Invicta Diagnostic Limited, operating under the brand PC Diagnostics, made a powerful entry into the Indian stock market on Monday, December 8, 2025. The company's shares debuted on the NSE SME platform at ₹100 each, marking a significant premium of 17.65% over its issue price of ₹85 per share.
A Debut That Beat Market Expectations
The strong listing performance came as a positive surprise to many market observers. Prior to the listing, the grey market premium (GMP) for the Invicta Diagnostic IPO had indicated a flat opening at around the issue price. The actual debut at a near 18% premium significantly outperformed these initial street expectations, reflecting robust investor confidence in the company's prospects.
The public offering, which was open for subscription from December 1 to December 3, 2025, witnessed healthy demand from all investor categories. The allotment for the IPO was finalized on December 4. The price band for the issue was fixed at ₹85 per equity share.
Overwhelming Investor Response and IPO Details
The Invicta Diagnostic SME IPO was subscribed an impressive 4.27 times overall by the close of the bidding period. A closer look at the category-wise subscription reveals strong interest across the board:
- The portion reserved for retail individual investors (RII) was subscribed 3.44 times.
- The non-institutional investors (NII) segment saw even stronger demand, getting booked 6.96 times.
- Qualified Institutional Buyers (QIBs) put in bids for 3.51 times the shares offered to them.
In total, the company received bids for 1 crore shares against the 23.44 lakh shares on offer.
This ₹28.12 crore IPO is entirely a fresh issue of 33 lakh equity shares, meaning there was no offer for sale (OFS) component where existing promoters or investors sell their stake. Prior to the public issue, on November 28, the company had already secured ₹6.79 crore from anchor investors.
The lot size for the IPO was set at 1,600 shares. This meant retail investors needed to apply for a minimum of 2 lots, translating to a minimum investment of ₹2.72 lakh at the upper end of the price band.
Utilisation of Funds and Company Background
The company plans to use the capital raised from the IPO to fuel its expansion plans. A major portion, ₹21.11 crore, is earmarked for capital expenditure. This fund will be deployed to purchase advanced medical equipment for setting up five new diagnostic centres in Maharashtra. The remaining amount will be used for general corporate purposes.
Established in January 2021, Invicta Diagnostic Limited provides integrated pathology and radiology services. Under its consumer-facing brand ‘PC Diagnostics’, the company operates a network of 7 diagnostic centres and a central laboratory across Mumbai, Maharashtra. Its service portfolio includes imaging, radiology, and teleradiology testing.
The book running lead manager for the issue was Socradamus Capital Pvt. Ltd., while Bigshare Services Pvt. Ltd. acted as the registrar. Nikunj Stock Brokers Ltd. was appointed as the Market Maker for the IPO.
