Galaxy Medicare Debuts on NSE SME Platform at Issue Price
Galaxy Medicare, a Bhubaneswar-based medical device manufacturer, listed on the NSE SME platform at its IPO price of Rs 54 per share. The Rs 22 crore IPO was subscribed 1.83 times overall, with retail investors showing 2.10 times subscription. The company, specializing in medical products like bandages and wound care solutions, reported a revenue of Rs 40.27 crore with 9% YoY growth in the last fiscal year. The IPO proceeds will be used for purchasing machinery and meeting working capital requirements.
*this image is generated using AI for illustrative purposes only.
Galaxy Medicare, a Bhubaneswar-based medical device and surgical dressing manufacturer, made its debut on the NSE SME platform following the closure of its Rs 22 crore Initial Public Offering (IPO). The company's shares listed at par with the issue price, reflecting the grey market's expectations.
IPO Details
The Galaxy Medicare IPO, which closed recently, comprised:
- A fresh issue of Rs 17.86 crore
- An offer for sale of Rs 4.45 crore
- Issue price set at Rs 54 per share
The public offering garnered moderate interest from investors:
- Overall subscription: 1.83 times
- Retail investors' subscription: 2.10 times
- Qualified institutional buyers: Fully subscribed their quota
Listing Performance
The grey market premium for Galaxy Medicare stood at 0% prior to listing, accurately predicting the stock's debut around its issue price. This neutral market sentiment suggests investors are taking a cautious approach to the company's market entry.
Company Profile
Galaxy Medicare specializes in manufacturing a range of medical products including:
- Plaster of Paris bandages
- Gauze products
- Adhesive tapes
- Compression bandages
- Wound care solutions
The company's client base spans across India, serving:
- Government health departments
- Corporate hospitals
- Private institutions
Additionally, Galaxy Medicare has established a presence in international markets through exports.
Financial Performance
For the most recent fiscal year, Galaxy Medicare reported:
| Metric | Value | Change |
|---|---|---|
| Revenue | Rs 40.27 crore | 9% YoY growth |
| Net profit | Rs 3.37 crore | 9% YoY decline |
| EBITDA margin | 11.70% | - |
| PAT margin | 8.60% | - |
Valuation and Use of Proceeds
The IPO values Galaxy Medicare at a post-issue P/E ratio of 24.3x. The company plans to utilize the IPO proceeds for:
- Purchasing machinery
- Meeting working capital requirements
- General corporate purposes
As Galaxy Medicare embarks on its journey as a publicly traded company, investors will be closely watching its performance and growth strategies in the competitive medical devices and surgical dressings sector.
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