Laxmi Dental IPO to Hit Dalal Street on January 13

A ₹698 crore Initial Public Offering (IPO) by Laxmi Dental is set to open for public subscription on January 13, 2025. With a price band of ₹407 to ₹428 per share, the Mumbai-based dental products manufacturer will close its issue on January 15, marking a step towards its stock market debut.

Key Dates and Allotment Details

The anchor book for the IPO will open for a day on January 10, ahead of the public issue. Allotments will be finalised by January 16, with refunds initiated the next day. Shares will be credited to demat accounts on January 17, and the company will debut on the BSE and NSE on January 20, 2025.

IPO Structure

The IPO consists of a fresh equity issue worth ₹138 crore and an Offer for Sale (OFS) comprising 1.3 crore equity shares, valued at ₹560.06 crore. Promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, along with investor OrbiMed Asia II Mauritius, will offload their stakes in the OFS. OrbiMed will sell 1.16 crore shares, accounting for 88.8% of the OFS.

The proceeds from the fresh equity issue will be allocated towards debt repayment, capital expenditure for machinery, and general corporate purposes.

Investor Allocation and Lot Size

The company has allocated 75% of the issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail investors. Investors can bid for a minimum of 33 shares, translating to a minimum investment of ₹14,124. Bids must be placed in multiples of 33 shares.

Company Profile

Laxmi Dental operates as an integrated dental products manufacturer, offering products such as crowns and bridges, aligners, and pediatric dental products. The company has six manufacturing facilities and competes with listed entities like Poly Medicure.

Lead Managers and Registrar

The IPO is being managed by Motilal Oswal Investment Advisors, Nuvama Wealth Management, and SBI Capital Markets, with Link Intime India as the registrar.

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