Orbimed-backed Laxmi Dental's Rs 698-crore IPO to hit Dalal Street on January 13, check all details here

Laxmi Dental IPO

Mumbai-based dental products company Laxmi Dental will open its Rs 698-crore initial share sale for public subscription on January 13, with a price band of Rs 407-428 per share. The issue will close on January 15.

The anchor book of the public issue will be launched for a day on January 10, a day prior to the offer opening for public. The IPO share allotment will be finalised by 16, while the trading in Laxmi Dental shares will commence on the BSE and NSE, effective January 20.

The company offers a portfolio of dental products including custom-made crowns and bridges, clear aligners, thermoforming sheets, and paediatric dental products. The B2B2C dental aligner company that competes with listed entity like Poly Medicure manufactures dental products across six manufacturing facilities.

The IPO is a combination of fresh issuance of equity shares worth Rs 138 crore, and an offer-for-sale of 1.3 crore shares worth Rs 560.05 crore by the existing shareholders including Promoters Rajesh Vrajlal Khakhar, and Sameer Kamlesh Merchant, and investor OrbiMed Asia II Mauritius. The company has reduced its fresh issue size from Rs 150 crore, and increased offer-for-sale size from 1.28 crore equity shares earlier mentioned in the DRHP.

Global investment firm OrbiMed Asia II Mauritius will be selling 1.16 crore equity shares in the issue, which is 88.8% of total offer-for-sale size, which increased from 1.14 crore shares offered in the draft papers earlier.

Laxmi Dental will utilise fresh issue proceeds for repaying debt, purchase of new machinery, and general corporate purposes.

The company has reserved up to 75% of the issue size for qualified institutional buyers, 15% for non-institutional investors, and the remainder 10% for retail investors. Investors can bid for a minimum of 33 equity shares in the offer, and in multiples of 33 shares thereafter.

The book running lead managers handling the public issue are Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets.