Subscribe for Laxmi Dental Ltd IPO; Anand Rathi

IPO

Anand Rathi, Laxmi Dental Ltd

Laxmi Dental Ltd is India’s only end-to-end integrated dental product company as of Sep’24, offering a comprehensive portfolio of dental products. The company operates in 3 verticals i) Laboratory Offerings which include custom made crowns & bridges; ii) Aligner Solutions which includes dental aligners and related branded products and iii) Paediatric Dental Products which include range of products like pre-formed crowns, Silver Diamide Fluoride (SDF), space maintainers, fissure sealants, etc. The company has adopted B2B2C business model for sale of customized clear aligner solutions while offering a flexible ‘pay as you go’ model along with the upfront payment model, making aligners more affordable to the end customers. Adoption of a B2B2C model involves sale of clear aligners through Dental Network who in turn offer dental products to end customers, which has helped it grow rapidly owing to its already established Dental Network with reach of over 22,000 dental clinics, dental companies and dentists between Fiscals 2022 to September 30, 2024.

Valuation and Outlook

The company ranks among the top two dental laboratories in India by revenue and is the leading exporter of dental products. We believe that going forward company’s growth factor could be driven by trends such as the changing regulatory requirements in the medical devices sector helps transition from unorganized to organized players, increasing awareness and demand for dental aesthetics, and the growing preference for metalfree dental products. Hence considering all parameters, we recommend the issue can be consider as “SUBSCRIBE for LONG TERM”.

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