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Invicta Diagnostic IPO
The Invicta Diagnostic IPO opens for subscription on December 1, 2025 and closes on December 3, 2025. The book build issue of ₹28.12 crore is entirely a fresh issue of 0.33 crore shares of ₹28.12 crore. The allotment for the Invicta Diagnostic IPO is expected to be finalized on December 4, 2025. The Invicta Diagnostic IPO will list on NSE SME with a tentative listing date fixed as December 8, 2025.
The IPO price band is set at ₹80.00 to ₹85.00 per share and the lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,72,000.00 (3,200 shares) (based on upper price) and the minimum lot size investment for HNI is 3 lots (4,800 shares), amounting to ₹4,08,000. Bigshare Services Pvt.Ltd. is the registrar of the issue and Socradamus Capital Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue.
Company Background
A Mumbai-headquartered diagnostic services company, Invicta Diagnostics operates under the brand “PC Diagnostics.” In January 2021, the company was initially incorporated as a Limited Liability Partnership. It subsequently converted to a private limited company in December 2023 before becoming a public limited company in 2024.
The founders, Dr. Ketan Jayantilal Jain and Dr. Sanket Vinod Jain are experienced radiologists who bring over 15 and 7 years, respectively, in the diagnostics sector. Invicta Diagnostics is positioned to serve the Mumbai Metropolitan Region (MMR) with an emphasis on advanced radiology and pathology diagnostics, focusing on growth and expansion through capital infusion via its IPO planned on NSE Emerge in 2025.
Operations And Product Range
Invicta Diagnostics operates a comprehensive network of diagnostic centers using a hub-and-spoke model across Mumbai and its suburbs. The company's flagship hub in Thane supports a wide range of pathology and radiology services, including 60 routine and 487 specialized pathology tests, alongside 96 basic and 130 advanced radiology tests such as CT scans, MRI and PET CT.
The spokes function primarily as sample collection points offering basic tests like sonography and X-rays, with larger hubs equipped for more advanced diagnostics. The product range of the company spans biochemistry, clinical pathology, molecular diagnostics and advanced imaging, catering to approximately 1,03,602 patients as of March 2025.
Revenue Channels
Invicta Diagnostics generates its revenue primarily through diagnostic testing services while capitalizing on increased patient footfall and expanding its portfolio of advanced diagnostic offerings. Its revenue surged by 90 percent from ₹15.83 crore in FY24 to ₹30.09 crore in FY25, with profit after tax growing from ₹3.80 crore to ₹4.92 crore. The IPO will help the company fund capital expenditure for establishing five new diagnostic centers across Maharashtra to strengthen its market presence, with the rest allocated for corporate purposes.
Management And Shareholding
The Promoters of the Company are Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi and Jayesh Prakash Jain. Recent shareholding includes notable investors such as Acharya Manish Grover, who acquired a 1.37% stake, indicating solid investor confidence ahead of the IPO.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Invicta Diagnostic IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Invicta Diagnostic IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 1, 2025 to December 3, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹80 to ₹85 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 33,08,800 shares (aggregating up to ₹28.12 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 92,63,173 shares |
| Share Holding Post Issue | 1,25,71,973 shares |
Invicta Diagnostic IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Tentative Allotment | December 4, 2025 |
| Initiation of Refunds | December 5, 2025 |
| Credit of Shares to Demat | December 5, 2025 |
| Tentative Listing Date | December 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wednesday, December 3, 2025 |
Invicta Diagnostic IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,08,000 |
| S-HNI (Max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,88,000 |
Invicta Diagnostic IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 91.89% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Comprehensive diagnostic test portfolio across pathology and radiology
- • Robust recent revenue and profit growth
- • Experienced founders with deep domain expertise
- • Strategic expansion plans funded by IPO capital
- • Advanced diagnostic technologies and skilled personnel
- • Strong investor confidence and shareholding support
Invicta Diagnostic IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 21.22 | 30.18 | 4.93 | 13.60 | - | 3.54 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 15.89 | 15.90 | 3.81 | 8.67 | - | 3.81 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 44.28% |
| ROCE | 42.00% |
| Debt/Equity | 0.26 |
| RoNW | 36.25% |
| PAT Margin | 16.38% |
| EBITDA Margin | 30.57% |
| Price to Book Value | 5.26 |
| Market Capitalization | ₹106.86 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.32 | 3.92 |
| P/E (x) | 15.97 | 21.68 |
Invicta Diagnostic IPO Objectives
The Invicta Diagnostic IPO proposes to utilize the Net Proceeds from the issue as follows: ₹21.11 crores for funding capital expenditure for the purchase of medical equipment towards the establishment of five new diagnostic centres in Maharashtra and general corporate purposes.
Conclusion
The Invicta Diagnostic IPO opens for subscription on December 1, 2025 and closes on December 3, 2025. The book build issue of ₹28.12 crore is entirely a fresh issue of 0.33 crore shares of ₹28.12 crore.
A Mumbai-headquartered diagnostic services company, Invicta Diagnostics operates under the brand “PC Diagnostics.” Invicta Diagnostics operates a comprehensive network of diagnostic centers using a hub-and-spoke model across Mumbai and its suburbs. The company's flagship hub in Thane supports a wide range of pathology and radiology services, including 60 routine and 487 specialized pathology tests, alongside 96 basic and 130 advanced radiology tests such as CT scans, MRI and PET CT.
DRHP:
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Frequently Asked Questions (FAQs)
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Q1: When does Invicta Diagnostic IPO open and close?
The Invicta Diagnostic IPO opens on December 1, 2025 and closes on December 3, 2025.
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Q2: What is the total size of the Invicta Diagnostic IPO?
The book build issue of ₹28.12 crore is entirely a fresh issue of 0.33 crore shares of ₹28.12 crore.
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Q3: Where will the Invicta Diagnostic IPO be listed?
The Invicta Diagnostic IPO will be listed on the NSE SME platform.
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Q4: What are the primary objectives for the Invicta Diagnostic IPO proceeds?
The Invicta Diagnostic IPO proposes to utilize ₹21.11 crores for funding capital expenditure for the purchase of medical equipment towards the establishment of five new diagnostic centres in Maharashtra and general corporate purposes.
