Laxmi Dental IPO: All You Need to Know
The initial public offering (IPO) of Laxmi Dental is currently open for public subscription, with today being the last day to apply. The IPO has garnered significant interest from non-institutional investors, with a subscription rate of 16 times the allotted shares. The price band for the IPO is set at ₹407-428 per share, with a minimum lot size of 33 shares.
The IPO consists of a combination 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 totaling ₹560 crore by promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, along with other shareholders.
The response to the IPO has been overwhelming, with bids for nearly 14.37 crore shares received against the 89.70 lakh shares on offer. The IPO has allocated 75% of shares for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII), and 10% for retail investors. The subscription rate for NII stood at 37.41 times, while retail investors subscribed 29.47 times. QIBs subscribed to 84% of the allocated shares.
As part of the IPO process, Laxmi Dental raised over ₹314 crore from anchor investors, allotting 73.39 lakh shares to 31 entities at ₹428 per share. The proceeds from the fresh issue will be used for various strategic objectives, including repayment of outstanding borrowings, capital expenditure requirements, and general corporate purposes.
Laxmi Dental is an end-to-end integrated dental products company with a diverse portfolio that includes custom-made crowns and bridges, aligner solutions, and pediatric dental products. The company’s shares will be listed on the BSE and NSE.
Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book-running lead managers for the IPO, with Link Intime India Private Ltd serving as the registrar for the offering.
In conclusion, the IPO of Laxmi Dental has generated significant interest from investors, showcasing confidence in the company’s growth prospects and business model. With a strong response from the market, the company is poised for a successful listing and future growth in the dental products industry.
