Modern diagnostic shares list at 10% premium; misse IPO GMP estimates

Modern Diagnostic started its maiden trading session at ₹99.50 per share on the BSE SME, reflecting a premium of ₹9.50 or 10.56 per cent over the IPO issue price of ₹90 per share

Modern Diagnostic IPO listing, Modern Diagnostic share price: Shares of pathology and radiology services provider Modern Diagnostic & Research Centre brought nealry made a positive debut on the D-Street on Wednesday, January 7, following the company’s successful ₹36.89 crore fundraising through its Initial Public Offering (IPO).

 

Modern Diagnostic shares started their maiden trading session at ₹99.50 apiece on the BSE SME, reflecting a premium of ₹9.50 or 10.56 per cent over the IPO issue price of ₹90 per share.

 

However, the listing price of Modern Diagnostic shares came slightly below grey market expectations. Before its official debut, unlisted shares of Modern Diagnostic were being traded at ₹103.5 per share, indicating a grey market premium (GMP) of ₹13.5 or 15 per cent over the issue price of ₹90, according to market sources tracking unofficial activities.

 

Modern Diagnostic IPO details

Modern Diagnostic IPO comprises an entirely fresh issue of 4.1 million fresh equity shares of worth ₹36.89 crore. Notably, there was no offer-for-sale (OFS) component in this issue. The price band for the IPO was set at ₹85 to ₹90 per share, with a lot size of 1,600 shares. The offering was open from December 31, 2025, to January 2, 2026.

 

The issue saw overwhelming demand, being oversubscribed by 350.49 times. The largest portion of subscriptions came from non-institutional investors (NIIs), who oversubscribed their portion by 519.38 times. Retail investors and qualified institutional buyers (QIBs) saw oversubscription rates of 342.46 times and 193.51 times, respectively, according to BSE data.

 

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

 

The company plans to use ₹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 directed towards debt repayment, as per the red herring prospectus (RHP). The remaining funds, the company said, will be deplaoyed for general corporate purposes.