Galaxy Medicare Ltd—an ISO-certified manufacturer, trader, and exporter of medical devices, including Plaster of Paris (POP) bandages and surgical dressings—is launching its ₹22.31 crore IPO, scheduled for September 10–12, 2025. The issue includes a fresh issue of 33 lakh shares (₹17.86 crore) and an Offer for Sale (OFS) of 8.24 lakh shares (₹4.45 crore), priced between ₹51 and ₹54 per share, with a face value of ₹10. The IPO aims to raise capital for purchasing advanced machinery at its Bhubaneswar plant, funding working capital, and covering general corporate expenses.
IPO Details & Timeline
| Detail | Information |
|---|---|
| Issue Type | Book-built; Fresh + OFS |
| Total Size | ₹22.31 crore (41.32 lakh shares) |
| Fresh Issue | 33.08 lakh shares (₹17.86 crore) |
| Offer for Sale | 8.24 lakh shares (₹4.45 crore) |
| Price Band | ₹51 – ₹54 per share |
| Face Value | ₹10 |
| Lot Size | 2,000 shares (1 lot) |
| Retail Min Investment | ₹1,02,000 (2 lots) |
| HNI Min Investment | ₹2,16,000 (2 lots) |
| Listing Venue | NSE Emerge (SME platform) |
| Bid Window | September 10–12, 2025 |
| Allotment | September 15, 2025 (tentative) |
| Refunds / Demat | September 16, 2025 |
| Listing Date | September 17, 2025 (tentative) |
| Lead Manager | Affinity Global Capital Markets |
| Registrar | Cameo Corporate Services Ltd. |
| Market Maker Reservation | 2.08 lakh shares |
| Allocation Breakdown | QIB ≤ 80,000; NII ≥ 15.36 lakh; Retail ≥ 23.08 lakh; Market Maker 2.08 lakh |
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3. Company Background
Established in 1992, Galaxy Medicare operates an ISO 9001:2015 & ISO 13485:2016 certified facility in Bhubaneswar for manufacturing POP bandages, surgical tapes, wound care products, and more under over 27 trademarks such as POP BAND, CARETAPE, GYPSOCREPE, and FIXCAN. With a diversified business vertical model—contract manufacturing, institutional sales, exports, and branded products—the company has built a robust presence across India and international markets.
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4. Financial Performance (FY24–FY25)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Revenue | ₹36.94 crore | ₹40.27 crore |
| PAT | ₹3.71 crore | ₹3.37 crore |
Despite modest revenue growth, net profit dipped slightly. Continue to monitor margin trends and efficiency improvements post-IPO.
IPO Watch+2The Tribune+2
5. Valuation Snapshot
- Post-Issue Market Cap (Upper Band): ~₹110 crore
- P/E Ratio: Not clearly disclosed; trailing earnings modest—valuation to be assessed carefully
- P/B Multiple: Not available due to lack of NAV data
This IPO trades at a reasonable scale relative to earnings. Investors seeking exposure to medical devices might find long-term potential.
IPO Watch+1
6. Strengths & Risks
Strengths
- ISO-certified, diversified product lineup with strong trademark portfolio
- Long track record across manufacturing, exports, and institutional segments
- Strong operating foundation with planned capacity upgrades through IPO funding
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Risks
- Limited absolute financial scale and profitability
- SME platform may face modest liquidity post-listing
- Sensitive to procurement cost fluctuations and healthcare sector demand volatility
IPO Watch+1
7. FAQs (Google-style)
Q1: What are the IPO dates and price band?
Bidding: September 10–12, 2025 | Price Band: ₹51 – ₹54/share
Q2: What is the lot size and minimum investment?
Lot Size: 2,000 shares. Retail Min: ₹1,02,000 (2 lots), HNI Min: ₹2,16,000 (2 lots)
Q3: How is the issue structured?
Fresh issue of 33.08 lakh shares + OFS of 8.24 lakh shares. Market maker allotted up to 2.08 lakh shares.
Q4: What are the pre-IPO financials?
FY25 Revenue: ₹40.27 cr; PAT: ₹3.37 cr (slight drop from FY24)
Q5: How will the funds be used?
For machinery capex at Bhubaneswar facility, working capital, and corporate purposes.
Q6: Where will it list?
On NSE SME (Emerge) platform.
Q7: Who are the lead manager and registrar?
Lead Manager: Affinity Global Capital Markets | Registrar: Cameo Corporate Services
Q8: How to check allotment?
Via Cameo Corporate Services’ online IPO allotment portal.
Official IPO Links (for Investors Only)
- SEBI / Draft Prospectus (DRHP): Available on SEBI’s official filing portal
- Allotment Status: Cameo Corporate Services IPO portal
- Listing Platforms: NSE SME and SEBI official websites
- Company Web Info: From RHP or official filings
Conclusion
The Galaxy Medicare IPO presents a rare small-cap opportunity in the medical device sector with longstanding operations, diversified products, and a reasonable pricing structure. While profitability is modest and the market perception remains cautious, the scalable business model and clear use of funds provide room for growth. Investors focused on healthcare niche exposures may consider this IPO strategically—while liquidity and SME risks necessitate prudent allocation.