Galaxy Medicare IPO is a book-built issue worth ₹22.31 crore. The IPO comprises a fresh issue of 33 lakh equity shares aggregating to ₹17.86 crore and an offer for sale of 8.24 lakh equity shares aggregating to ₹4.45 crore. The IPO opens for subscription on September 10, 2025, and closes on September 12, 2025. The allotment is expected to be finalised on September 15, 2025, with tentative listing on NSE SME scheduled for September 17, 2025.
The IPO is priced in a band of ₹51 – ₹54 per share. Retail investors must apply for a minimum of 2 lots comprising 4,000 shares, requiring an investment of ₹2,16,000 at the cutoff price. HNI investors must apply for a minimum of 3 lots (6,000 shares), amounting to ₹3,24,000.
Affinity Global Capital Market Private Limited is the book-running lead manager to the issue, and Cameo Corporate Services Limited is the registrar. Prabhat Financial Services Limited is the market maker for the IPO.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Galaxy Medicare IPO RHP.
Industry Outlook
- India’s wound care and medical dressing sector is witnessing steady expansion, driven by rising healthcare awareness, increasing surgical procedures, and the growing demand for effective healing solutions. The market for medical tapes, bandages, and Plaster of Paris (POP) products is evolving to meet the needs of both institutional buyers and individual consumers, with a strong emphasis on quality, affordability, and regulatory compliance.
- The Indian medical tapes and bandages market was valued at ₹2,296 crore in 2021 and is projected to reach ₹3,362 crore by 2028, reflecting a compound annual growth rate (CAGR) of 5.8%. This growth is underpinned by the increasing incidence of trauma cases, burns, and chronic wounds, as well as the expansion of public healthcare infrastructure and procurement through government platforms such as GeM.
- Globally, the plaster bandages market stood at USD 8.8 billion in 2023 and is expected to reach USD 14.9 billion by 2032, growing at a CAGR of 5.6%. These products are not only essential in orthopaedic and surgical settings but also find application in prosthetics and artistic moulding, highlighting their versatility and enduring relevance.
- The competitive landscape is shaped by both domestic manufacturers and international players, with Indian companies leveraging cost-effective production, strategic export partnerships, and the “Make in India” initiative to expand their footprint. Galaxy Medicare Limited, for instance, has established export channels to the United Kingdom, Germany, Bangladesh, and Nepal, enabling it to tap into diverse markets and enhance brand visibility.
Galaxy Medicare IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Enhance manufacturing capabilities by investing in capital expenditure for the purchase and installation of advanced machinery at its existing production facility in Bhubaneswar, Odisha. This initiative is aimed at improving operational efficiency, increasing output, and supporting the company’s expanding product portfolio in the medical devices and surgical dressings segment.
- Support working capital requirements to ensure uninterrupted procurement of raw materials, maintain optimal inventory levels, and facilitate timely fulfilment of domestic and export orders. This will enable the company to meet growing demand across institutional and private channels, while maintaining financial agility.
- Fund general corporate purposes, including administrative overheads, brand development, and strategic initiatives designed to strengthen the company’s market position, improve internal systems, and support long-term sustainability.
- Meet offer-related expenses associated with the IPO process, including regulatory fees, professional services, and listing costs, thereby ensuring a compliant and transparent public offering.
About Galaxy Medicare Limited
Galaxy Medicare Limited was originally incorporated as a public limited company on 23 July 1992 under the Companies Act, 1956. The company is headquartered at Mancheswar Industrial Estate, Bhubaneswar, Odisha, and holds the Corporate Identification Number (CIN) U24232OR1992PLC003113.
The company is engaged in the manufacturing, trading, and export of medical devices and surgical dressings, with a core focus on Plaster of Paris (POP) bandages, medical tapes, sterile wound dressings, and disposable healthcare products. Its product portfolio includes well-established brands such as POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, and GYPSOCREPE, catering to both institutional and private sector clients.
Galaxy Medicare commenced operations by reviving a defunct industrial unit acquired from Odisha State Financial Corporation and IDCO, under the investment promotion strategy of IPICOL. Over the years, the company has expanded its manufacturing capabilities and product range, including partnerships with international firms and Indian subsidiaries of Fortune 50 companies.
The company operates a dedicated manufacturing facility in Bhubaneswar and has received several accreditations, including ISO 13485:2016 certification for quality management systems. It has also been recognised with national awards for entrepreneurship and productivity by the Government of India.
How To Check the Allotment Status of the Galaxy Medicare IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Galaxy Medicare IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Galaxy Medicare IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Galaxy Medicare IPO
Registered Office: Plot No. 2, Zone D, Phase A, Mancheswar Industrial Estate, Bhubaneswar – 751010, Khurda, Odisha, India.
Phone: +91 70648 10000 / +91 73818 90000
E-mail: cs@galaxymed.co.in
Know before investing
Strengths
8Operating since 1992, Galaxy Medicare has built a strong reputation in the medical devices and surgical dressings sector.
Offers a wide range of branded products including POP BAND, CARETAPE, and GYPSOCREPE, catering to both institutional and private markets.
Active presence in international markets such as the United Kingdom, Germany, Bangladesh, and Nepal, enabling global revenue diversification.
Regular supplier to government institutions via GeM portal, ensuring stable institutional demand.
High repeat business from top clients, with top 10 customers contributing over 78% of revenue in FY2025.
Strategic partnerships and diversified supplier base across key Indian states ensure reliable raw material sourcing.
ISO 13485:2016 certified facility in Bhubaneswar with high capacity utilisation and in-house design capabilities.
Plans to expand machinery and working capital post-IPO to meet rising domestic and export demand.
Risks
8A significant portion of revenue is derived from a limited number of clients, making the company vulnerable to client attrition.
Heavy reliance on a few suppliers for raw materials may disrupt operations if supply chains are affected.
Changes in healthcare regulations, tax laws, or safety standards could impact compliance and operational costs.
The business requires substantial working capital; any shortfall may affect production and order fulfilment.
Export revenues are exposed to risks from political instability in key markets such as Bangladesh and Nepal.
Rapid innovation in medical devices may render existing products outdated if the company fails to adapt.
Manufacturing activities involve risks of industrial accidents, which may lead to liabilities and reputational damage.
A slowdown in domestic or global economic conditions could reduce demand and affect financial performance.
