Galaxy Medicare shares list flat at IPO price of Rs 54 on NSE SME platform

Galaxy Medicare, a Bhubaneswar-based medical device and surgical dressing manufacturer, listed flat at Rs 54 on the NSE SME platform on September 17, following the close of its Rs 22-crore IPO last week.

The issue failed to generate significant grey market interest, with the GMP hovering at 0% ahead of the debut, indicating the stock was likely to list around its issue price of Rs 54.

The IPO, which opened on September 10 and closed on September 12, comprised a fresh issue of Rs 17.86 crore and an offer for sale of Rs 4.45 crore. It was subscribed 1.83 times overall, with the retail portion drawing 2.10 times the subscription, non-institutional investors 1.48 times, and qualified institutional buyers subscribing their quota fully.


Galaxy Medicare manufactures a wide range of products, including plaster of Paris (POP) bandages, gauze products, adhesive tapes, compression bandages, and wound care solutions.

With 27 registered trademarks, its products are supplied to government health departments, corporate hospitals, and private institutions across India. The company also exports to select international markets.

Financially, Galaxy reported revenues of Rs 40.27 crore in FY25, up 9% from the previous year, while net profit declined 9% to Rs 3.37 crore. Margins remained steady with EBITDA margin at 11.7% and PAT margin at 8.6%.

At the upper band, the IPO values the company at a post-issue P/E of 24.3x. Proceeds from the issue will be used to fund machinery purchases for its existing facility in Bhubaneswar, working capital needs, and general corporate purposes.

While Galaxy’s established brand presence and consistent demand for its medical products augur well, the SME IPO space should be closely watched due to its high volatility.

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