Moderate Retail Response Keeps Invicta Diagnostic IPO Subscription Status: IPO at 0.95× After Second Day of Bidding

Tuesday Dec 2, 2025: The Invicta Diagnostic IPO still on receiving consistent applications though average investor interest with the bidding on the second day of bidding closing at 0.95 times subscription. The ₹28.12 crore book-build issue which is a fresh offering in the nature of equity is offered through subscription starting on December 1 and the offer shall close on December 3. 

Towards the end of Day 2, the public issue has received bids of 22,30,400 shares against 23,44,000 shares offered, which indicated a reserved-to-moderate participation among all the categories. The stock will be listed in the IPO on NSE SME on December 8.

Invicta Diagnostic IPO Retail Investors Demonstrate Low-to-Moderate Response

Individual Investors category showed a lower rate of bidding, where the subscriptions status were 0.79 times as at the end of the second day. The retail investors made a bid of 10,01,600 shares against 12,67,200 shares offered. The participation was moderate with 313 applications despite the high minimum investment amount of ₹2,72,000. 

Invicta Diagnostic IPO QIB’s Quota Oversubscribed by 1.55 Times

Qualified Institutional Buyers provided the highest demand, with subscription of 1.55 times the quota allocated to them as at Day 2. The QIBs made bids for 828800 out of 534400 shares offered. 

The anchor book also exhibited institutional confidence as the quota was fully subscribed (7,98,400 shares) on the day before the IPO. The anchor investors included Avora SME Fund I, Holani Venture Capital Fund and Shine Star Build-Cap Pvt. Ltd.

Invicta Diagnostic IPO Low Demand in the NII Segment

The Non-Institutional Investor (NII) segment demonstrated rather low demand, as subscriptions stood at 0.74 times on Day 2. NIIs made bids of 4,00, 000 shares against 5,42,400 shares reserved. The segment with a bNII category (bids above ₹10 lakh) subscribed 0.81 times and sNII category (bids below ₹10 lakh) subscribed 0.58 times only. The high-net-worth investors were not frenzied and perhaps because of the large minimum application value of 408000 in three lots.

Invicta Diagnostic IPO Intended Usage of IPO Proceeds

Invicta Diagnostic will use ₹21.11 crore of the net proceeds to acquire medical equipment in five new diagnostic centres in Maharashtra and the rest would be used in general corporate purposes. 

As the IPO approaches a full subscription, one day to go, the institutional support is expected to rise. The final day will be critical in deciding the overall subscription level as the listing is expected on 08th December 2025.

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