Invicta Diagnostic Files DRHP for IPO
By Ankur Chandra | Updated at: Oct 8, 2025 12:40 PM IST
Mumbai, July 7, 2025 – Invicta Diagnostic Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, proposing a 100% book-built issue of up to 33,08,800 equity shares, marking its debut public offering on the SME platform. The IPO is an entirely fresh issue with no offer-for-sale (OFS) component and will constitute [●]% of the post-issue paid-up capital.
IPO Snapshot
Invicta Diagnostic Limited is set to make its public market debut with a 100% book-built SME IPO comprising a fresh issue of up to 33,08,800 equity shares. There is no offer-for-sale (OFS) component in this issue, and all proceeds will go directly to the company. Each equity share carries a face value of ₹10. The proposed listing will take place on the NSE Emerge platform. The IPO is being managed by Socradamus Capital Private Limited as lead manager, with Bigshare Services Private Limited serving as the registrar to the issue.
| Details | Particulars |
|---|---|
| Issue Type | 100% Book Built (SME IPO) |
| Fresh Issue Size | Up to 33,08,800 Equity Shares |
| OFS | Nil |
| Face Value | ₹10 per Equity Share |
| Listing Platform | NSE Emerge |
| Promoters | Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi, Jayesh Prakash Jain |
| Lead Manager | Socradamus Capital Private Limited |
| Registrar to the Issue | Bigshare Services Private Limited |
Use of IPO Proceeds
Invicta plans to utilize the net proceeds primarily for capital expenditure towards establishing five new diagnostic centres in Maharashtra under its “PC Diagnostics” brand. The remaining portion will go toward general corporate purposes.
| Utilization Head | Amount (₹ Lakhs) |
|---|---|
| Purchase of Medical Equipment for New Diagnostic Centres | 2,111.33 |
| General Corporate Purposes | [●] |
| Total | [●] |
Business Overview
Incorporated in 2023 following the conversion of Invicta Diagnostic LLP, the company has grown into a prominent integrated diagnostic chain in the Mumbai Metropolitan Region (MMR). Its services include both radiology and pathology, delivered through a hub-and-spoke model with:
- 7 Diagnostic Centres (including 3 hubs, 3 spokes, 1 flagship),
- 1 Centralised Laboratory, and
- A team of 5 laboratory doctors, 20 radiologists, and 127 technical staff (as of May 31, 2025).
The company operates directly and through subsidiaries such as PCD Diagnostics LLP, Primacare Healthcare LLP, Pratham MRI and CT Scan Centre, and Invicta Medical LLP.
Financial Highlights (Restated)
Consolidated Financials (₹ in lakhs)
| Particulars | FY25 | FY24 | % YoY Growth |
|---|---|---|---|
| Revenue from Operations | 3,009.52 | 1,583.05 | 90.1% |
| Net Profit | 492.95 | 380.54 | 29.5% |
| EBITDA Margin | 21.8% | 24.6% | ↓ |
| Net Worth | 1,359.85 | 866.89 | 56.9% |
| EPS (Basic & Diluted) (₹) | 5.86 | 4.52 | 29.6% |
Promoter Shareholding Pattern
| Shareholder | Pre-Issue Shares | % Holding Pre-Issue |
|---|---|---|
| Dr. Sanket Vinod Jain | 13,15,712 | 14.20% |
| Rohit Prakash Srivastava | 13,91,488 | 15.02% |
| Badal Kailash Naredi | 13,92,320 | 15.03% |
| Dr. Ketan Jayantilal Jain | 1,93,600 | 2.09% |
| Jayesh Prakash Jain | 9,97,504 | 10.77% |
| Total Promoter Holding | 52,90,624 | 57.11% |
The company has not issued shares via OFS and plans to lock in 20% of post-issue equity held by promoters for 3 years under SEBI Regulation 238.
Listing Objectives & Growth Outlook
According to the DRHP, listing will help Invicta:
- Enhance its brand visibility in the diagnostics sector,
- Improve liquidity and provide a public market for its shares,
- Raise growth capital for regional expansion,
- Strengthen its leadership in radiology services, which contributed over 90% of FY25 revenue.
Regulation
The IPO is being launched under Regulation 229(2) of SEBI ICDR Regulations. The equity shares are proposed to be listed on the NSE Emerge SME platform. The company has received an in-principle listing approval from NSE (date pending final update).
About Invicta Diagnostic Limited
Invicta Diagnostic Limited is a Mumbai-based diagnostics services company with operations centered in the MMR region. It was incorporated in 2023 and is led by a team of experienced professionals and medical practitioners. The company is unlisted and proposes to list on the NSE Emerge SME platform.
This article will be updated with final issue price, anchor bidding date, and listing timelines once the RHP is filed and confirmed.
REF:https://nsearchives.nseindia.com/emerge/corporates/content/hbagdiya_07072025130312_DRHP_Invicta_Diagnostic_Ltd.pdf
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