Safecure IPO...
28 Oct, 2025
Galaxy Medicare IPO
The Galaxy Medicare IPO is a book-built issue of a fresh issue and OFS to total up to about ₹22.31 crore (at a price band of ₹51–₹54), open for subscription from September 10 to 12 and will list on NSE Emerge. The issue consists of a fresh issue of up to ₹16.74 crore and an offer for sale of up to ₹4.45 crore. Investors have to bid for a minimum of 4,000 shares, with a net minimum bid quantity being ₹2.16 lakh on the upper price band. The IPO has Affinity Global Capital Market as the book-running lead manager and the registrar is Cameo Corporate Services.
Company Background
Galaxy Medicare was established in 1992, at Bhubaneswar, Odisha and is in the business of manufacturing and trading of medical consumables primarily in the areas of wound care and surgical dressings such as POP bandage, Adhesive tapes, compression bandage, Absorbent gauze, sterile dressings and other disposables. The company was born out of the recovery and rehabilitation of a closed-down unit and has more than thirty years of experience in this field, serving hospitals and distributors throughout India. The company highlights quality certifications and adherence to ISO standards for medical devices, with a product basket aligned to routine hospital consumables and orthopedics, reflecting a stable, recurring-demand category.
Operations & Product Range
Facility & Production
Galaxy Medicare IPO operates from its state-of-the-art plant at Mancheswar Industrial Estate, Bhubaneswar, well equipped with in-house weaving, coating, impregnation, slitting, cutting, packaging and sterilizing operations, as appropriate, started from 1992 and keeps concentrating on wound care and dressings based on standardized SOPs and QA protocols within ISO models. The range covers pop bandages, sterile surgical wound dressings, adhesive tapes, absorbent gauze and cotton, compression/ orthopedic bandages and other hospital consumables, with an emphasis on uniform specifications and patient comfort.
Brands & Market Presence
Galaxy Medicare trades under its own company brand name in India, serves hospitals, clinics and channel partners with its presence in online B2B directories as well as healthcare portals that have listed it as a manufacturer of dressings & wound care products. The company claims pan-India coverage, reinforcing a product portfolio grown on quality and adherence. Public documents and postings reveal the brand’s ties to Odisha’s health care manufacturing ecosystem and outreach to distributors and institutions through traditional medical supply networks.
Revenue Channels
- The main source of market revenue is the sale of wound care consumables and surgical dressings (POP bandages, gauze, adhesive tapes, compression bandages) within hospitals, clinics and to distributors.
- Institutional orders through tenders and rate contracts with government and private healthcare systems provide volume visibility and recurring demand.
- Product extensions to orthopedic supports and disposables, connect basket depth and increase cross-sell in the same purchase channels.
- Exporting leads and B2B directory listing help support the additive out-of-state and international sales and qualify with buyers using ISO certifications.
Management & Shareholding
Promoters & Shareholding
The Galaxy Medicare IPO has promoters Dilip Kumar Das (Chairman & MD), Subhasish Das and Kiran Das, who have spearheaded an operations and strategy business that spanned several decades. The IPO is a mix of primary issuance along with an OFS, which suggests that there would be a calibrated offering and partial monetisation, but without hampering the effectiveness of the promoter control post-listing.
Board Members
The board of Galaxy Medicare IPO is a combination of promoter-directors and professionals who look after manufacturing, quality, finance and compliance, as per SME listing norms. Affinity Global Capital Market Pvt. Ltd. is the BRLM, with Cameo Corporate Services serving as registrar, showing a set of seasoned intermediaries associated with the offer.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Galaxy Medicare IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Galaxy Medicare IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 10, 2025 to September 12, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹51 to ₹54 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 41,32,000 shares (aggregating up to ₹22.31 Cr) |
| Reserved for Market Maker | 2,08,000 shares (aggregating up to ₹1.12 Cr) |
| Fresh Issue (Ex Market Maker) | 31,00,000 shares (aggregating up to ₹16.74 Cr) |
| Offer for Sale | 8,24,000 shares of ₹10 (aggregating up to ₹4.45 Cr) |
| Net Offered to Public | 39,24,000 shares (aggregating up to ₹21.19 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,18,63,983 shares |
| Share Holding Post Issue | 1,51,71,983 shares |
Galaxy Medicare IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Close Date | Fri, Sep 12, 2025 |
| Tentative Allotment | Mon, Sep 15, 2025 |
| Initiation of Refunds | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Tentative Listing Date | Wed, Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Galaxy Medicare IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,16,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,24,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,80,000 |
Galaxy Medicare IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 89.49% |
| Promoter Holding Post Issue | 64.60% |
Competitive Strength:
- ● A 30-year history of operation in the wound and surgical dressing market with an industrialized product range to satisfy daily hospital usage.
- ● ISO-aligned quality systems and compliance, facilitating acceptance by institutional buyers and vendors in India and overseas.
- ● A broad portfolio of POP bandages, adhesive tapes, gauze, compression bandages & sterile dressings allows for cross-sell and consistent use across care areas.
- ● SME IPO with Dual growth, catering & formalizing governance, which may help increase market reach & visibility.
Galaxy Medicare IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 31.9 | 17.78 | 1.71 | 16.68 | 4.6 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 33 | 37 | 4 | 16 | 8.12 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 32.31 | 32.03 | 1.57 | 11.94 | 9.15 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 30.46 | 30.74 | -0.21 | 10.38 | 9.92 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 23.85% |
| ROCE | 23.80% |
| Debt/Equity | 0.52 |
| RoNW | 23.85% |
| PAT Margin | 10.26% |
| Price to Book Value | 3.84 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.12 | 2 |
| P/E (x) | 17.28 | 24 |
IPO Objectives
- Fund working capital to support raw material procurement (gauze, cotton, adhesives) and inventory for expanded order books.
- Invest in plant modernization, packaging and sterilization capabilities to improve efficiency and compliance.
- Cover general corporate purposes, including sales network expansion, certifications upkeep and IT/process enhancements.
Conclusion
Galaxy Medicare IPO offers a consumables-led healthcare manufacturing story, long operating history, ISO-fortified quality systems and a product basket of wound care, surgical dressings in focus. The issue combines primary capital for growth and an OFS, providing clarity on issue size, band and lot. With proven products, institutional buyer relevance and a minor SME scale-up strategy, the company intends to use the proceeds to improve working capital, update operations and extend its distribution.
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Frequently asked Questions (FAQs )
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What are the Galaxy Medicare IPO dates and price band?
The IPO opens September 10 and closes September 12, 2025, with a price band of ₹51–₹54 per share.
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What is the Galaxy Medicare IPO issue size and structure?
The total size is about ₹21.19–₹22.31 crore, including a fresh issue of roughly ₹16.74 crore and an OFS of about ₹4.45 crore.
-
What is the lot size and exchange?
The market lot is 4,000 shares and the proposed listing is on NSE Emerge.
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Who are the promoters and lead manager of Galaxy Medicare IPO?
Promoters are Dilip Kumar Das, Subhasish Das and Kiran Das; the lead manager is Affinity Global Capital Market Pvt. Ltd. and the registrar is Cameo Corporate Services.
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