Invicta Diagnostic IPO: A High Growth Regional Healthcare Player Enters the Market

Invicta Diagnostic has opened its SME IPO for subscription with a plan to raise Rs 28 crore through a fully fresh issue.

Item	Information
IPO Type	Book Building
Total Issue Size	33,08,000 shares (Rs 28 crore)
Fresh Issue	33,08,000 shares
Offer for Sale	None
Price Band	Rs 80 to Rs 85
Lot Size	3,200 shares
Retail Minimum Investment	Rs 2,72,000 at upper band
IPO Open	1 Dec 2025
IPO Close	3 Dec 2025
Allotment Date	4 Dec 2025
Listing Date	8 Dec 2025 (NSE SME)

Invicta Diagnostic IPO Details Table

While early grey market activity shows no premium, the company’s financial performance and expansion pipeline offer an interesting backdrop for investors tracking the diagnostics segment.

The company operates under the PC Diagnostics brand and has built a hub and spoke model across the Mumbai Metropolitan Region. Its flagship hub in Thane West houses advanced radiology capabilities that include MRI and PET CT, while additional hubs and spokes support imaging and sample collection. The network covers more than 500 pathology tests and over 200 radiology tests, giving the business a strong mix of routine diagnostics and high margin specialty services.

Invicta delivered significant growth in FY25. Revenue almost doubled year on year and profitability also improved. EBITDA and PAT margins remain at strong levels compared to many regional peers, reflecting a combination of scale benefits, focused service lines and disciplined cost structures.

The company plans to use a large share of the IPO proceeds to expand its presence across Maharashtra by adding five new diagnostic centres. The strategy indicates confidence in radiology led integrated diagnostics, where demand continues to rise due to lifestyle related conditions and increasing awareness about preventive care.

Although the IPO ticket size may limit broad retail participation and the muted GMP signals cautious sentiment, investor interest over the next two days will likely depend on how subscription momentum builds. For those who track healthcare infrastructure stories, Invicta represents a growing regional player aiming to scale a differentiated diagnostics model.