Modern Diagnostic: Last IPO of 2025 to Open Dec 31

Modern Diagnostic & Research Centre is set to be the final IPO of the year, opening for subscription on December 31, 2025. This SME issue targets the diagnostic services market, which has seen a shift toward consolidation and digital reporting. The company operates a network of labs across North India, offering a wide range of pathology and imaging services.\n\nThe healthcare diagnostic sector is highly fragmented, but Modern Diagnostic has managed to carve out a niche by offering high-end genomic testing and MRI services at competitive prices. Their "hub and spoke" model has allowed them to expand into Tier-2 cities with minimal capital expenditure. The IPO proceeds will fund the acquisition of new automated diagnostic equipment.\n\nFinancially, the company has seen a steady 18% revenue growth post-pandemic. While the competition from giants like Dr. Lal PathLabs and Metropolis is intense, Modern Diagnostic’s local presence and faster turnaround times give them a distinct advantage in regional markets. The pricing of ₹85–₹90 per share appears to be at a discount to the industry average.\n\nInvestors looking for a "New Year" listing gain should watch the subscription trends on Day 1. Diagnostic stocks are generally defensive plays that perform well even during market volatility. However, the small size of the issue (₹37 crore) means that it could be prone to rapid price movements post-listing.\n\nConcluding 2025 with a healthcare listing is fitting for a year that has seen immense growth in the services sector. Modern Diagnostic offers a localized entry into the booming Indian healthcare market. We recommend checking the GMP on the eve of the opening for a sense of the market mood.