Modern Diagnostic & Research Centre Secures BSE Nod for SME IPO Filing

Research Centre Ltd. has received approval from the Bombay Stock Exchange (BSE) to file its Draft Red Herring Prospectus (DRHP) for a proposed Small and Medium Enterprises (SME) initial public offering (IPO). The healthcare services provider plans to issue 41 lakh fresh equity shares of face value ₹10 each under the offering.

The company, engaged in providing a wide spectrum of diagnostic and radiology services, aims to utilise the IPO proceeds for multiple purposes. These include acquiring advanced medical equipment, meeting working capital requirements, repaying certain borrowings, and addressing general corporate needs.

Founded with a focus on quality diagnostics, Modern Diagnostic operates through a network of 21 centres spread across eight states, comprising 17 laboratories and four diagnostic facilities. Its services cover anatomical, clinical, forensic, and molecular pathology, alongside radiological offerings such as X-rays, CT scans, MRIs, ultrasounds, mammography, BMD, CBCT, and colour Doppler imaging.

Financially, the company reported revenues of ₹6,713.05 lakh in FY24, with an EBITDA of ₹1,105.18 lakh and net profit of ₹579.48 lakh. In the first half of FY25, revenues stood at ₹3,997.65 lakh, supported by an EBITDA of ₹966.23 lakh and net profit of ₹495.53 lakh, reflecting sustained profitability.

To ensure accuracy and reliability, the company maintains rigorous daily quality control checks across its laboratories. It also participates in external quality assurance programmes conducted by reputed institutions including Biorad, AIIMS, RML, and CMC Vellore.

With the SME IPO route, Modern Diagnostic is set to tap into investor appetite for healthcare ventures, at a time when diagnostic services are witnessing strong demand nationwide. The move highlights both the growth ambitions of the company and the increasing relevance of organised diagnostic players in India’s healthcare ecosystem.