NSE SME Galaxy Medicare’s IPO ends with 1.79 times subscription

The initial public offer (IPO) of Galaxy Medicare received bids for 73,98,000 shares as against 41,32,000 shares on offer. The issue was subscribed 1.79 times. Qualified Institutional Buyers (QIBs) bid for 80,000 shares, Non-Institutional Investors (NIIs) for 24,74,000 shares, while individual investors (IND category bidding for 2 lots) placed bids for 48,44,000 shares. The issue opened for bidding on 10 September 2025 and it closed on 12 September 2025. The price of the IPO was fixed between Rs 51 to Rs 54 per share. The equity shares will list on NSE's SME platform. The IPO comprised a fresh issue of 33,08,000 shares and offer for sale (OFS) of 8,24,000 shares by existing shareholders. The promoter and promoter shareholding diluted to 64.60% from 89.49% Pre-IPO. The company intends to utilize the net proceeds for funding capital expenditure requirement towards purchase of machinery for existing manufacturing facility at Bhubaneswar, Odisha, funding the working capital requirements, to meet the offer related expenses and for general corporate purposes. Galaxy Medicare is a leading manufacturer and exporter of medical devices, Plaster of Paris (POP) bandages, and surgical dressings based in India. It produces a wide range of healthcare products using premium-grade raw materials sourced from trusted and authentic vendors in the market. With a strong focus on quality and innovation, the company caters to both domestic and international markets. Specializing in surgical dressings, POP bandages, adhesive tapes, compression bandages, and wound care solutions, the company addresses diverse medical needs, including gauze products and orthopaedic items. Its products are widely accepted by the medical community and are supplied across India to government health departments, corporate hospitals, and private healthcare providers. As of 31 March 2025, the company had 196 employees. The company recorded revenue from operations of Rs 39.20 crore and net profit of Rs 3.37 crore for the period ended 31 March 2025.