Mumbai-based pathology and radiology testing services provider Invicta Diagnostic is set to launch its maiden public issue for subscription on December 1, with price band of Rs 80-85 per share. This would be among seven IPOs opening next week in the SME segment.
The diagnostic chain , which operates in Mumbai Metropolitan Region (MMR), is raising Rs 28.12 crore via initial public offering (IPO) of 33.08 lakh shares at the upper price band. It is entirely fresh issue with no offer-for-sale component.
The company has reserved half of the public size for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 35 percent for retail investors.
The IPO anchor book will be launched for a day on November 28, while the public subscription to the offer will remain open till December 3. This follows the finalisation of IPO share allotment by December 4, while Invicta Diagnostic shares will be available for trading on the NSE Emerge effective December 8.
Invicta Diagnostic , which operates under the brand PC Diagnostics through 7 diagnostic centres and 1 centralised laboratory across MMR, will spend Rs 21.11 crore of IPO proceeds for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra under the hub and spoke model in FY26 and FY27, and the remainder funds for general corporate purposes.
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PC Diagnostics, with valuation of Rs 107 crore, competes with listed peers like Vijaya Diagnostic Centre (Rs 10,300 crore market capitalisation) and Krsnaa Diagnostics (Rs 2,600 crore m-cap), which are far bigger than the company.
On the financial front, the company reported profit of Rs 4 crore on revenue of Rs 16.95 crore for the six months period ended September 2025. Profit for the fiscal 2025 grew by 29.5 percent to Rs 4.9 crore, up from Rs 3.8 crore in previous fiscal, and revenue in the same period increased 90.1 percent to Rs 30 crore, compared to Rs 15.8 crore.
The merchant banker managing the Invicta Diagnostic IPO is Socradamus Capital.
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