The capital markets regulator SEBI, in its update on December 16, said it has approved the IPO papers of Laxmi Dental, but returned the draft document of Anlon Healthcare.
The regulator has issued observation letter on draft papers of Laxmi Dental on December 12. The issuance of observation letter means the company can float its IPO within the next one year.
OrbiMed-backed dental products company Laxmi Dental had filed preliminary papers with SEBI on September 12 for fund raising via IPO, a combination of fresh issue of Rs 150 crore, and an offer-for-sale of 1.28 crore equity shares by existing shareholders.
Promoters (Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant), and investor OrbiMed Asia II Mauritius will be among seven selling shareholders in the offer-for-sale. Promoters hold 46.56 percent stake in the company, while the public shareholding stands at 53.44 percent (assuming full conversion of convertible securities), including 46.26 percent stake of OrbiMed Asia II Mauritius.
With six manufacturing facilities, it is the largest B2C dental aligner company in terms of revenue from operations.
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Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets are handling the public issue.
However, SEBI has returned offer document of Anlon Healthcare on December 9. The chemical manufacturing company had filed IPO papers on October 9 for raising funds via fresh issue of 1.4 crore equity shares.
Furthermore, the issuance of observations on JSW Cement’s Rs 4,000-crore offer document remained in abeyance since September.
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