Odisha-based plasters of Paris bandages and surgical dressings maker Galaxy Medicare is set to launch its maiden public issue for subscription on September 10 with price band of Rs 51-54 per share.
The company aims to raise Rs 22.31 crore via initial public offering (IPO) of 41.32 lakh shares which consists of fresh issue of 33.08 lakh shares and an offer-for-sale of 8.24 lakh shares by promoter Dillip Kumar Das.
The offer will close on September 12. This follows the finalisation of IPO share allotment by September 15.
The trading in Galaxy Medicare shares will commence on the NSE Emerge effective September 17.
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The company intends to spend Rs 4.89 crore of fresh issue proceeds for purchase of machinery for existing manufacturing facility at Bhubaneshwar. Further, Rs 8.94 crore will be used for working capital requirements, and the remainder funds for general corporate purposes.
Galaxy Medicare offers plaster of Paris bandages (POP bandages), medical tapes and bandages, other surgical dressings, and external preparations for wound care and wound management.
It has reported mixed financial performance in the fiscal 2025 with profit declining 9.1 percent to Rs 3.37 crore from Rs 3.7 crore in previous year. However, revenue during the same period grew by 8.4 percent to Rs 39.2 crore, up from Rs 36.2 crore.
Affinity Global Capital Market is the sole merchant banker for the Galaxy Medicare IPO.
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