Invicta Diagnostic, a diagnostic chain offering radiology and pathology solutions in the Mumbai Metropolitan Region (MMR), announced that it has received in-principle approval for its Initial Public Offering (IPO) from NSE Emerge exchange. The company had filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge in July 2025. It is in the process of filing the Red Herring Prospectus (RHP) with updated information and expects to be listed on the platform 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 operates diagnostic centres under the brand ‘PC Diagnostics’. It offers a portfolio of about 60 routine and 487 specialised pathology tests, along with about 96 basic and 130 advanced radiology tests across different specialities. The pathology menu includes tests ranging from biochemistry and clinical pathology conducted at its centres to cytogenetics and molecular diagnostic tests outsourced to larger reference laboratories. The radiology range covers echocardiograms, X-rays and ultrasounds, as well as advanced tests including computerised tomography (CT) scans, magnetic resonance imaging (MRI) scans, and positron emission tomography CT (PET CT).
As per the DRHP, Invicta Diagnostic plans to utilise up to ₹21.11 crore of the IPO proceeds to fund capital expenditure for purchasing medical equipment for five new diagnostic centres in Maharashtra. The remaining capital will be used for general corporate purposes and issue expenses.
The company operates on a ‘hub and spoke’ model across MMR, either directly or through subsidiaries. Specimens are collected across multiple locations in a catchment area for delivery to reference centres for testing. Its operational network includes a flagship centre in Thane, three other hub centres through subsidiaries, and three spoke centres, including one through its subsidiary.
For the year ended March 2025, Invicta Diagnostic conducted around 79,727 pathology tests and 96,521 radiology tests for approximately 1,03,602 patients. The company recorded 1.70 tests per patient visit, with an average revenue per patient of ₹2,904.89 and an average revenue per test of ₹1,707.55.
Invicta Diagnostic and its brand ‘PC Diagnostics’ were founded by Dr Ketan Jayantilal Jain and Dr Sanket Vinod Jain, who serve as Promoters and Non-Executive Directors. Both are radiologists with more than 15 years and seven years of experience, respectively, in the diagnostics business. Promoter and Chief Financial Officer Rohit Prakash Srivastava has been associated with business operations since 2021 as a management advisor.
The shareholders include Dr Ketan Jayantilal Jain, Dr Sanket Vinod Jain, Rohit Prakash Srivastava, and Investor Promoters Badal Kailash Naredi and Jayesh Prakash Jain. The promoters and senior management have played a role in formulating and executing the company’s strategy.
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.