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.

🕗 Last Update: 26 November 2025, 8.00 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.

Popular Analysis

Popular Analysis

Invicta Diagnostic IPO

🕗 Last Update: 26 November 2025, 8.00 AM

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