In 2025, India’s IPO market continues to attract investor attention, with several small and mid-cap companies coming forward to raise capital. Amid growing demand for quality medical products, Galaxy Medicare Limited is set to enter the market with its IPO. This offering provides investors with an opportunity to participate in a company specialising in medical devices, surgical dressings, and allied healthcare products.
Against this backdrop, Galaxy Medicare IPO will open from September 10, 2025, offering shares to investors through the NSE SME platform. Here’s a detailed insight into the company, its IPO, and industry outlook.
About Galaxy Medicare Ltd.
Incorporated in July 1992, Galaxy Medicare Limited manufactures and exports medical devices, plaster of Paris (POP) bandages, surgical dressings, adhesive tapes, compression bandages, wound care solutions, and other healthcare products. The company caters to both domestic and international markets, exporting to multiple countries.
Galaxy Medicare manufactures products using premium-grade raw materials procured from authentic vendors. The company also operates under multiple models:
- Manufacturing and branding for flagship products, including POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, GYPSOCREPE, CARECREPE, CAREPORE, GYPSONET, GYPSOCHLOR, FIXCAN, among others.
- OEM manufacturing under a principal-to-principal basis for other brands.
- Institutional sales via government tenders on the GEM Portal.
- Export of medical devices and surgical dressings to international clients.
The company has 27 registered trademarks in India, a robust presence in domestic and international markets, and complies with ISO 9001:2015 and ISO 13485:2016 certifications, ensuring quality standards for healthcare institutions. As of March 2025, Galaxy Medicare employed 190 personnel across various departments.
Competitive Strengths:
- Experienced leadership and skilled management team
- Established reputation and long-standing customer relationships
- Strong focus on maintaining quality standards
- Well-equipped manufacturing facilities covering a wide range of products
- In-house Quality Assurance (QA) / Quality Control (QC) and Research & Development
- Global presence in medical device and surgical dressing markets
Galaxy Medicare Ltd. IPO Details
IPO Size and Structure:
The Galaxy Medicare IPO is a book-building issue of ₹22.31 crore, comprising:
- Fresh Issue: 0.33 crore shares aggregating ₹17.86 crore
- Offer for Sale: 0.08 crore shares aggregating ₹4.45 crore
The IPO is open from September 10, 2025, to September 12, 2025, with a tentative allotment date of September 15, 2025, and listing on NSE SME expected on September 17, 2025.
Key IPO Information:
| IPO Date | September 10, 2025, to September 12, 2025 |
| 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 |
Investor Allocation:
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net Issue |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| NII Shares Offered | Not less than 15.00% of the Net Issue |
IPO Timeline:
| 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) (Min) | 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 Ltd. Financials
Financial Overview (₹ Crore)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 31.9 | 32.53 | 32.31 | 30.46 |
| Total Income | 17.78 | 36.94 | 32.03 | 30.74 |
| Profit After Tax | 1.71 | 3.71 | 1.57 | -0.21 |
| Net Worth | 16.68 | 15.54 | 11.94 | 10.38 |
| Reserves & Surplus | 10.63 | 9.51 | 14.78 | 13.36 |
| Total Borrowing | 4.6 | 8.12 | 9.15 | 9.92 |
Key Performance Indicators (KPI):
The market capitalisation of the Galaxy Medicare IPO is ₹81.93 Cr.
- ROE: 23.85%
- ROCE: 23.80%
- Debt/Equity: 0.52
- RoNW: 23.85%
- PAT Margin: 10.26%
- Price to Book Value: 3.84
- EPS (Pre IPO): ₹3.12 | EPS (Post IPO): ₹2.25
- P/E (Pre IPO): 17.28x | P/E (Post IPO): 23.96x
Objects of the Issue: Galaxy Medicare IPO
Galaxy Medicare IPO proceeds will be utilised for:
- Capital expenditure: Purchase of machinery for the manufacturing facility at Bhubaneshwar, Odisha – ₹48.88 Mn
- Working capital requirements – ₹99.78 Mn
- General corporate purposes
- Offer-related expenses
Galaxy Medicare Ltd.: Industry Outlook
- The healthcare and medical devices market in India is growing rapidly due to increased government spending, rising awareness, and infrastructure development in hospitals and clinics.
- Demand for surgical dressings, POP bandages, and wound care products is rising with increased healthcare coverage.
- India’s push for Make in India in medical devices is providing growth opportunities for domestic manufacturers like Galaxy Medicare.
- The company’s compliance with ISO certifications ensures a competitive edge and strengthens its acceptance in government tenders and institutional supply chains.
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Conclusion
Galaxy Medicare Ltd. presents an investment opportunity in the healthcare sector and medical devices sector, offering exposure to surgical dressings, POP bandages, and wound care solutions. The company has a strong financial track record, well-established operations, and a global presence. However, potential investors should consider risks such as dependency on government tenders, fluctuations in raw material costs, and competition from other domestic and international medical device manufacturers.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
