The initial public offer (IPO) of Laxmi Dental received 14,36,67,282 bids for shares as against 89,70,371 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (14 January 2025). The issue was subscribed 16.02 times.
The issue opened for bidding on 13 January 2025 and it will close on 15 January 2025. The price band of the IPO is fixed between Rs 407 and 428 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.
The IPO comprises a fresh issue of equity shares worth up to Rs 138 crore and an offer for sale of 1,30,85,467 equity shares aggregating up to Rs 560.06 crore by existing shareholders.
The objectives of the fresh issue include Rs 22.98 crore for the repayment or prepayment of certain outstanding borrowings, Rs 4.6 crore for investment in certain subsidiaries, Rs 43.5 crore for funding the capital expenditure requirements for the purchase of new machinery, Rs 25 crore for investment in the subsidiary, Bizdent Devices, for its capital expenditure requirements, and the remaining amount for general corporate purposes.
The promoters and promoter group hold an aggregate of 2,40,91,330 equity shares, aggregating to 46.56% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 42.68%.
Ahead of the IPO, Laxmi Dental on Friday, 10 January 2025, raised Rs 314.12 crore from anchor investors. The board allotted 73.39 lakh shares at Rs 428 each to 31 anchor investors.
Laxmi Dental is an integrated dental products company. It offers a comprehensive portfolio of dental products, including custom-made crowns and bridges, branded dental products such as clear aligners, thermoforming sheets, and aligner-related products as a part of aligner solutions, and paediatric dental products.
The firm reported a consolidated net profit of Rs 22.74 crore and sales of Rs 116.78 crore for the six months ended on 31 September 2024.