Laxmi Dental, a leading B2C dental aligner company backed by OrbiMed, has recently raised over ₹314 crore from anchor investors ahead of its initial public offering (IPO). The anchor round saw participation from various domestic mutual funds, insurance companies, and foreign entities, indicating strong investor interest in the company.
Notable participants in the anchor round included Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Tata Mutual Fund, Birla Sunlife Insurance, Max Life Insurance, Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments, and Natixis Investment Managers, among others. These entities were allocated shares at ₹428 per equity share, totaling the transaction size to ₹314.12 crore.
The IPO, with a price band of ₹407-428 per share, is set to open for public subscription on January 13 and close on January 15. The offering consists of a fresh issue of equity shares worth up to ₹138 crore and an offer for sale (OFS) of up to 1.31 crore equity shares worth ₹560 crore by promoters Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant, and other shareholders.
OrbiMed Asia II Mauritius Ltd, an investor, will also be offloading shares in the OFS. The net proceeds from the fresh issue will be used for debt repayment, capital expenditures, investment in subsidiary Bizdent Devices Pvt Ltd, and general corporate purposes.
Laxmi Dental is an end-to-end integrated dental products company offering a wide range of products, including custom-made crowns and bridges, dental aligner solutions, and pediatric dental products. The company’s shares will be listed on the BSE and NSE, providing investors with an opportunity to participate in the potential growth of the dental industry.
In conclusion, Laxmi Dental’s successful anchor round signifies strong investor confidence in the company’s future prospects. With the IPO set to open soon, investors will have the opportunity to be part of a dynamic and innovative player in the dental products market.
