The primary market is buzzing with activity, and the upcoming SME IPO of Invicta Diagnostic Ltd. has captured the attention of many investors looking for opportunities in the healthcare sector. As this public offering approaches, understanding the nuances of the company, its financials, and the specifics of the issue is crucial for making an informed decision. This comprehensive analysis aims to break down everything you need to know about the Invicta Diagnostic IPO.
Understanding Invicta Diagnostic Ltd.
Incorporated in January 2021, Invicta Diagnostic Limited operates under the familiar brand name 'PC Diagnostics'. The company is a key player in providing integrated radiology and pathology solutions across Mumbai, Maharashtra. Leveraging a strategic hub-and-spoke model, they offer a wide array of diagnostic services.
Core Business Operations:
- Provides comprehensive pathology testing (routine and specialized) and advanced radiology services, including imaging and teleradiology.
- Operates through a flagship hub in Thane West equipped for full-spectrum pathology and advanced imaging (CT, MRI).
- Utilizes three additional hubs and three spokes across the Mumbai Metropolitan Region (MMR) for specialized services and sample collection.
- Offers an extensive test menu: approximately 60 routine, 487 specialized pathology tests, and 96 basic, 130 advanced radiology tests.
- Maintains a robust sample collection network via phlebotomists and collection partners.
Competitive Advantages:
- Steady expansion within the competitive Mumbai Metropolitan Region (MMR), particularly in radiology.
- Positioned as a cost-effective, one-stop solution provider for diagnostic needs.
- Strong technological infrastructure supporting their services.
- Reliance on a dedicated management team with substantial sector experience.
- Efficient adoption of the Hub and Spoke organizational structure.
Invicta Diagnostic IPO: The Crucial Numbers
The Invicta Diagnostic IPO is structured as a book-build issue seeking to raise ₹28.12 crores entirely through a fresh issue of 0.33 crore shares. This SME IPO aims to fuel its expansion plans in Maharashtra.
Key IPO Subscription Details:
| Detail | Value |
|---|---|
| Total Issue Size (Value) | ₹28.12 Crores |
| Issue Type | Fresh Issue |
| Listing Platform | NSE SME |
| Face Value | ₹10.00 per share |
| Price Band | ₹80.00 to ₹85.00 per share |
Investment Lot Size Breakdown:
The minimum application size for retail investors is based on 2 lots, requiring a significant upfront investment.
| Investor Category | Lots | Shares | Minimum Investment (Upper Price) |
|---|---|---|---|
| Retail Investor (Minimum) | 2 | 3,200 | ₹2,72,000.00 |
| HNI (Minimum Application) | 3 | 4,800 | ₹4,08,000.00 |
IPO Subscription Timeline:
Mark your calendars for the subscription window. Note that all dates are tentative and subject to finalization.
Subscription Progress Status (Conceptual):
(Progress visualization based on initial data/expected timeline)
| Key Event | Tentative Date |
|---|---|
| IPO Opens | Monday, December 1, 2025 |
| IPO Closes | Wednesday, December 3, 2025 |
| Allotment Finalization | Thursday, December 4, 2025 |
| Share Credit to Demat | Friday, December 5, 2025 |
| Tentative Listing Date | Monday, December 8, 2025 |
Financial Health Snapshot (Restated Consolidated Data)
Examining recent financial performance offers insight into the company's growth trajectory. We observe notable improvement in key metrics leading up to the latest reported periods.
| Metric (₹ in Crore) | Mar '24 | Mar '25 | Sep '25 (Half Year) |
|---|---|---|---|
| Total Income | 15.90 | 30.18 | 17.08 |
| Profit After Tax (PAT) | 3.81 | 4.93 | 4.08 |
| Total Borrowing | 3.81 | 3.54 | 3.72 |
Efficiency Ratios (As of March 31, 2025):
| Key Performance Indicator | Value |
|---|---|
| Return on Equity (ROE) | 44.28% |
| Return on Capital Employed (ROCE) | 42.00% |
| Debt to Equity Ratio | 0.26 |
| Profit After Tax Margin | 16.38% |
Stakeholders and Offer Objectives
Promoter Landscape:
- The company is promoted by Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi, and Jayesh Prakash Jain.
- Promoter Holding Pre-Issue: 90.52% (Indicating strong promoter confidence before the public offer).
Utilization of Funds:
The net proceeds are earmarked primarily for strategic expansion:
| Objective | Expected Allocation (₹ Cr) |
|---|---|
| Funding CapEx for 5 New Diagnostic Centres in Maharashtra | 21.11 |
| General Corporate Purposes | (Balance Amount) |
Key Intermediaries:
- Book Running Lead Manager (BRLM): Socradamus Capital Pvt.Ltd.
- Registrar: Bigshare Services Pvt.Ltd.
- Market Maker: Nikunj Stock Brokers Ltd.
Strategic Assessment: Strengths, Weaknesses, Opportunities, and Threats (SWOT)
A balanced view requires evaluating the intrinsic and external factors affecting the company's future prospects.
Strengths:
- Demonstrated high return ratios (ROE ~44%, ROCE ~42% as of Mar '25).
- Strong focus on building integrated diagnostics under a single brand in a high-demand metro region.
- Relatively low debt levels (Debt/Equity 0.26).
Weaknesses:
- Relatively young company (Incorporated in 2021), suggesting a shorter track record compared to established players.
- High minimum retail investment requirement due to the lot size (₹2,72,000), potentially limiting participation from smaller retail investors.
Opportunities:
- Significant capital infusion planned for expanding diagnostic centre network across Maharashtra.
- Growing general awareness and demand for advanced, specialized diagnostic testing in urban areas.
Threats:
- Intense competition from established national and regional diagnostic chains.
- Reliance on local market concentration (MMR) for revenue generation.
- Regulatory changes impacting diagnostic pricing or licensing.
Important Contact Information
For regulatory filings, registrar coordination, or direct company inquiries:
Company Details:
- Address: 1 GF, Plot 217, Ambavat Bhavan, N.M Joshi Marg, Delisle Road, Mumbai, Maharashtra, 400013
- Contact Email: investors@pcdiagnostics.in
Registrar Details:
- Registrar Name: Bigshare Services Pvt.Ltd.
- Registrar Email: ipo@bigshareonline.com