At the upper band, a retail investor must apply for a minimum of 3,200 shares, translating to an investment of Rs 2,72,000. The subscription window is open until Wednesday, December 3, with allotment expected on December 4.
Business and operating model
Invicta operates under the brand PC Diagnostics and has built a hub-and-spoke network across the Mumbai Metropolitan Region. Its Thane West flagship hub houses advanced radiology including PET-CT and MRI, while three more hubs and three spokes handle a range of imaging services and sample collection. The company offers 500+ pathology tests and over 200 radiology tests, combining routine diagnostics with specialised, high-margin offerings.
Financials
The company reported strong growth in FY25, with revenue rising 90% and profit after tax jumping 30% year-on-year. EBITDA margin stood at 30.57% in FY25, and PAT margin at 16.38%, placing it at the higher end of profitability among regional diagnostic players.
IPO proceeds
About Rs 21.11 crore will go towards establishing five new diagnostic centres across Maharashtra, part of the company’s expansion push in radiology and integrated diagnostics. The remaining funds are earmarked for general corporate purposes.
Listing outlook
With GMP showing no premium, listing expectations are currently subdued. SME investors will likely track subscription levels closely to gauge momentum over the next two days. The company’s high growth metrics and regional dominance may draw attention, but the issue’s size and retail-unfriendly ticket value could temper activity.
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