Invicta Diagnostic IPO Opens December 1: Full Price Band, GMP, Allotment, Business Model & Complete Details
With the IPO markets buzzing again, another promising healthcare player has stepped into the spotlight—Invicta Diagnostic Ltd. The Mumbai-based diagnostic chain, known for its rapidly growing footprint and full-suite medical testing services, has launched a ₹28.12 crore SME IPO. As investor interest slowly builds, many are watching this issue closely to understand whether it could be one of the standout SME offerings of the year.
Below is a detailed, easy-to-read, human-friendly breakdown of everything you need to know about this IPO—from the price band and lot size to the company’s business model, financial performance, and how it plans to use the raised funds.
IPO Overview in a Nutshell
Invicta Diagnostic’s IPO opened for subscription on December 1 and will remain available until December 3. The issue is completely a fresh issue, meaning the company is directly raising funds for its growth rather than selling promoter shares.
Key highlights:
- IPO Opening Date: December 1
- Closing Date: December 3
- Offer Size: ₹28.12 crore
- Shares Offered: 33 lakh
- Issue Type: 100% fresh issue
- Expected Listing Date: December 8
- Market: SME platform
The allotment will be finalized quickly—on December 4—just a day after the subscription closes. SME IPOs typically have a faster timeline, and Invicta is no exception.
Price Band, Lot Size & Investment Requirements
The company has set a practical and competitive price range considering its financial growth and expansion plans.
- Price Band: ₹80 – ₹85 per share
- One Lot = 1,600 shares
- Minimum Retail Application: 2 lots (3,200 shares)
- Minimum Investment for Retail Investors: Approximately ₹2.73 lakh
Since this is an SME IPO, the investment requirement is relatively high, which might limit participation to more serious or risk-tolerant retail investors.
Reservation Split
- QIBs: Up to 50%
- Retail Investors: Minimum 35%
- NIIs (HNI): Minimum 15%
Overall, the distribution ensures the IPO draws participation from all three investor categories.
GMP (Grey Market Premium): What’s Happening?
As per grey market trackers, the GMP (as of now) is ₹0.
This means:
- No additional premium is being quoted yet.
- Grey market sentiment is neutral.
- GMP for SME IPOs often increases only if subscription numbers jump in the final phase.
Investors should note that GMP is unofficial, highly volatile, and should not be the sole parameter for decision-making.
About the Company: What Does Invicta Diagnostic Do?
Founded in 2021, Invicta Diagnostic is a young but fast-scaling medical diagnostic services provider. It operates under the brand “PC Diagnostics” and has grown quickly in Mumbai through strategically located testing centers and a central laboratory.
Current Operational Footprint
- 7 diagnostic centers across Mumbai
- 1 centralized testing laboratory
Service Portfolio
Invicta offers a wide range of diagnostic solutions across pathology and radiology:
Pathology
- 60+ routine tests
- 487+ advanced and specialized tests
Radiology
- 96 basic radiology tests
- 130 high-end imaging and radiology procedures
Additional Services
- Tele-radiology
- Digital diagnostic services for quicker report turnarounds
Their integrated model positions Invicta as a comprehensive, one-stop health diagnostics provider—something patients increasingly prefer in urban areas.
Financial Performance: Strong Growth Story So Far
Despite being a relatively new player, Invicta’s financial performance has been robust, showing sharp upward momentum.
FY2025
- Revenue: ₹30.18 crore (up 90% YoY)
- Net Profit (PAT): ₹4.93 crore (up 30% YoY)
FY2026 (April–September 2025)
- Revenue: ₹17.08 crore
- PAT: ₹4.08 crore
The six-month profit is already close to the previous year’s total, indicating increasing operational efficiency.
The profit margins and revenue trajectory suggest that the company is scaling in a healthy, sustainable manner—a positive signal for potential investors.
How The IPO Money Will Be Used
A major part of the IPO proceeds will go toward expanding the company’s reach and upgrading its capabilities.
Fund Utilization Plan
- ₹21.11 crore will be used to purchase medical equipment
- The new equipment will support five upcoming diagnostic centers across Maharashtra
- Remaining funds will be used for general corporate purposes
This expansion suggests that Invicta has a long-term vision of strengthening its network and increasing test capacity to meet rising demand.
Lead Manager, Registrar & Promoter Team
- Lead Manager: Socrademus Capital Private Limited
- Registrar: Bigshare Services Private Limited
- Market Maker: Nikunj Stock Brokers
Promoters
- Dr. Ketan Jayantilal Jain
- Dr. Sanket Vinod Jain
- Rohit Prakash Srivastava
- Badal Kailash Naredi
- Jayesh Prakash Jain
The promoter group comprises medical practitioners and professionals with a strong understanding of healthcare operations—an important factor when judging a diagnostic business.
Bottom Line: Should You Keep an Eye on This IPO?
Invicta Diagnostic operates in the booming healthcare diagnostics sector—an industry that has become essential and fast-growing after the pandemic. Both preventive and advanced testing are on the rise, and companies with a scalable model often attract investor attention.
Positives
- Strong revenue and profit growth
- Clear and aggressive expansion strategy
- Growing presence in a high-demand market (Mumbai)
- Broad and specialized test portfolio
- High minimum investment (~₹2.7 lakh), making it less accessible
- Flat GMP so far
- SME IPOs tend to be more volatile and risky
If you’re an investor with higher risk appetite and are interested in early-stage healthcare growth stories, this IPO may be worth tracking closely. However, traditional, low-risk retail investors should weigh the higher capital requirement and typical SME market risks before participating.