Galaxy Medicare IPO Witnesses Better Demand on Day 2

New Delhi, September 11, 2025 – Galaxy Medicare Limited’s SME initial public offering witnessed better traction during the second day of bidding. Until 13:44 IST, the issue had attracted applications for 29.36 lakh shares against the total size of 41.32 lakh shares, a subscription level of 0.71 times.

Subscription Trends

Qualified Institutional Buyers subscribed their reserved quota fully with one institutional bidding for 80,000 shares. The non-institutional investor segment witnessed strong participation with demand being 15.80 lakh shares against 15.36 lakh available, which is 1.03 times subscription. Out of this, bids higher than ₹10 lakh contributed 15.02 lakh shares and bids between ₹2 lakh and ₹10 lakh contributed 78,000 shares.

Retail demand kept gathering pace, with 12.76 lakh shares bid for compared to 23.08 lakh shares allotted for the retail category. This raised the subscription for the retail component to 55 percent, up from the day before but still short of full subscription. At the higher end of the price band of ₹54, investors bid for 10.96 lakh shares, suggesting increasing confidence in the issue.

IPO Structure and Timelines

Galaxy Medicare IPO consists of 41.32 lakh shares, with a new issue of 33.08 lakh shares and an offer for sale of 8.24 lakh shares by promoter Dillip Kumar Das. Priced in ₹51 to ₹54 per share range, the lot size is 2,000 shares, calling for an investment of ₹1,02,000 to ₹1,08,000. The subscription period started on September 10 and will end on September 12, and listing is programmed on the NSE SME platform for September 17, 2025. The registrar is Cameo Corporate Services, while the market maker is Prabhat Financial Services.

Company Background

Galaxy Medicare Limited was founded in 1992 with its headquarters located in Bhubaneswar. It deals with the export and production of plaster of Paris bandages, surgical dressings, and medical devices. Its major products consist of POP Band, Carepore, GypsoNet, and GypsoChlor. It operates for both local and global markets and exports to government health organizations, hospitals, and private healthcare institutions.

Outlook

With good institutional and HNI subscription and better retail traction, the IPO is likely to witness better demand on the last day of bidding. Investor interest at the higher end of the price band indicates confidence in the established position in the medical devices space of Galaxy Medicare and its export opportunities.

The IPO closes on September 12, 2025, with allotment finalisation on September 15 and listing on September 17.

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