Laxmi Dental is set to open its maiden issue for the investors next week. The company will start accepting public bids for its intial public offering (IPO) from January 13, 2025. This window for subscription will close on January 15, 2025.
The firm raised more than Rs 314 crore from anchor investors ahead of its maiden offering, reported PTI. The firm, backed by OrbiMed, in a circular on the BSE informed that its anchor round saw active participation from domestic mutual funds, foreign entities, and insurance companies.
Anchor Round Participants
The anchor round witnessed allocation of shares to entities including Abu Dhabi Investment Authority, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Max Life Insurance, Nomura, AI Mehwar Commercial Investments, Goldman Sachs, Kotak Mutual Fund, Mirae Asset Mutual Fund, and Natixis Investment Managers, among others.
The company distributed 73.39 lakh shares to 31 organisations at Rs 428 per share, bringing the overall transaction size to Rs 314.12 crore.
Laxmi Dental IPO Details
The issue has been priced in the range of Rs 407 to Rs 428 apiece. The maiden listing comprises a fresh issue of equity shares worth up to Rs 138 crore and an offer-for-sale (OFS) component of up to 1.31 crore equity shares worth Rs 560 crore. The OFS component is being provided by promoters including Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant, and other shareholders.
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The Red Herring Prospectus (RHP) revealed that the firm plans to utilise the net proceeds towards repayment of debt, financing capital expenditure needs, and investment in the subsidiary Bizdent Devices Pvt Ltd. Additionally, funds will also be allocated towards general corporate purposes.
The lead managers for the issue include Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited. Meanwhile, Link Intime India Private Ltd has been appointed as the registrar for the listing. The shares of the company will make their debut on BSE and NSE on January 20, 2025.
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