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Galaxy Medicare IPO SME: Should you apply!

Aneri Guidelines
Galaxy Medicare financials

Introduction: Galaxy Medicare Ltd.

Galaxy Medicare Ltd., incorporated in 1992 and headquartered in Bhubaneswar, Odisha, is a healthcare company specializing in the manufacturing and export of medical devices, surgical dressings, adhesive tapes, POP bandages, compression bandages, and wound-care products.

The company is ISO 9001:2015 and ISO 13485:2016 certified, underscoring its commitment to international quality standards. With a diverse product portfolio of 27+ registered trademarks, Galaxy Medicare caters to government health departments, hospitals, distributors, and export markets in South Asia.

📊 Company Snapshot

ParameterDetails
Founded1992
HeadquartersBhubaneswar, Odisha
CertificationsISO 9001:2015, ISO 13485:2016
ProductsPOP bandages, adhesive tapes, compression dressings, wound care items
Trademarks27+ (POP BAND, POP CAST, G CAST, CARETAPE)
ClientsGovernment institutions (GEM), hospitals, exports to Bangladesh, Nepal
Authorized Capital₹18 Cr
Paid-Up Capital₹11.86 Cr
Employees~150–200
Credit RatingCRISIL A2 (SME) since 2015
DirectorsDillip Kumar Das (MD), Subhasish Das, Kiran Das, Shaswat K. Rout, others

📈 IPO Details (September 2025)

  • IPO Open Date: 10 September 2025
  • IPO Close Date: 12 September 2025
  • Issue Size: ~₹22.3 Cr
    • Fresh Issue: ~₹17.9 Cr (33 lakh shares)
    • Offer for Sale (OFS): ~₹4.45 Cr (8.24 lakh shares)
  • Price Band: ₹51 – ₹54 per share
  • Lot Size: As per SME IPO norms (retail min ~2000 shares)
  • Listing Platform: NSE Emerge
  • Funds Utilization:
    • ₹4.9 Cr – New machinery at Bhubaneswar facility
    • ₹8.9 Cr – Working capital
    • Balance – General corporate purposes

💰 Financial Performance

FY 2024–25 Highlights:

  • Revenue: ₹40.27 Cr (up from ₹36.94 Cr YoY)
  • Net Profit (PAT): ₹3.37 Cr (down from ₹3.71 Cr YoY)
  • EBITDA Margins: Stable but slightly pressured by input costs
  • Debt Level: Moderate; supported by working capital funding

📌 Strengths of Galaxy Medicare

  • ✔️ 30+ years in healthcare consumables manufacturing
  • ✔️ Wide product portfolio with 27+ registered trademarks
  • ✔️ Consistent government and institutional clientele
  • ✔️ ISO-certified, CRISIL-rated with established credibility
  • ✔️ Export presence in neighboring countries (Bangladesh, Nepal)

⚠️ Risks & Challenges

  • ❌ Operating in the SME IPO space (generally more volatile)
  • ❌ Decline in net profits despite revenue growth in FY25
  • ❌ Competition from larger listed medical consumables firms
  • ❌ Raw material price fluctuations may impact margins
  • ❌ Relatively small scale compared to peers in India’s healthcare sector

📊 Market Impact of IPO

The IPO raised modest interest in the grey market, with muted GMP activity, indicating moderate listing gains. Retail investor sentiment was cautious due to its SME nature, but long-term investors may view it as a steady healthcare growth story.

Galaxy Medicare’s focus on expanding production capacity and entering new markets could help it scale, but investor patience may be required.

🔮 Investment Outlook

  • Short-Term View: Modest listing gains possible; low GMP indicates limited speculative activity.
  • Long-Term View: Suitable for investors with a higher risk appetite who believe in healthcare sector expansion and SME growth potential.

Subscription

Investor10 Sep 202511 Sep 202512 Sep 2025
 Anchor 0
 QIB1.00
 Non-Institutional0.66
 BNII0.96
 SNII0.05
Retail0.33
Total0.47

GMP Trend:

DateGMP
10 Sep 2025₹3.00(5.56%)
11 Sep 2025₹?
12 Sep 2025₹?(?%)
The grey market premium (GMP) is the price at which an IPO is traded in an unofficial/unregulated grey market prior to its listing. The GMP reflects how a particular company’s IPO issue might react on the day of listing. A positive GMP premiumsignals that the IPO is likely to be at profit while a negative GMP indicates that the IPO is likely to be at a discount.
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.

How to Check IPO Allotment Status:

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Allotment Status

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Allotment Status

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Allotment Status

📌 Stock Market Disclaimer

  • Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy/sell any stock or share. Investing in the stock market involves risk. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
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  • ⚠️ IPO (Initial Public Offerings)
  • IPO details, issue size, subscription data, and allotment status shared here are based on publicly available information from company filings, stock exchanges, and merchant bankers.
  • Investing in IPOs carries risks including listing volatility, business uncertainties, and sector performance dependency.
  • Neither acceptance of applications nor allotment guarantees profits. Investors should evaluate their risk appetite before subscribing.
  • ⚠️ GMP (Grey Market Premium)
  • Grey Market Premium (GMP) is an unofficial and unregulated indicator of expected IPO listing price.
  • GMP data is collected from market observers and informal trading circles; it does not have any legal or SEBI recognition.
  • GMP values are highly speculative and may differ significantly from actual listing prices. Investors should not rely solely on GMP while taking investment decisions.
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