Shares of Modern Diagnostic and Research Centre are trading at a grey market premium (GMP) of around 14%, reflecting robust investor appetite for the company’s initial public offering (IPO). The strong sentiment comes as the issue witnessed heavy subscription on the second day of bidding.
According to unofficial market trackers, Investorgain quoted a GMP of about ₹12 per share, pointing to an estimated listing gain of nearly 13%, while IPO Watch pegged the premium closer to 14%.
The Gurugram-based pathology and radiology services provider saw its IPO subscribed over 15 times by around 1:30 pm on January 1, the second day of bidding. Notably, the issue was fully subscribed on Day 1 itself, garnering nearly 5.5 times subscription on December 31.
The IPO window is open from 10 am to 5 pm and will close on January 2.
Key IPO details
- Issue size: ~₹37 crore
- Structure: 40.99 lakh fresh equity shares
- Price band: ₹85–₹90 per share
Ahead of the public issue, the company raised ₹10.45 crore via anchor investors on December 30 by allotting 11.61 lakh shares to nine funds, including 360 ONE Prime, Aarth AIF Growth Fund, Sunrise Investment Trust, Ekamya Pragati Scheme, Mastergrowth 369 Focused Equity Fund, and Nine Alps Opportunity Fund.
Founded in 2012, Modern Diagnostic operates 21 centres—including 18 laboratories and three diagnostic centres—across eight states. The company plans to utilise IPO proceeds mainly for purchasing medical equipment, working capital needs, partial debt repayment, and general corporate purposes. Expansion plans include upgrading existing facilities and opening one diagnostic centre in Lucknow along with six new laboratories across north India.
The share allotment is expected by January 5, while the listing is scheduled for January 7 on the BSE SME platform.
Disclaimer:
Grey market premium (GMP) is an unofficial indicator and is not a guarantee of listing performance. Investors should evaluate the company’s fundamentals and consult certified financial advisors before making investment decisions.
