Laxmi Dental mobilises over Rs 314 crore via anchor book, ahead of Rs 698-crore IPO

Laxmi Dental IPO

Dental products company Laxmi Dental has raised Rs 314.1 crore from several institutional investors via anchor book on January 10, ahead of its Rs 698-crore IPO opening.

The initial share sale will open for public subscription on January 13 and close on January 15, with a price band of Rs 407-428 per share.

The IPO consists of fresh issue of equity shares worth Rs 138 crore, and an offer-for-sale of 1.3 crore shares worth Rs 560.06 crore by existing shareholders including investor OrbiMedAsia II Mauritius.

"...has finalised allocation of 73.4 lakh equity shares to anchor investors at a price of Rs 428 per equity share," Laxmi Dental said in its filing to exchanges.

Marquee names like Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, Eastspring Investments, and Natixis International Funds invested in the company via anchor book.

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Further ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Whiteoak Capital, Ashoka Whiteoak ICAV, Invesco, Mirae Mutual Fund, Quant MF, Tata Mutual Fund, DSP Mutual Fund, UTI Mutual Fund, HSBC India, Birla Sun Life Insurance and Max Life Insurance also participated in the anchor book and became shareholders of Laxmi Dental.

"Out of total allocation of 73.4 lakh equity shares to anchor investors, 43.68 lakh shares were allocated to 13 domestic mutual funds which have applied through a total of 17 schemes," the company said.

The Mumbai-based company that makes custom-made crowns and bridges, and branded dental products intends to utilise fresh issue proceeds for repaying debt, purchasing new machinery, and general corporate purposes.

Laxmi Dental manufactures dental products through six manufacturing facilities, three of which are in Mira Road, two in Boisar, and one in Kochi, and further five supporting facilities in Mumbai, Delhi, Bengaluru, and Ahmedabad.

Its Boisar facilities are compliance with the quality system regulations of the United States Food and Drug Administration (US FDA), while manufacturing facilities in Mira Road and Boisar have received ISO certifications, an internationally recognized standard for medical device quality.

The merchant bankers handling the public issue are Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets.