Invicta Diagnostic
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
| 07 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
| 06 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Dec 2025 – 03 Dec 2025
- Listing date
- 08 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹28.12 Cr
- Market cap at offer price
- ₹107 Cr
- Promoter holding
- 90.52% → 66.69% pre-issue → post-issue
- ISIN
- INE0XJ501010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 1 GF, Plot 217, Ambavat Bhavan, N.M Joshi Marg, Delisle Road, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,98,400 | — | — |
| Market maker | 1,66,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.86 | 6.50 |
| P/E (×) | 14.51 | 13.08 |
| Price to book (×) | 5.26 | — |
| Market cap | — | ₹107 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.25%
- ROCE
- 42.00%
- Debt / equity
- 0.26
- PAT margin
- 16.38%
- EBITDA margin
- 30.57%
- NAV per share
- ₹16.15
- Price to book
- 5.26
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Invicta Diagnostic
Invicta Diagnostic Limited, operating under the 'PC Diagnostics' brand, is a diagnostic chain in the Mumbai Metropolitan Region ('MMR') offering radiology and pathology solutions. Originally incorporated as Invicta Diagnostic LLP on January 22, 2021, it was converted into a private limited company on December 01, 2023 and subsequently into a public limited company on July 02, 2024. Its operational network consists of 7 diagnostic centres and 1 centralised laboratory across MMR in Maharashtra, run either directly or through subsidiaries (Primacare Healthcare LLP, PCD Diagnostics LLP, Pratham MRI and CT Scan Centre, Invicta Medical LLP, Porteus Medical LLP and Primacare Diagnostic LLP), using a 'hub and spoke' model anchored by its flagship centre in Thane. The company earns revenue by charging for advanced radiology tests (MRI, CT scans and highly specialised nuclear medicine tests such as PET-CT), basic radiology tests (ECG, X-rays, ultrasounds) and pathology tests (routine and specialised clinical laboratory tests); approximately 87% of FY2025 revenue came from walk-in individual consumers and the remainder from institutional business (contracts with hospitals and bulk service agreements). For FY2025 (restated consolidated), it reported revenue from operations of ₹3,009.52 lakhs and profit after tax of ₹492.95 lakhs.
Company Analysis
from DRHPInvicta Diagnostic Limited is a Mumbai Metropolitan Region-based diagnostic chain that offers radiology (imaging such as MRI, CT, PET-CT, X-ray) and pathology/clinical laboratory testing services under the 'PC Diagnostics' brand through a network of 7 diagnostic centres and 1 centralised laboratory.
Invicta Diagnostic Limited, operating under the 'PC Diagnostics' brand, is a diagnostic chain in the Mumbai Metropolitan Region ('MMR') offering radiology and pathology solutions. Originally incorporated as Invicta Diagnostic LLP on January 22, 2021, it was converted into a private limited company on December 01, 2023 and subsequently into a public limited company on July 02, 2024. Its operational network consists of 7 diagnostic centres and 1 centralised laboratory across MMR in Maharashtra, run either directly or through subsidiaries (Primacare Healthcare LLP, PCD Diagnostics LLP, Pratham MRI and CT Scan Centre, Invicta Medical LLP, Porteus Medical LLP and Primacare Diagnostic LLP), using a 'hub and spoke' model anchored by its flagship centre in Thane. The company earns revenue by charging for advanced radiology tests (MRI, CT scans and highly specialised nuclear medicine tests such as PET-CT), basic radiology tests (ECG, X-rays, ultrasounds) and pathology tests (routine and specialised clinical laboratory tests); approximately 87% of FY2025 revenue came from walk-in individual consumers and the remainder from institutional business (contracts with hospitals and bulk service agreements). For FY2025 (restated consolidated), it reported revenue from operations of ₹3,009.52 lakhs and profit after tax of ₹492.95 lakhs.
Objects of the Issue
- Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra ₹2,111.33 lakhs p.98
- General corporate purposes p.103
Issue Structure
- Total Issue
- Up to 33,08,800 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 33,08,800 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹ 10/- each
Business Model
Earns revenue from paid diagnostic services: advanced radiology tests (MRI, CT, PET-CT), basic radiology tests (ECG, X-rays, ultrasounds) and pathology/clinical laboratory tests (routine and specialised), billed primarily to individual walk-in patients (₹2,610.56 lakhs, 86.74% of FY2025 consolidated revenue) and secondarily to institutional clients under contracts with hospitals and bulk service agreements (₹398.96 lakhs, 13.26%).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Ketan Jayantilal Jain | Promoter | 2.09% | — |
| Dr. Sanket Vinod Jain | Promoter | 14.20% | — |
| Rohit Prakash Srivastava | Promoter | 15.02% | — |
| Badal Kailash Naredi | Promoter | 15.03% | — |
| Jayesh Prakash Jain | Promoter | 10.77% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.