Laxmi Dental IPO Makes a Splash on Day One

NEW DELHI - The initial public offering (IPO) of Laxmi Dental Ltd witnessed an overwhelming response from investors, achieving a 5.28 times subscription rate on the very first day of bidding. The IPO, which opened for bidding on Monday, was fully subscribed within minutes, showcasing the high demand among investors.

Retail Individual Investors (RIIs) showed significant interest, with their portion being subscribed 12.40 times, whereas the non-institutional investors' category saw a 10.85 times subscription. The Qualified Institutional Buyers (QIBs) also participated actively, with their quota receiving a 13% subscription.

Financial Details and Future Plans

Backed by OrbiMed, Laxmi Dental has successfully raised over Rs 314 crore from anchor investors. The IPO, with a price band of Rs 407-428 per share, is set to conclude on January 15. This financial move includes a fresh issue of equity shares amounting to Rs 138 crore and an Offer for Sale (OFS) of up to 1.31 crore equity shares worth Rs 560 crore by the promoters and other shareholders.

According to the Red Herring Prospectus (RHP), the net proceeds from the fresh issue are earmarked for debt repayment, capital expenditure, investment in its subsidiary Bizdent Devices Pvt Ltd, and general corporate purposes.

About Laxmi Dental

Laxmi Dental is recognized as a leading end-to-end integrated dental products company, offering a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products like aligner solutions, and pediatric dental products. The company's shares are eagerly awaited on the BSE and NSE, marking a significant milestone in its journey.