised ₹36.89 crore through its maiden share sale, which closed for subscription on January 2.

 

As investors eagerly await the stock's debut on the BSE SME platform, grey market trends indicate a promising listing. Before the official market debut, unlisted shares of Modern Diagnostic were being traded at ₹103.5 per share, reflecting a grey market premium (GMP) of ₹13.5 or 15 per cent over the issue price of ₹90, according to market sources tracking the unofficial activity. 

 

 

Should the current grey market trends hold, Modern Diagnostic shares are expected to list around ₹103, potentially delivering a 15 per cent return for IPO allottees. However, given that the grey market is unregulated, market participants are advised not to rely solely on the GMP as an indicator of listing performance. 

Modern Diagnostic IPO details

The public offering of Modern Diagnostic, a diagnostic chain operator, involved the issuance of 4.1 million fresh equity shares, raising ₹36.89 crore. Notably, there is no offer-for-sale (OFS) component in this IPO. The issue was offered at a price band of ₹85 to ₹90 per share, with a lot size of 1,600 shares, from December 31, 2025, to January 2, 2026. 

 

The offering attracted solid demand and was oversubscribed by 350.49 times, with the lion's share of subscriptions coming from non-institutional investors (NIIs), who oversubscribed their portion by 519.38 times. Retail investors, and qualified institutional buyers (QIBs) saw respective oversubscription rates of 342.46 times and 193.51 times, according to BSE data.

 

The basis of allotment for the Modern Diagnostic IPO was finalised on Monday, January 5, 2026, with the issue price set at ₹90 per share, the upper end of the IPO price band.

 

The company intends to utilise ₹20.7 crore of the net fresh issue proceeds to acquire medical equipment for its diagnostic centres and laboratories. An additional ₹8 crore will be allocated towards working capital requirements, while ₹1 crore will be used for debt repayment, as outlined in the Red Herring Prospectus (RHP). The remaining funds will be deployed for general corporate purposes.