Invicta Diagnostic IPO

About Invicta Diagnostic IPO

The IPO of Invicta Diagnostic comprises a fresh issue of up to 33,08,800 equity shares without any offer for sale. It’s a 100% book-built issue. The lot size of shares in the IPO is 1600 and the price band of shares is between₹80 to ₹85.

Invicta Diagnostic IPO opens on December 1, 2025 and closes on December 3, 2025. The allotment of shares will take place on December 4, 2025. The credit of shares to the Demat account will take place on December 5, 2025. The initiation of refunds will take place on December 5, 2025. The listing of shares will take place on December 8, 2025.

Invicta Diagnostic is a diagnostic chain in Mumbai Metropolitan Region (“MMR”) offering radiology and pathology solutions. It offers pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and teleradiology to customers under the brand name “PC Diagnostics” through its operational network, which consists of 7 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in the state of Maharashtra.

Objectives of Invicta Diagnostic IPO

The company proposes to utilise the net proceeds for:

• Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra
  
• General corporate purposes
  

Industry Outlook

The Indian healthcare sector renowned for its dynamic growth potential and diverse components was estimated to value at an impressive USD 216 billion in FY23. This sector is projected to nearly double to an estimated USD 454 billion by FY28, representing a robust compound annual growth rate of 16%.

In India's healthcare ecosystem, private and public hospitals dominate with a 54% share, followed by pharmaceuticals and life sciences at 26%. Diagnostics and medical insurance hold about 6%, medical devices account for 5%, and the remaining 3% comprises the health tech, and health & fitness sectors.

Post Covid-19, the diagnostic sector particularly is witnessing substantial growth and transformation, significantly propelled by heightened awareness of preventive testing and advanced diagnostic tests including the other market drivers.

The market revenue of the diagnostic sector in India reached ₹ 981 billion in 2023 from ₹710 billion in 2020 and further estimated to grow to ₹1055 billion in 2024, clocking a CAGR of 10.4% between 2020-2024. Also, the diagnostic sector in India has experienced significant growth, with market revenue increasing from ₹710 billion in 2020 to ₹1,055 billion in 2024 at a CAGR of 10.4%. This growth is expected to continue, reaching ₹2,204 billion by 2030 at a CAGR of 13.1% between 2024 and 2030.

Invicta Diagnostic Company Information

Invicta Diagnostic is a diagnostic chain in Mumbai Metropolitan Region (“MMR”) offering radiology and pathology solutions. It offers pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and teleradiology to customers under the brand name “PC Diagnostics” through its operational network, which consists of 7 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in the state of Maharashtra.

Strengths of Invicta Diagnostic

• Expanding presence in Mumbai Metropolitan Region (“MMR”) specifically in radiology sector
• Diagnostics provider that offers one-stop solution at affordable price
• Technical capability and technology with IT infrastructure
• Dedicated management team with significant industry experience
• Implementation of hub and spoke model

Risks of Invicta Diagnostic

• Business and prospects may be adversely affected if it’s unable to maintain and grow its brand name and image
• Any interruptions at its flagship centre and other diagnostic centres may affect its ability to process diagnostic tests
• Concentrated emphasis on radiology services also exposes it to substantial risks
• Any loss of business in MMR region could adversely impact business
• Ability to remain competitive may be adversely affected by technological advancements, innovations in diagnostic testing and its ability to access such technology
• Highly competitive business environment and inability to compete effectively could have an adverse effect on business
• Failure to establish and comply with appropriate quality standards when performing imaging, testing and diagnostics services could result in litigation
• The company may be unable to successfully implement or manage growth strategy and may not be able to successfully consummate favourable transactions
• Insufficient cash flows from operations or are unable to borrow to meet capital requirement may materially impact business
• Future penalties or demands raised by statutory authorities may adversely impact the financial position of the company

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 28, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Bigshare Services
• Book Running Lead Manager: Socradamus Capital

Invicta Diagnostic Business Model

Invicta Diagnostic offers a range of approximately 60 routine and 487 specialised pathology tests and approximately 96 basic and 130 advanced radiology tests that cover a range of specialties and disciplines, as of October 31, 2025.

Its test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at its own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests ranging from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerised tomography (“CT”) scans, magnetic resonance imaging (“MRI”) scans and advanced positron emission tomography CT (“PET CT”).

Invicta Diagnostic Growth Trajectory

The revenue from operations of Invicta Diagnostic jumped from ₹15.8305 crores in FY 24 to ₹30.0952 crores in FY 25. The company’s profit after tax increased from ₹3.8054 crores in FY 24 to ₹4.9295 crores in FY 25. Technical capability and technology and a dedicated management team have helped the company grow over the years.

Invicta Diagnostic Market Position

Invicta Diagnostic has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. As of September 30, 2025, the company’s operational network consisted of:

• Flagship centre located in Thane
• 3 other hub centres through its subsidiaries
• 3 spoke centres including 1 spoke centre through its subsidiary

The company’s diagnostic services are provided by a medical professional team consisting of 4 laboratory doctors, 20 radiologists and 133 well-trained technical staff in its operational network, as of October 31, 2025.

How to Apply for the Invicta Diagnostic IPO?

To apply for this IPO:

• Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.