Invicta diagnostics to launch IPO, aiming for ₹60 crore revenue by FY27

Invicta Diagnostics on Tuesday said it is planning to launch an initial public offer to finance its strategic expansion plans and eyeing a revenue of ₹60 crore by FY27.

The Mumbai-headquartered diagnostic services provider reported a total revenue of ₹15.83 crore and a profit after tax (PAT) of ₹3.80 crore in FY24 based on restated consolidated financial information. It posted a total revenue of ₹6.84 crore and a PAT of ₹0.23 crore in FY23, according to a statement.

The company said it is on track to achieve a total revenue of ₹25 crore in FY25.

The company, prominent under the brand name PC Diagnostics, plans to achieve a revenue of ₹60 crore by the financial year 2027, it said.

It is planning to raise capital through an initial public offering (IPO) to finance its strategic expansion plans.

It has appointed Socradamus Capital Pvt Ltd as the book-running lead manager to the offer.

Invicta Diagnostics is operating a network of 8 diagnostic centres in Mumbai and its suburbs, in a hub-and-spoke model.

It has one flagship centre located at Thane equipped to conduct all pathology specimens collection, basic and advanced radiology tests, three hubs located at Bhayandar, Byculla, and Marol, offering specialised services and supporting four satellite centres (spokes) in Lower Parel, Sewri, Mazgaon, and Kalwa.

Further, the company is planning to open 10 more diagnostic centres at strategic locations across Maharashtra in the next 12-18 months.

"Quality and affordability have been the cornerstones of our success since our inception in 2021. We have made significant investments in hiring experienced radiologists and technicians.

"Continuing our pursuit of excellence, we are exploring funding opportunities through an IPO to invest in advanced machinery and expansion plans to improve service quality," Rohit Prakash Srivastava, Promoter and CFO at Invicta Diagnostics, said in the statement.

Invicta Diagnostics and its brand 'PC Diagnostics' were founded by Ketan Jayantilal Jain and Sanket Vinod Jain, its promoters and Non-Executive directors, along with the company's promoter and CFO, Srivastava who has been actively involved in the operations since 2021 as a management advisor.

Later on, Invicta added two more investor promoters -- Badal Kailash Naredi and Jayesh Prakash Jain.