The Invicta Diagnostic IPO, valued at ₹28.12 crore, consists entirely of 0.33 crore fresh equity shares. The public issue will open for subscription on December 1, 2025, and close on December 3, 2025.
The company will complete its one-day anchor allotment on November 28, 2025, ahead of the issue. The basis of allotment is expected to be announced on December 4, 2025.
Invicta’s shares are proposed to list on the NSE SME platform, with the listing tentatively set for December 8, 2025. This IPO is a book-built issue with a price band of ₹80 to ₹85 per share, and investors must apply for a minimum lot of 1,600 shares. Socradamus Capital Pvt. Ltd. is acting as the book-running lead manager for this offering.
Invicta Diagnostic IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The IPO does not include any offer for sale, so all the money raised will go directly to the company.
- Invicta Diagnostic will use the funds mainly to grow its business and buy new medical equipment.
- About ₹21.11 crore will be spent on setting up five new diagnostic centres in Maharashtra, following the hub-and-spoke model during FY26 and FY27.
- The rest of the funds will be used for general corporate needs.
About Invicta Diagnostic Limited
Invicta Diagnostic Ltd., founded in January 2021, offers both radiology and pathology services under the brand name “PC Diagnostics.” The company operates seven diagnostic centres and a central lab across Mumbai using a hub-and-spoke model.
Its main hub in Thane West provides a wide range of pathology services and advanced radiology, including PET CT and MRI. 3 other hubs, located in Bhayandar, Byculla, and Marol, offer specialised diagnostic services, while the spokes in Lower Parel, Sewri, and Kalwa handle basic imaging and sample collection.
Invicta conducts around 60 routine and 487 specialised pathology tests, along with about 96 basic and 130 advanced radiology tests. It also supports home sample collection through trained phlebotomists and collection partners. As of October 31, 2025, the company had 157 permanent employees. Its key strengths include a growing presence in the Mumbai Metropolitan Region, affordable one-stop diagnostic services, strong technical and IT capabilities, an experienced management team, and an efficient hub-and-spoke operating model.
Industry Outlook
- India’s healthcare industry is broad and includes hospitals, pharmaceuticals, diagnostics, medical equipment, health insurance, telemedicine, and medical tourism.
- The diagnostics sector plays a major role in identifying illnesses, planning treatments, and ensuring proper patient care. It serves both B2B clients (hospitals, clinics, nursing homes) and B2C customers (walk-in patients and home collection users).
- The diagnostic journey usually begins when a patient notices symptoms or goes for a routine checkup. After consulting a doctor, tests are recommended, and patients either visit a diagnostic centre, use home collection, or submit samples at clinics.
- Once samples are collected, labs process them and deliver reports online or offline. B2B reports are also shared directly with hospitals. This smooth process helps ensure accurate diagnosis and timely treatment.
- Diagnostic tests are used for a wide range of health issues, infectious diseases (like dengue, TB, COVID-19), chronic illnesses (such as diabetes, hypertension, heart disease), cancer, genetic disorders, hormonal imbalances, autoimmune diseases, neurological issues, gastrointestinal problems, and respiratory disorders.
How To Apply for the Invicta Diagnostic IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Invicta Diagnostic IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Invicta Diagnostic IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Invicta Diagnostic Limited
Registered office: Invicta Diagnostic Ltd., 1 GF, Plot 217, Ambavat Bhavan, N.M Joshi Marg, Delisle Road, Mumbai, Maharashtra, 400013
Phone: 022 - 4971 0036
Email: investors@pcdiagnostics.in
Invicta Diagnostic IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
Invicta Diagnostic IPO Lot Size Details
| 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
Dr Ketan Jayantilal Jain, Dr Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi and Jayesh Prakash Jain are the company promoters.
| Share Holding Pre-Issue | 90.52% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Invicta Diagnostic IPO
| 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. |
Invicta Diagnostic IPO Registrar and Lead Managers
Invicta Diagnostic IPO Lead Managers
- Socradamus Capital Pvt.Ltd.
Registrar for Invicta Diagnostic IPO
Bigshare Services Pvt.Ltd.
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
- Website: https://ipo.bigshareonline.com/IPO_Status.html
Financial Performance of Invicta Diagnostic Limited
| Particulars | Period Ended as of Sep 30 2025 | Period Ended as of Mar 31, 2025 | Period Ended as of Mar 31, 2024 |
| Assets ( ₹ Crore) | 34.90 | 21.22 | 15.89 |
| Total Income ( ₹ Crore) | 17.08 | 30.18 | 15.90 |
| Profit After Tax ( ₹ Crore) | 4.08 | 4.93 | 3.81 |
| EBITDA ( ₹ Crore) | 6.77 | 9.20 | 7.09 |
| Net Worth ( ₹ Crore) | 23.68 | 13.60 | 8.67 |
| Reserves and Surplus ( ₹ Crore) | 14.42 | 5.18 | 8.54 |
| Total Borrowing ( ₹ Crore) | 3.72 | 3.54 | 3.81 |
Invicta Diagnostic Limited Peer Comparison
| Name of Company | CMP (₹) | Face Value (₹) | Basic EPS (₹) | P/E Ratio (times) | RoNW (%) | NAV (₹) |
| Invicta Diagnostic Limited | [●] | 10.00 | 5.86 | [●] | 36.25% | 16.15 |
| Vijaya Diagnostic Centre Limited | 1,003.00 | 1.00 | 13.95 | 71.90 | 17.99% | 77.86 |
| Krsnaa Diagnostics Limited | 711.00 | 5.00 | 24.04 | 29.58 | 8.79% | 272.54 |
Strengths and Opportunities of Invicta Diagnostic Limited
- The company is growing its presence in the Mumbai Metropolitan Region (MMR), especially in the radiology segment.
- It provides a complete range of diagnostic services at affordable prices.
- It has strong technical capabilities supported by modern technology and IT systems.
- The business is run by an experienced management team with deep industry knowledge.
- It follows a Hub-and-Spoke model to deliver services efficiently.
Risks and Threats of Invicta Diagnostic Limited
- The company’s growth could suffer if it fails to maintain or improve its brand reputation.
- Any disruption at its main centre or other diagnostic locations could slow down test processing and negatively impact its business and financial performance.
- Since the company depends heavily on radiology services, it faces higher risks that may affect its operations and future growth.
- Most of its business comes from the Mumbai Metropolitan Region (MMR), so any decline in this region could harm its overall performance.
- Advances in diagnostic technology may reduce its competitiveness if the company cannot keep up or adopt new innovations.
