Invicta Diagnostic Ltd, which operates diagnostic centres under the “PC Diagnostics” brand, said it has received in-principle approval for its IPO from NSE Emerge, after having filed its DRHP in July 2025. The company plans to raise approximately ₹28 crore from the offer.
Outlining its expansion plans for Maharashtra, the company said it was in the process of submitting the RHP with updated information, and a listing on the platform was expected shortly.
“The offer comprises a fresh issuance of 33,08,800 equity shares of face value ₹10 each, through the book-building route,” the company said, adding that Socradamus Capital Private Ltd was its Book Running Lead Manager, while Bigshare Services Private Litd was Registrar to the Offer.
5 new diagnostic centres
Invicta Diagnostic is planning to establish five new diagnostic centres in Maharashtra, following the hub-and-spoke model. The expansion will be funded from proceeds of its upcoming IPO, with a proposed utilisation of ₹21.11 crore towards capital expenditure for the purchase of medical equipment, it said. The new hubs would be located in Kalyan, Vasai-Virar region, Malad-Kandivali and Akola, it said. The company’s board of directors, by way of a resolution dated June 28, 2025, have approved the proposal and capital expenditure requirements for setting up these new facilities in fiscal 2026 and fiscal 2027.
Invicta had scaled up in recent years, with its diagnostic network growing from one centre at the end of fiscal 2022 to seven centres by end of FY25. The operational network includes a flagship hub in Thane, three additional hubs through subsidiaries, and three spoke centres, including one operated through a subsidiary, it said.
During the year ended March 2025, Invicta conducted 79,727 pathology tests and 96,521 radiology tests for around 1,03,602 patients. The company’s revenue from operations stood at ₹30.09 crore in FY25, a 90 per cent increase from ₹15.83 crore in FY24, while profit after tax stood at ₹4.92 crore in FY25, as compared to ₹3.80 crore in FY24.
Invicta’s portfolio includes 60 routine and 487 specialised pathology tests and 96 basic and 130 advanced radiology tests, it said. The test menu spans basic biochemistry, clinical pathology, X-rays, echocardiograms and ultrasounds to advanced diagnostics including CT scans, MRI scans and PET CT scans, it added. High-end molecular diagnostics and cytogenetics are outsourced to larger reference laboratories, the company said.
Founded by first generation entrepreneurs and radiologists Dr Ketan Jayantilal Jain and Dr Sanket Vinod Jain, Invicta’s management includes Chief Financial Officer Rohit Prakash Srivastava and investor-promoters Badal Kailash Naredi and Jayesh Prakash Jain.