Galaxy Medicare, a manufacturer of medical devices and surgical dressings, plans to raise Rs 22 crore through an initial public offering on NSE Emerge.
The company will issue 41.32 lakh equity shares in the price band of ₹ 51 – ₹ 54 a share. The lot size is fixed at 2,000 equity share. The issue will open on Wednesday.
The net proceeds from the IPO will be used for funding capital expenditure for the purchase of machinery, funding the working capital and general corporate purposes.
Affinity Global Capital Market will be the lead manager, while Cameo Corporate Services has been appointed as registrar.
Dillip Kumar Das, Managing Director, Galaxy Medicare, said the company has steadily grown its presence across multiple business verticals, including flagship brands, contract manufacturing, institutional sales, exports, and trading.
27 trademarks bolster brand presence
With a well-diversified portfolio of medical devices, plaster of Paris bandages and surgical dressings marketed under 27 registered trademarks, the company has established a strong reputation in domestic and international markets.
The company intends to buy new medical machinery for the existing manufacturing facility at Bhubaneshwar, Odisha, to enhance production efficiency and product quality.
Working capital boost to meet rising demand
Additionally, it will support working capital requirements for meeting the growing demand and expand institutional and export business further.
Shruti Bhalotia, Director, Affinity Global Capital Market, said the company has demonstrated consistent growth over three decades, supported by a diversified business model that includes flagship brands, contract manufacturing, institutional sales, exports and trading.
Given the increasing demand for quality medical devices and surgical products driven by rising healthcare awareness and government initiatives, Galaxy Medicare is well-positioned to capitalise on market opportunities, she said.