Stallion India Fluorochemicals IPO Day 1 GMP Highlights: Check opening day subscription figures, GMP, listing date

The Union Cabinet on Thursday approved the setting up of the Eighth- Central Pay Commission. The decision to set up the 8th Pay Commission was taken during a meeting of the Union Cabinet which was chaired by Prime Minister Narendra Modi.  The tenure of the Seventh Pay Commission ends in 2026. The decision to set up the 8th Pay Commission was taken by Prime Minister Narendra Modi, I&B Minister Ashwini Vaishnaw said. Read more

Qualified Institutional Buyers (QIBs) – 0.04 times

Non Institutional Investors(NIIS) — 9.77 times

Retail Individual Investors (RIIs) — 9.33 times

Total — 6.77 times

• Qualified Institutional Buyers (QIBs) - 0.02 times
• Non Institutional Investors(NIIS) -- 7.03 times
• Retail Individual Investors (RIIs) -- 7.88 times
• Total -- 5.45 times

Sarthi Capital Advisors Private Limited is the Book Running Lead Manager for the IPO, while Bigshare Services Private Limited serves as the Registrar.

The IPO proceeds will be utilized to meet increased working capital requirements, fund capital expenditures for the semiconductor and specialty gas debulking and blending facility in Khalapur, Maharashtra, finance capital expenditures for the refrigerant debulking and blending facility in Mambattu, Andhra Pradesh, and address general corporate expenses.

• Qualified Institutional Buyers (QIBs) -- 0.01 times
• Non Institutional Investors(NIIs) -- 4.99 times
• Retail Individual Investors (RIIs) -- 6.31 times
• Total -- 4.23 times

As per the latest data by investorgain.com, the Grey Market Premium (GMP) for the Stallion India IPO is Rs 48. With a price band of Rs 90.00, the estimated listing price of the IPO is Rs 138 (cap price + today's GMP). This indicates an expected percentage gain of 53.33% per share.

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From 2004 to 2024, the company evolved from a dental exports business, receiving its first FDA approval in 2004, into a leader in innovative dental solutions. In 2011, it expanded to a larger facility in Mumbai and further strengthened its global presence by incorporating a subsidiary in the USA in 2012. By 2015, the company achieved ISO 13485 certification, marking a significant milestone in quality standards. In 2016, it enhanced its operations by establishing an advanced laboratory, solidifying its position as a prominent player in the dental industry.

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• The company caters to a diverse customer base in both domestic and international markets, primarily including:
• Dental clinics
• Dental companies
• Individual dentists

• Ashok Chandra, Executive Director, Canara Bank appointed as Managing Director and Chief Executive Officer of Punjab National Bank (PNB).
• Binod Kumar, Executive Director, Punjab National Bank appointed as Managing Director and Chief Executive Officer of Indian Bank

The company has demonstrated consistent operating margin expansion over the past few years. Additionally, a debt reduction of approximately Rs 28 crore is anticipated to contribute to bottom-line growth. Looking ahead, we expect business growth to be driven by favorable industry dynamics and the company’s expansion plans aimed at increasing its global market presence. Therefore, we recommend a "SUBSCRIBE" rating for this issue.

Dental restoration units created using digital impressions by the company's domestic laboratory business accounted for 62.43%, 48.61%, 36.36%, and 28.11%, while their international laboratory business contributed 61.78%, 55.48%, 27.94%, and 12.37% for the six months ended September 30, 2024, and Fiscals 2024, 2023, and 2022, respectively, showcasing consistent annual growth.

• The company’s success relies heavily on the perception of its brand. Negative publicity or a failure to maintain brand credibility could adversely affect business operations and financial performance.
• The company’s primary manufacturing facilities are concentrated in Mumbai and its surrounding areas. Any disruptions in this region could have a significant negative impact on operations.

A substantial share of the company’s revenue is generated from dental products manufactured across six facilities: three located in Mira Road and two in Boisar, Maharashtra, as well as one in Kochi, Kerala.

• At the upper price band of Rs 428, the IPO values Laxmi Dental at a market capitalisation of Rs 2,352 crore. Based on annualized FY 2025 earnings and fully diluted post-IPO paid-up capital, the company is asking for a price-to-earnings (PE) ratio of 76.8x (adjusted for exceptional items), which appears aggressively priced given near-term growth drivers and comparisons to industry peers. However, as India’s only fully integrated dental product company operating in a niche and expanding market, Laxmi Dental may justify a higher valuation multiple.
• Investors should note that Rs 560.06 crore, or 80% of the total issue, comprises an Offer for Sale (OFS), which could be a concern for new investors.
• That said, by leveraging its B2B2C model and innovative product offerings, Laxmi Dental is well-positioned to gain a substantial foothold in the growing dental solutions market. We recommend risk-tolerant investors to "SUBSCRIBE" to the Laxmi Dental IPO with a long-term investment perspective.

India's dental laboratories market is highly fragmented, with only a few laboratories embracing digital dentistry and operating at scale to serve a broad network of dentists in both domestic and export markets. Laxmi Dental Limited, a leading player in the dental consumables market, aims to strengthen its presence within its existing dental network while expanding into new regions. As one of the few organized players in the dental laboratory segment, the company operates at a significant scale, adheres to quality standards, and serves both domestic and international markets. Laxmi Dental continues to enhance its branded product portfolio, improve existing dental products, and introduce new offerings. Investors seeking long-term opportunities may consider investing in this IPO.

The Laxmi Dental IPO saw a subscription of 114.42 times by the third day of its issue, driven primarily by Non-Institutional Investors (NIIs). The NII category was subscribed 147.95 times, the retail investors’ portion 76.24 times, and the Qualified Institutional Buyers (QIB) portion 110.38 times.

As stated in the RHP, the net proceeds from the fresh share issue will be utilized for debt repayment, funding capital expenditure requirements, investing in its subsidiary Bizdent Devices Pvt Ltd, and covering general corporate expenses. Laxmi Dental, a fully integrated dental products company, provides an extensive range of offerings, including customized crowns and bridges, along with branded dental products such as aligner solutions and pediatric dental items.

Backed by OrbiMed, Laxmi Dental raised Rs 698.06 crore through its IPO, comprising a fresh issue of 32 lakh shares totaling Rs 138 crore and an offer for sale of 1.31 crore shares valued at Rs 560.06 crore. Prior to the IPO, the company secured over Rs 314 crore from anchor investors. The price band for the Laxmi Dental IPO was set between Rs 407 and Rs 428 per share.

If the retail category of the Laxmi Dental IPO is oversubscribed, shares will be allocated to Retail Individual Investors (RII) on a proportionate basis. Each retail investor is guaranteed a minimum of one lot, provided there are sufficient shares available in the retail portion. In case of a shortfall, a lottery system will be conducted to determine the allotment.

The allotment status for Laxmi Dental's IPO is expected to be finalised today. The bidding for the IPO closed on January 15, drawing significant investor interest with a total subscription of 114.42 times. The company is likely to debut on the stock market next week on January 20.