Modern Diagnostic & Research Centre Limited IPO Opens on December 31, 2025

Modern Diagnostic & Research Centre Limited IPO Opens on December 31, 2025

Total Issue Size – Up To 40,99,200 Equity Shares of ₹ 10 each

IPO Size - ₹ 36.89 Crore (At Upper Price Band)

Price Band - ₹ 85 - ₹ 90 Per Share

Lot Size - 1,600 Equity Shares

Left to Right - 

CS Gagan Kohli - Associate Vice President cum Business Head ( Beeline Capital Advisors Private Limited)

Dr. Devendra Singh Yadav, Chairman cum Managing Director of Modern Diagnostic & Research Centre

Modern Diagnostic & Research Centre Limited, (Modern Diagnostic, The Company) service provider in diagnostic and related healthcare tests services in India proposes to open its Initial Public Offering on December 31, 2025, aiming to raise ₹36.89 Crore (At Upper Price Band) by fresh issue of 40,99,200 equity shares, to be listed on the BSE SME platform.

The issue size is 40,99,200 equity shares at a face value of ₹ 10 each with a price band of ₹85 - ₹90 Per Share.

Equity Share Allocation

QIB Anchor Portion – Not more than 11,61,600 Equity Shares

Qualified Institutional Buyer – Not more than 7,82,400 Equity Shares

Non-Institutional Investors – Not less than 5,85,600 Equity Shares

Individual Investors – Not less than 13,63,200 Equity Shares

Market Maker – 2,06,400 Equity Shares

The net proceeds from the IPO will be utilized for Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories, Working Capital Requirement, Repayment of certain outstanding borrowings availed by the Company and General Corporate Purposes. The anchor portion will open on Tuesday, Dec 30, 2025 and the issue will open on Wednesday, Dec 31, 2025 and will close on Friday, Jan 02, 2026.  

                                                                                  

The Book Running Lead Manager to the Issue Beeline Capital Advisors Private Limited, The Registrar to the Issue is MUFG Intime India Private Limited.

Dr. Devendra Singh Yadav, Chairman cum Managing Director of Modern Diagnostic & Research Centre Limited expressed, “The listing of the Company’s equity shares is a significant milestone for the company as it undertakes its next phase of expansion. Since inception, the Company has emphasized accuracy, timeliness, and accessibility in diagnostic services, with a focus on supporting clinicians and enhancing patient care outcomes.

The proposed IPO will provide us with the financial strength to accelerate our expansion strategy. The net proceeds will be strategically utilized towards capital expenditure for the acquisition of advanced medical equipment, strengthening our diagnostic and laboratory infrastructure, and expanding our network of centres. This will enhance testing capabilities, improve turnaround times, and ensure consistent, high-quality diagnostic services across locations.”

About Modern Diagnostic & Research Centre Limited:

Modern Diagnostic & Research Centre Limited (Modern Diagnostic, The Company) is a diagnostic and healthcare testing service provider in India, offering pathology and radiology services. The company’s diagnostic testing portfolio includes Pathology, encompassing Anatomical Pathology, Clinical Pathology, Forensic Pathology and Molecular Pathology, along with Radiology, which includes Diagnostic Radiology and Interventional Radiology services such as X-ray, Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI) and Ultrasound. These services are delivered using advanced computerized instruments, ensuring precise and dependable test results.

With a network of 21 centres, including 17 laboratories and 4 diagnostic centres across 8 states, Modern Diagnostic & Research Centre Limited serves individual patients, hospitals, and corporate customers. The company’s centres are equipped with laboratories featuring advanced diagnostic equipment and staffed by highly qualified professionals. The company adhere to strict internal and external quality control programs to ensure patients receive accurate and reliable test results at all times. The laboratories conduct daily quality controls, regular calibrations, and participate in External Quality Assurance Programs (EQAP) with esteemed institutions such as Biorad Laboratories, AIIMS, RML, and CMC Vellore.

Additionally, the company offers value-added services, including home sample collection, online report access, and customized test packages for institutions and individuals. The company remains committed to providing quality and affordable diagnostic and healthcare testing services through the use of advanced laboratory technology. 

For the period ended 31st March 2025, the company reported Revenue of ₹ 7,794.54 Lakhs and EBITDA of ₹ 1,796.25 Lakhs & PAT ₹ 896.81 Lakhs. 

For the period ended 30th June 2025, the company reported Revenue of ₹ 2,250.10 Lakhs and EBITDA of ₹ 586.19 Lakhs & PAT ₹ 299.82 Lakhs.

Disclaimer: 

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

SHYAM DHANI INDUSTRIES LIMITED IPO Opens on December 22, 2025

 SHYAM DHANI INDUSTRIES LIMITED IPO Opens on December 22, 2025

Left to right 

Mr. Ashok Holani - Director Holani Consultants Private Limited

Mr. Ramawtar AgarwalChairman & Managing Director

Mr. Vithal Agarwal Whole Time Director 

Mr. Ajay Kumar Sharma Chief Financial Officer.

Total Issue Size – Up To 54,98,000 Equity Shares of ₹ 10 each

IPO Size - ₹ 38.49 Crore (At Upper Price Band)

Price Band - ₹ 65 - ₹ 70 Per Share

Lot Size - 2,000 Equity Shares

Mumbai, December 11, 2025 – Shyam Dhani Industries Limited (The Company Shyam) is engaged primarily in manufacturing and processing varieties of spices under the brand ‘SHYAM’, proposes to open its Initial Public Offering on Monday, December 22, 2025 aiming to raise ₹ 38.49 Crore (At Upper Price Band), with shares to be listed on the NSE Emerge platform.

The issue size is 54,98,000 equity shares at a face value of ₹ 10 each with a price band of 

₹ 65 - ₹ 70 Per Share.

Equity Share Allocation

Anchor Portion – Up To 15,60,000 Equity Shares

Qualified Institutional Buyer – Up To 10,44,000 Equity Shares

Non-Institutional Investors – Not less than 7,86,000 Equity Shares

Retail Individual Investors - Not less than 18,28,000 Equity Shares

Market Maker – Up To 2,80,000 Equity Shares

The net proceeds from the IPO will be utilized for Funding the incremental working capital requirements, Repayment/Pre-Payment of certain outstanding borrowings, Brand Creation and Marketing Expenses, Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit, Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit and General Corporate Purposes. The anchor portion will open on Friday, Dec 19,2025 and the issue will open on Monday, Dec 22, 2025 and will close on Wednesday, Dec 24, 2025

The Book Running Lead Manager to the Issue is Holani Consultants Private Limited, The Registrar to the Issue is Bigshare Services Private Limited.

Mr. Ramawtar Agarwal, Chairman & Managing Director of Shyam Dhani Industries Limited expressed, “The launch of our Initial Public Offering marks a defining milestone in the growth journey of Shyam Dhani Industries Limited. Over the years, our Company has evolved into a diversified food processing sector, delivering varieties of spices under our flagship brand ‘SHYAM’, along with a wide portfolio of groceries, herbs, and seasonings tailored to India’s dynamic culinary preferences.

This IPO will provide strategic capital to reinforce our capabilities and accelerate the next phase of expansion. The proceeds will be utilized to enhance working capital, strengthen brand visibility, upgrade machinery at our existing manufacturing unit, and invest in a solar rooftop system. These initiatives will improve operational efficiency, expand capacity, and support sustainable value creation as we scale our presence across India and international markets.”

Mr. Ashok Holani, Director of Holani Consultants Private Limited said, “The Initial Public Offering of Shyam Dhani Industries Limited marks an important inflection points for a company that has steadily built a remarkable presence in India’s fast-growing food processing segment. With a robust portfolio and an expanding range of groceries, herbs, and seasonings, the Company is well-positioned to leverage evolving consumer preferences and the rising demand for trusted home-grown brands.

The IPO will equip the company Industries with the capital required to strengthen its operational backbone and drive the next phase of sustainable expansion. The proposed investments toward working capital, brand building, manufacturing upgrades, and renewable energy initiatives reflect a clear focus on scale, efficiency, and long-term value creation. We believe this public offering will further enhance the Company’s market position and support its ambition to grow across India and emerging global markets.”

About Shyam Dhani Industries Limited:

Shyam Dhani Industries Limited has established itself as a diversified player in the food processing sector, primarily engaged in manufacturing and processing 160+ varieties of spices under the brand “SHYAM.” The company’s portfolio extends beyond spices to include the trading of essential groceries and a wide range of herbs and seasonings, catering to evolving culinary trends.

Operationally, the company benefits from a vertically integrated supply chain, sourcing raw materials directly from mandis across India and processing them at its dedicated facility in Jatawali, Chomu, Jaipur. This facility supports end-to-end production capabilities, including cleaning, grading, and grinding.

The company employs a robust multi-channel distribution strategy, effectively penetrating both B2B and D2C markets. Its B2B presence spans General Trade, Modern Trade, Quick Commerce, and HoReCa, alongside export operations and private labeling services. This is complemented by a direct-to-consumer online channel. With SKU flexibility ranging from 5 gm sachets to 25 kg bulk packs, Shyam Dhani Industries Limited is well-positioned to address diverse demand segments across household and commercial demographics.

During FY25, The Company achieved a Revenue of ₹ 12,468.04 Lakhs, EBITDA of ₹ 1,452.06 Lakhs & PAT of ₹ 804.16 Lakhs. 

For the six-month period ended September 2025, the Company achieved a Revenue of ₹ 6,377.96 Lakhs, EBITDA of ₹ 865.85 Lakhs & PAT of ₹ 420.03 Lakhs.

Disclaimer: 

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.