Modern Diagnostic and Research Centre IPO Day 1: Check live subscription status, price band, lot size and more

Modern Diagnostic and Research Centre IPO: The initial public offering of diagnostic services provider Modern Diagnostic and Research Centre Ltd opened for subscription on Wednesday, December 31. The issue will conclude on Friday, January 2.

The ₹36.89 crore initial share sale, with a price band of ₹85 to ₹90 per share, is a fresh issuance of 40,99,200 shares with no offer for sale (OFS) component.

The net proceeds from the issue will be used for funding working capital needs for the purchase of medical equipment for laboratories and diagnostic centres, working capital needs, repayment of outstanding borrowings and corporate general purposes.

Dr Devendra Singh Yadav, Chairman and Managing Director of Modern Diagnostic and Research Centre, said, "The listing of the company’s equity shares is a significant milestone for the company as it undertakes its next phase of expansion...The proposed IPO will provide us with the financial strength to accelerate our expansion strategy."

Modern Diagnostic and Research Centre IPO Day 1: Subscription status

The issue has been subscribed 1.56 times so far on the first day of bidding. It got bids for 45,82,400 shares as against 29,37,600 shares on offer, according to the BSE data until 12:15 pm.

Modern Diagnostic and Research Centre IPO lot size

A lot consists of 1,600 shares. The application size for an individual investor is two lots or 3,200 shares.

Prior to the IPO, the company raised ₹10.45 crore from nine anchor investors, including Aarth AIF Growth Fund, SB Opportunities Fund II, 360 One Prime Ltd, Sunrise Investment Trust-Sunrise Investment Opportunities Fund, Ekamya Pragati Scheme-I, and Vijit Growth Fund among others.

Modern Diagnostic and Research Centre IPO timeline

About the company

Modern Diagnostic and Research Centre provides diagnostic and related healthcare test services in India. It offers a single-stop solution for radiology and pathology testing services. It has 21 centres, including 18 laboratories and three diagnostic centres in eight states.

Modern Diagnostic and Research Centre IPO GMP

According to investorgain.com and media reports, unlisted shares of Modern Diagnostic and Research Centre Ltd are trading at ₹100, reflecting a grey market premium (GMP) of 11.11% over the upper price band of ₹90.