Invicta Diagnostic IPO is one of the upcoming SME IPOs of 2025, offering investors an opportunity to invest in a specialized healthcare diagnostics company. Invicta Diagnostic Ltd., operating under the brand PC Diagnostics, provides comprehensive radiology and pathology services in Mumbai through a hub-and-spoke model. With integrated laboratory and imaging services, the company caters to routine, specialized, and tele-radiology diagnostics, aiming to expand its footprint in Maharashtra.
This article covers Invicta Diagnostic IPO details, company analysis, financials, strengths, weaknesses, GMP, allotment process, and why it could be an interesting SME IPO investment.
Company Overview: Invicta Diagnostic Ltd.
Invicta Diagnostic Limited is focused exclusively on diagnostic services, combining pathology and radiology under one roof. The company operates in Mumbai, Maharashtra, with seven diagnostic centers and a major laboratory. Its services include:
- Routine diagnostic tests
- Specialized pathology tests
- Basic and advanced radiology tests
- Sample collection network
- Tele-radiology services
By adopting the hub-and-spoke model, Invicta Diagnostic ensures efficient service delivery, cost optimization, and enhanced patient reach in the Mumbai metropolitan region. With 487 unique pathology tests and 130 advanced radiology tests, the company offers a one-stop solution for diagnostic needs.
Invicta Diagnostic IPO Details
The Invicta Diagnostic IPO is an SME IPO with a total issue size of Rs. 28.12 crore, comprising a fresh issue of 0.33 crore shares. Key IPO details include:
- IPO Open Date: 01 December 2025
- IPO Close Date: 03 December 2025
- IPO Allotment Date: 04 December 2025 (tentative)
- Refund Date: 05 December 2025 (tentative)
- IPO Listing Date: 08 December 2025 (expected)
- Price Band: Rs. 80 to Rs. 85 per share
- Lot Size: 1600 shares
- Listing: NSE SME
- Registrar: Bigshare Services Pvt. Ltd.
Retail investors can invest in a minimum of 2 lots (Rs. 2,72,000), while S-HNI investors can invest in a minimum of 3 lots (Rs. 4,08,000).
Financial Performance of Invicta Diagnostic Ltd.
Invicta Diagnostic has shown steady growth in both revenue and profitability:
- Total Income: Rs. 30.18 crore (FY 2025)
- Profit After Tax (PAT): Rs. 4.93 crore (FY 2025)
- EBITDA: Rs. 9.20 crore (FY 2025)
- Net Worth: Rs. 13.60 crore
The company demonstrates a healthy margin profile, with a PAT margin of 16.38% and EBITDA margin of 30.57%, reflecting operational efficiency in its diagnostic operations.
Objectives of the IPO
The net proceeds from the IPO will primarily be utilized for:
- Funding capital expenditure for medical equipment to establish five new diagnostic centers in Maharashtra (approx. Rs. 21.11 crore)
- General corporate purposes to support business growth and operations
This capital infusion will help Invicta Diagnostic scale its presence and strengthen its diagnostic infrastructure.
Strengths of Invicta Diagnostic IPO
- Strong presence and growth potential in Mumbai Metropolitan Region (MMR)
- Cost-effective, one-stop diagnostic services combining pathology and radiology
- Advanced IT infrastructure and technical capabilities
- Hub-and-spoke operational model for better efficiency
- Experienced and committed management team
These strengths make Invicta Diagnostic an attractive SME IPO for investors seeking exposure to the healthcare diagnostics sector.
Weaknesses and Risks
- Revenue concentration in specific geographic areas
- High reliance on a few key clients
- Vulnerable to market demand fluctuations and competition from domestic and foreign diagnostic providers
- Risk of foreign exchange fluctuations for imported equipment or services
Investors must weigh these risks alongside potential growth opportunities.
Valuation and P/E Analysis
Based on FY 2025 financials, Invicta Diagnostic has an EPS of Rs. 6.21. With the IPO price band of Rs. 80 to Rs. 85, the Price-to-Earnings (P/E) ratio stands at approximately 13.68x, which is moderate compared to listed peers such as Vijaya Diagnostic Centre Limited and Krsnaa Diagnostics Limited.
The company also boasts strong ROE of 44.28% and ROCE of 42%, reflecting efficient capital utilization.
Invicta Diagnostic IPO GMP (Grey Market Premium)
Currently, the GMP for Invicta Diagnostic IPO is Rs. 0 as of 28 November 2025. Investors should monitor the GMP closer to the IPO listing date for a better idea of secondary market sentiment.
Promoters and Management
The Invicta Diagnostic IPO is backed by an experienced management team:
- Dr. Ketan Jayantilal Jain
- Dr. Sanket Vinod Jain
- Rohit Prakash Srivastava
- Badal Kailash Naredi
- Jayesh Prakash Jain
The pre-issue promoter shareholding is 90.52%, reflecting strong ownership control.
Why Consider Invicta Diagnostic IPO?
Invicta Diagnostic offers a scalable diagnostic business model with robust margins and growth prospects in Mumbai’s healthcare sector. Its integrated pathology and radiology services, combined with a hub-and-spoke model, provide a competitive edge.
However, investors should carefully assess:
- Geographical concentration
- Client dependency
- Industry competition
This IPO is suitable for investors looking to participate in the healthcare diagnostics sector through an SME IPO with growth potential.
Conclusion
The Invicta Diagnostic IPO GMP provides an opportunity to invest in a focused, well-managed, and growing diagnostic company. With strong financials, a proven hub-and-spoke model, and ambitious expansion plans, the IPO is attractive for investors who understand the risks and rewards of SME healthcare investments.
Always consult your financial advisor and consider your risk profile before applying to the IPO.
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