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Bhubaneshwar – Odisha-based healthcare products manufacturer Galaxy Medicare Ltd. is all set to make its debut on Dalal Street with its maiden initial public offering (IPO). The company, known for its plaster of Paris (POP) bandages, surgical dressings, and wound care products, will open the subscription window on September 10, 2025, offering retail and institutional investors a chance to participate in its growth story.
IPO Size and Structure
The IPO aims to raise ₹22.31 crore through the issuance of 41.32 lakh shares at a price band of ₹51–54 per share.
The issue structure is as follows:
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Fresh Issue: 33.08 lakh shares
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Offer for Sale (OFS): 8.24 lakh shares by promoter Dillip Kumar Das
This combination of fresh issue and OFS indicates that the company not only seeks to raise funds for business expansion but also allows the promoter to partially divest his holding.
IPO Timeline
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Issue Opens: September 10, 2025
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Issue Closes: September 12, 2025
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Basis of Allotment: September 15, 2025
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Listing Date: September 17, 2025, on NSE Emerge
The listing on NSE Emerge, a dedicated SME platform, will provide Galaxy Medicare with wider visibility among institutional and retail investors while giving it access to public market funding.
Use of Proceeds
According to the company, the proceeds from the fresh issue will be allocated as follows:
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₹4.89 crore – Purchase of machinery for its existing manufacturing facility in Bhubaneshwar
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₹8.94 crore – Working capital requirements
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Remaining funds – General corporate purposes
The focus on upgrading machinery and boosting working capital reflects Galaxy Medicare’s intent to enhance manufacturing efficiency, expand production capacity, and strengthen its market presence.
Company Profile
Galaxy Medicare Ltd. is a healthcare and medical supplies company specializing in:
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Plaster of Paris (POP) bandages
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Medical tapes and bandages
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Surgical dressings
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External preparations for wound care and wound management
The company has built a niche in wound management products and surgical care solutions, serving hospitals, clinics, and healthcare institutions across India.
With its facility in Odisha, Galaxy Medicare benefits from strategic proximity to healthcare hubs in Eastern India while gradually expanding its footprint to other regions.
Financial Performance
In FY2025, Galaxy Medicare reported:
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Revenue: ₹39.2 crore, up 8.4% from ₹36.2 crore in FY2024
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Net Profit: ₹3.37 crore, down 9.1% from ₹3.7 crore in FY2024
The topline growth reflects steady demand for the company’s products, while the slight dip in profitability indicates rising input costs or competitive pricing pressures. Analysts believe the infusion of capital from the IPO could help Galaxy Medicare improve margins through better machinery, economies of scale, and stronger working capital management.
Industry Outlook
The Indian wound care and surgical dressings market has been growing steadily due to:
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Rising demand for quality healthcare infrastructure
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Government initiatives to improve public health facilities
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Increasing focus on affordable surgical and wound care products
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Higher awareness of hygiene and wound management in tier-2 and tier-3 cities
Given this backdrop, Galaxy Medicare is well-positioned to benefit from the expanding market, especially with new investments in machinery and distribution.
Key Considerations for Investors
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Strengths: Established product portfolio, niche focus in POP bandages and wound care, growing revenue base, expansion-oriented capital deployment.
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Risks: Declining profitability trend in FY2025, relatively small IPO size, and intense competition in the medical consumables market.
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Valuation: At the price band of ₹51–54 per share, the IPO valuation will be closely watched by investors for long-term growth potential.
Market observers suggest that SME IPOs like Galaxy Medicare’s could appeal to retail investors looking for early-stage participation in niche healthcare plays. However, they also caution about the risks of limited liquidity and smaller market capitalization associated with SME listings.
Conclusion
The Galaxy Medicare IPO marks another promising addition to India’s vibrant SME IPO market. With a modest issue size, sector-specific focus, and clear deployment of funds towards machinery and working capital, the company is betting on operational efficiency and future scalability.
As the issue opens on September 10, 2025, investors — particularly those bullish on the healthcare consumables sector — will be keenly evaluating whether Galaxy Medicare can turn its revenue growth into sustainable profitability in the coming years.
The company’s listing on September 17 will set the tone for its journey in the public markets and signal how investors perceive its growth potential in the highly competitive medical supplies industry.
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