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ZuluINDIA: Laxmi Dental, the Mumbai-based dental products manufacturer, has successfully secured ₹314.12 crore from anchor investors prior to its upcoming initial public offering (IPO). The company allocated 73.39 lakh shares to 31 distinct entities at ₹428 per equity share, as documented in a circular published on the BSE website.
Notable Institutional Participation
The anchor round attracted a diverse group of institutional investors, including prominent domestic mutual funds and international investment entities. Key participants included major financial institutions such as Aditya Birla Sun Life Mutual Fund, ICICI Prudential MF, HDFC MF, Kotak MF, and Mirae Asset MF. International investors featured the Abu Dhabi Investment Authority, Nomura, Goldman Sachs, and Al Mehwar Commercial Investments.
IPO Structure and Timeline
The company’s public offering combines a fresh issue of equity shares worth ₹138 crore with an Offer for Sale (OFS) of up to 1.31 crore equity shares valued at ₹560 crore. The IPO, priced within a band of ₹407-428 per share, is scheduled to open for public subscription on January 13, 2025, with closure set for January 15.
Ownership and Share Distribution
Current ownership structure shows promoters and promoter group holding 46.56% stake, while public shareholders maintain 53.44%. The OFS will include share divestment by promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, alongside OrbiMed Asia II Mauritius Ltd, a significant investor in the company.
Business Profile and Fund Utilization
Laxmi Dental operates as an integrated dental products company, specializing in custom-made crowns and bridges, along with branded dental products including aligner solutions and pediatric dental items. The fresh issue proceeds are earmarked for debt repayment, capital expenditure requirements, investment in subsidiary Bizdent Devices Pvt Ltd, and general corporate purposes.
Market Listing
Following the successful completion of the IPO, Laxmi Dental’s shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), marking a significant milestone in the company’s corporate journey.
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