Primary market: Modern Diagnostic & Research Centre leads a quiet IPO week
This week's primary market action is low-key, with just one SME IPO—Modern Diagnostic & Research Centre—opening December 31, 2024.
The Gurugram-based company aims to raise ₹36.89 crore by issuing 40.99 lakh shares at ₹85-90 each (minimum investment: ₹1.44 lakh).
Eleven other companies will also list between December 30, 2024 and January 3, 2025.
What does Modern Diagnostic do?
Founded in 2012, Modern Diagnostic runs 21 centers across eight states, offering pathology tests, radiology scans (like MRI and CT), home sample collection, and digital reports for patients and hospitals.
They're using most of the IPO funds to buy new medical equipment (56%), boost working capital (31%), pay off some debt (12%), and cover general expenses.
Other details
Shares are split among anchor investors (28%), retail buyers (33%), QIBs (19%), and non-institutional investors (14%).
The stock lists on BSE SME on January 7, [year not specified in source].
Also coming up: Gujarat Kidney & Super Speciality's mainboard IPO worth ₹251 crore and E to E Transportation Infrastructure's ₹84 crore issue close out the week's listings.