IPO Alert: Invicta Diagnostic to Open for Subscription on December 1, 2025

Invicta Diagnostic, a pathology and radiology services provider based in Mumbai, will open its initial public offering (IPO) on December 1, 2025. The company has set a price band of ₹80-₹85 per share, as per the news reports. This issue is one of the 7 SME listings scheduled for the upcoming week. 

Public Issue Details 

The IPO will consist of a fresh issue worth ₹28.12 crore, amounting to 33.08 lakh equity shares at the upper end of the price band. There is no offer-for-sale portion from existing shareholders.  

In terms of allocation, 50% of the issue is earmarked for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. 

Timelines and Listing 

The anchor book for institutional investors will open on November 28, 2025. Public bidding will remain open between December 1 and December 3, 2025.  

The basis of allotment is likely to be finalised on December 4, and the shares are available to trade on NSE Emerge effective December 8. Socradamus Capital is the merchant banker for the issue. 

Existing Network and Expansion Plan 

Invicta operates under the brand PC Diagnostics, running 7 centres and a central laboratory in the Mumbai Metropolitan Region. The company plans to use ₹21.11 crore of the IPO proceeds to purchase medical equipment for five new diagnostic centres in Maharashtra.  

These centres are proposed to open under a hub-and-spoke model in FY26 and FY27, with the remaining funds to be used for corporate requirements. 

Financial Performance 

For the 6 months ended September 2025, Invicta reported ₹16.95 crore in revenue and a profit of ₹4 crore. In FY25, revenue rose 90.1% year-on-year to ₹30 crore, compared with ₹15.8 crore in the previous year. Net profit grew 29.5%, increasing from ₹3.8 crore to ₹4.9 crore. 

Read More: SEBI Clears ICICI Prudential AMC IPO: A Pure Offer-for-Sale! 

Conclusion  

Invicta’s IPO will fund its expansion in Maharashtra, with its focus remaining on diagnostics services within the Mumbai region. This issue is one of the 7 SME listings scheduled for the upcoming week. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   

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