Invicta Diagnostic IPO
Invicta Diagnostic Ltd. is launching a book-built SME IPO of Rs. 28.12 crore, consisting entirely of a fresh issue of 33,08,800 equity shares.
The IPO opens on December 1, 2025 and closes on December 3, 2025. The allotment is expected on December 4, and the shares will tentatively list on December 8, 2025, on NSE SME.
The price band is Rs. 80 to Rs. 85 per share. The lot size is 1,600 shares, but retail investors must apply for 2 lots (3,200 shares), requiring a minimum investment of Rs. 2,72,000 (based on the upper band).
Minimum HNI investment: 3 lots (4,800 shares) → Rs. 4,08,000.
Lead Manager: Socradamus Capital Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
| Invicta SME IPO – D3 CT Size Rs.28.12 Crore (Closes on 3 Dece. 2025) |
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| QIB | NII x | RII x | Total x | Applications |
| 3.51 | 6.96 | 3.43 | 4.26 | 1767 |
| Subscription Review: |
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🕗 Last Update: 8 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 1, 2025 (Monday) |
| IPO Close Date | December 3, 2025 (Wednesday) |
| Allotment Date | December 4, 2025 (Thursday) |
| Refunds Initiation | December 5, 2025 (Friday) |
| Credit to Demat | December 5, 2025 (Friday) |
| Listing Date | December 8, 2025 (Monday) |
| UPI Mandate Cut-off | 5 PM, December 3, 2025 |
Final Subscription Status
(Size Rs. 28.12 crore — closes December 3, 2025)
QIB – x | NII – x | RII – x | Total – x | Applications – [To be updated]
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 80 to Rs. 85 per share |
| Lot Size | 1,600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 33,08,800 shares (Rs. 28.12 crore) |
| Net Offer to Public | [To be updated] |
| Issue Type | Book-Build Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 92,63,173 shares |
| Shareholding Post-Issue | 1,25,71,973 shares |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of Net Issue |
| Retail | Not less than 35% of Net Issue |
| NII | Not less than 15% of Net Issue |
Application Details
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail – Min/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 |
Promoter Holding
Promoters: Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi and Jayesh Prakash Jain
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 91.89% |
| Promoter Holding Post-Issue | [To be updated] |
About Invicta Diagnostic Ltd.
Incorporated in 2021, Invicta Diagnostic Ltd. (operating as PC Diagnostics) is a multi-modal diagnostic services provider offering pathology, radiology, imaging, teleradiology, and sample collection services across the Mumbai Metropolitan Region (MMR).
The company operates through a hub-and-spoke model comprising:
• 1 flagship hub (Thane West) – CT, MRI, advanced radiology + full pathology
• 3 mini hubs (Bhayandar, Byculla, Marol) – radiology & pathology
• 4 spokes (Lower Parel, Sewri, Mazgaon, Kalwa) – X-ray, ultrasound, sample collection
Service Portfolio:
• 60 routine and 487 specialised pathology tests
• 96 basic and 130 advanced radiology tests
• Molecular diagnostics, immunoassays, infectious disease markers, cancer markers
• Home sample collection network via phlebotomists & collection partners
Workforce (as of May 31, 2025):
• 5 laboratory doctors
• 20 radiologists
• 127 technical staff
• 105 permanent employees
Competitive Strengths
• Strong & expanding presence across MMR
• One-stop integrated diagnostics at affordable pricing
• Capability in advanced radiology + high-end pathology
• Tech-enabled operations with robust IT systems
• Proven hub-and-spoke model with operational efficiency
Financial Snapshot (Rs. Crore) – Restated Consolidated
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|
| Assets | 21.22 | 15.89 |
| Total Income | 30.18 | 15.90 |
| Profit After Tax | 4.93 | 3.81 |
| EBITDA | 9.20 | 7.09 |
| Net Worth | 13.60 | 8.67 |
| Reserves & Surplus | 5.18 | 8.54 |
| Total Borrowings | 3.54 | 3.81 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 44.28% |
| ROCE | 42.00% |
| Debt/Equity | 0.26 |
| RoNW | 36.25% |
| PAT Margin | 16.38% |
| EBITDA Margin | 30.57% |
| Price / Book | 5.26 |
| Market Cap | Rs. 106.86 crore |
| EPS (Pre-Issue) | Rs. 5.32 |
| EPS (Post-Issue) | Rs. 3.92 |
| P/E (Pre-Issue) | 15.97x |
| P/E (Post-Issue) | 21.68x |
Objects of the Issue
| S.No. | Object | Amount (Rs. crore) |
|---|---|---|
| 1 | Funding purchase of medical equipment for 5 new diagnostic centres | 21.11 |
| 2 | General corporate purposes | — |
Company Contact
Invicta Diagnostic Ltd.
1 GF, Plot 217, Ambavat Bhavan,
N.M. Joshi Marg, Delisle Road,
Mumbai – 400013
Phone: 022-4971 0036
Email: investors@pcdiagnostics.in
Website: www.pcdiagnostics.in
Registrar
Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
Lead Manager
Socradamus Capital Pvt. Ltd.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.