Modern Diagnostic IPO Closes With Heavy Oversubscription as GMP Ticks Higher

Overview

• The IPO closed with 376.90x overall subscription, including 342.46x in retail, 702.08x in non-institutional, and 193.51x in QIB bids, according to the latest report.
• Allotment is slated for January 5, share credits are expected on January 6, and the stock is scheduled to list on the BSE SME platform on January 7.
• Unlisted shares were quoted near Rs 106, implying roughly a 17.8% premium to the Rs 90 upper price, though grey market levels can change before listing.
• The offering is a pure fresh issue of 41 lakh shares to raise Rs 36.89 crore within a price band of Rs 85–90, with a lot size of 1,600 shares.
• Proceeds are earmarked for medical equipment (Rs 20.7 crore), working capital (Rs 8 crore) and debt repayment (Rs 1 crore), as the 1985-founded diagnostics chain reports FY25 revenue up 15% and PAT up 55%.