Invicta Diagnostic Gets NSE Emerge Nod for ₹28 Crore IPO

Invicta Diagnostic Limited, a diagnostic chain offering comprehensive radiology and pathology solutions in Mumbai Metropolitan Region (MMR), has announced that it has received in-principle approval for its IPO from NSE Emerge exchange. The company filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge in July 2025. It is in the process of filing RHP with updated information and is expected to be listed on the platform very soon.

The Mumbai-headquartered company plans to raise approximately ₹28 crore from the offer which comprises a fresh issuance of 33,08,800 Equity Shares each with a face value of ₹10, through the book-building route. Socradamus Capital Private Limited is the sole Book Running Lead Manager and Bigshare Services Private Services is the Registrar to the offer.

Invicta Diagnostic Limited, which operates diagnostic centres under the brand ‘PC Diagnostics’, offers an extensive portfolio of approximately 60 routine and 487 specialised pathology tests and approximately 96 basic and 130 advanced radiology tests, covering a range of specialities and disciplines. The 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).

As per the DRHP, Invicta Diagnostic intends to utilise up to ₹21.11 crore of the total IPO proceeds to fund its capital expenditure for purchasing medical equipment towards the establishment of five new diagnostic centres in Maharashtra and plans to use remaining capital for general corporate purposes and issue expenses.

The company operates in a ‘hub and spoke’ model across Mumbai Metropolitan Region 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. Invicta’s operational network consists of diagnostic centre network of a flagship centre located in Thane, which is the main hub; 3 other hub centres through the company’s subsidiaries; and 3 spoke centres, including 1 spoke centres through its subsidiary.

During the year ended March 2025, Invicta Diagnostic conducted around 79,727 pathology tests and 96,521 radiology tests for approximately 1,03,602 patients. While the company’s tests per patient visit was at 1.70, average revenue per patient stood at ₹2,904.89/- and average revenue per test was at ₹1,707.55/-.

Invicta Diagnostic and its brand “PC Diagnostics” were conceptualised and founded by Dr. Ketan Jayantilal Jain and Dr. Sanket Vinod Jain, its Promoters and Non-Executive directors, who are first-generation entrepreneurs in healthcare with more than 15 years and 7 years of experience, respectively, in diagnostics business and both are radiologists. Promoter and Chief Financial Officer Rohit Prakash Srivastava has been involved in the business and operations since 2021 as management advisor.

The shareholders of the company include Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava and Investor Promoters Badal Kailash Naredi and Jayesh Prakash Jain. Invicta has immensely benefited from their vision and leadership, and they along with the senior management, have been instrumental in formulating and executing the core strategy of the company.

The company’s revenue from operations surged from FY24 and it recorded a profit (PAT) of ₹4.92 crore in FY25 over ₹3.80 crore in the previous financial year.