Invicta Diagnostic is launching a book-built IPO worth ₹28.12 Cr, consisting entirely of up to 33,08,800 fresh equity shares, at face value ₹10. The issue is opening for subscription on 1 December 2025 and closing on 3 December 2025. The basis of allotment is expected on 4 December 2025, and the IPO shares are scheduled to make their NSE Emerge debut on 8 December 2025.
The Invicta Diagnostic IPO price band is set between ₹80 and ₹85 for each share. Each lot includes 1,600 shares, and for the retail investors, the minimum investment comes to ₹2,72,000, for 3,200 shares, with 2 lots at the upper price. For the HNIs, the minimum application size is three lots, that’s 4,800 shares, requiring an investment of ₹4,08,000.
Invicta Diagnostic IPO Details
The details for the Invicta Diagnostic IPO in India are stated in the table, comprising its bid period, price band, fresh issue, and other important facts.
| Bid Opening Date | 1 December 2025 |
| Bid Closing Date | 3 December 2025 |
| Face Value | ₹10 |
| Price Band | ₹₹80 to ₹85/Share |
| Issue Price | – |
| IPO Lot Size | 1,600 shares |
| Sale Type | Fresh issue of capital |
| Offer for Sale | – |
| Fresh Issue | 33,08,800 equity shares |
| Issue Type | Book Build Issue |
| Listing | NSE Emerge |
| Total Issue Size (₹ Cr) | ₹28.12 Cr |
| Market Maker Reservation | – |
| Net Offering to the Public | – |
| Minimum Investment(₹) | ₹2,72,000 (2 lots for retail applications) |
| Retail Discount | – |
| Employee Discount | – |
Invicta Diagnostic IPO Timeline
The table outlines the entire Invicta Diagnostic IPO schedule, including the bidding window, allotment date, refund process, and listing day.
| Bidding Period Opens | 1 December 2025 |
| Bidding Period Closes | 3 December 2025 |
| Allotment Date | 4 December 2025 |
| Refunds Initiation | 5 December 2025 |
| Shares Credited to demat | 5 December 2025 |
| Listing Date | 8 December 2025 |
| Deadline for UPI Mandate Confirmation | 5 PM, 3 December 2025 |
Invicta Diagnostic IPO Grey Market Premium (GMP)
Invicta Diagnostic IPO GMP today holds at ₹0. The uptrending GMP usually signals growing market confidence and indicates that more investors are taking an interest in the IPO.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 27 November 2025 | ₹0 | ₹ (0.00%) | – | – |
| 26 November 2025 | ₹0 | ₹ (0.00%) | – | – |
The Grey Market Premium (GMP) works as an informal measure of an IPO’s real-time demand. It reflects overall sentiment, how actively investors are engaging with the issue before it opens, and how the subscription trend is shaping up once the IPO is live.
GMP percentage: Invicta Diagnostic IPO
The Invicta Diagnostic IPO GMP is showing ₹0, translating to a 0.00% premium, as of 27 November 2025. The projected listing price aligned at ₹85 with the top end of the price band, which suggests that the grey market isn’t pricing in any immediate upside and is expecting the stock to list roughly at its issue price.
Invicta Diagnostic IPO Reservation
Analyse the probability shares allotment of the Invicta Diagnostic IPO, by checking out the reservation of shares for the different investor categories.
| Category | % of Shares Offered | Shares offered |
| QIBs | Maximum 50% | – |
| Retail Investors | Minimum 35% | – |
| NII (HNI) | Minimum 15% | – |
| Total Shares Offered | 100% | 33,08,800 |
Invicta Diagnostic Limited Key Performance Indicator
Take a look at the key financial metrics of Invicta Diagnostic Ltd., such as its ROE, debt-equity ratio, and PAT margin, tracked over the recent financial years of its performance.
| KPIs | Sep-2025 | 2025 | 2024 |
| ROE (%) | 21.91 | 44.28 | 55.53 |
| ROCE (%) | 22.8 | 42 | 56.04 |
| Debt-Equity Ratio (in times) | 0.08 | 0.15 | 0.26 |
| RoNW (%) | 36.25 | 43.9 | |
| PAT Margin (%) | 24.1 | 16.38 | 24.04 |
| EBITDA Margin (%) | 39.92 | 30.57 | 44.77 |
| Price-Book Value | – | – | – |
Invicta Diagnostic Ltd. Financials
| Aspect | Sep-2025 (₹ Lakhs) | 2025 (₹ Lakhs) | 2024 (₹ Lakhs) |
| Revenue | 1,707.96 | 3,018.14 | 1,589.82 |
| Total Asset | 3,490.03 | 2,121.65 | 1,588.72 |
| Profit/Loss | 408.41 | 492.95 | 380.54 |
Invicta Diagnostic IPO Lot Size
This table summarises the Invicta Diagnostic IPO lot size and the minimum amount needed to be invested across different investor categories:
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 2 | 3,200 | 2,72,000 |
| Retail Investors (Maximum) | 2 | 3,200 | 2,72,000 |
| S-HNI (Minimum) | 3 | 4,800 | 4,08,000 |
| S-HNI (Maximum) | 7 | 11,200 | 9,52,000 |
| B-HNI (Minimum) | 8 | 12,800 | 10,88,000 |
Promoter Holding: Invicta Diagnostic Ltd.
The Invicta Diagnostic Ltd. promoters, Dr Ketan Jayantilal Jain, Dr Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi, and Jayesh Prakash Jain, hold the following pre-issue and post-issue shareholding percentages:
| Pre-Issue Holding | 90.52% |
| Post-Issue Holding | – |
Invicta Diagnostic IPO Anchor Investors Details
The reservation details for the anchor investors in the Invicta Diagnostic IPO are stated below for review.
| Bidding Date | 28 November 2025 |
| Shares to be Offered | – |
| Anchor Investor Portion Size (In Cr.) | – |
| Lock-in expiry for 50% of the shares (30 days) | 4 January 2026 |
| Lock-in expiry for the remaining shares (90 days) | 3 March 2026 |
Invicta Diagnostic IPO Prospectus
For more information on the Invicta Diagnostic IPO, review the official filings submitted to SEBI.
About Invicta Diagnostic Ltd.
| Founded in | 22 January 2022 |
| Chairman | Dr. Sanket Vinod Jain |
| Parent Organisation | – |
| Services/Products Offered | Radiology and pathology services |
| Book running lead managers | Socradamus Capital Private Limited |
| Registrar of the issue | Bigshare Services Private Limited |
Invicta Diagnostic IPO: Objectives
Here’s how Invicta Diagnostic Ltd. intends to deploy the capital raised from the IPO.
| Particulars | Amount (in ₹ lakh) |
| Funding for acquiring medical equipment for five upcoming diagnostic centres in Maharashtra | 2,111.33 |
| General corporate purpose | – |
Invicta Diagnostic Ltd.: Strengths
- Strong regional presence with consistent growth: The company has expanded its regional footprint over the years, establishing its network and customer base, which contribute to its business performance.
- Well-established reputation for quality services: The company’s brand strength is supported by a track record of providing reliable and high-quality diagnostic services, which helps in attracting and retaining customers.
- Diagnostic capabilities across pathology and radiology: The company offers a wide portfolio spanning pathology and radiology, enabling it to serve multiple diagnostic needs under one roof and appeal to a wider range of patients.
- Experienced management team with sector expertise: The company benefits from a management team with deep experience in the diagnostic space, supporting better strategic decisions and operational efficiency.
Invicta Diagnostic Ltd.: Risks
- Geographic concentration: The company’s operations are highly focused in particular regions, which makes it vulnerable to local disruptions, shifts in regional demand, or competitive pressures in its markets.
- Customer dependence: The company relies on a few major clients for a large portion of its revenue, and the loss of any one of them could materially hurt its performance.
- Regulatory risks: The business is directly affected by the healthcare regulations, licensing norms, and compliance requirements. Any regulatory tightening could increase the costs or impact service delivery.
- Rising competition: The diagnostic sector is becoming more competitive, with new players entering and existing players expanding, which may lead to pricing pressure and reduced profitability over time.
Invicta Diagnostic IPO Review
Invicta Diagnostic Ltd.’s IPO offers an opportunity to be a part of a growing diagnostic business with expanding regional presence, strong profitability metrics, and a mix of radiology and pathology services. Its financials show rising revenue, healthy margins, and low debt, which strengthen its fundamentals.
However, investors should consider the risks such as geographic concentration, dependence on a small customer base, regulatory risks, and increasing competition. With an IPO with a neutral GMP and expected listing around the price band, the subscription trends will likely decide investor sentiment.
Other Recent IPO List
Explore the list of Indian IPOs, including the currently open for bidding and the ones scheduled to launch soon in 2025:
| Exato Technologies IPO | Mother Nutri Foods IPO |
| Logiciel Solutions IPO | K K Silk Mills IPO |
| Ravelcare IPO | SSMD Agrotech IPO |
| Purple Wave Infocom IPO | Gallard Steel IPO |
Invicta Diagnostic IPO FAQs
The Invicta Diagnostic IPO is an SME book-built issue of ₹28.12 crore, which is offering 33,08,800 fresh equity shares at a price band of ₹80 to ₹85, and listing on NSE Emerge.
The investors can submit their applications through their broker or any UPI-supported trading app by choosing the IPO, filling in the bid details, and confirming the UPI mandate within the given timeline.
Invicta Diagnostic Ltd. shows strong financial growth, solid margins, and an expanding diagnostic portfolio. At the same time, it faces risks such as regional concentration and industry based competition. Its suitability depends on your risk appetite.
The Invicta Diagnostic IPO GMP stands at ₹0, indicating no projected listing gain. The estimated listing price aligns with the upper end of the price band, which is ₹85, suggesting flat returns unless the subscription demand strengthens.
The Invicta Diagnostic IPO is set to open for bidding on 1 December 2025 and it will close on 3 December 2025.
The Invicta Diagnostic IPO lot size is 1,600 shares, and the minimum retail investment is ₹2,72,000 for two lots of 3,200 shares at the upper price.
The allotment for the Invicta Diagnostic IPO is expected to be finalised on 4 December 2025.
The Invicta Diagnostic IPO shares are scheduled to list on 8 December 2025, on NSE Emerge.
