NE BUSINESS BUREAU
AHMEDABAD/CHENNAI, JAN 9
Mumbai based dental products company Laxmi Dental Limited, established by Gujarat’s Amreli-based entrepreneur, on Thursday announced it will open its initial share sale for public subscription on Monday, January 13, with a price band of ₹407-428 per share. At the upper price band the size of the issue is estimated at ₹698 crore. The issue will close on Wednesday, January 15.
The anchor book of the public issue will be launched for a day on Friday, January 10. Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.
The trading in Laxmi Dental shares will commence on the BSE and NSE, effective January 20.
- Price Band fixed at ₹407 to ₹428 per equity share of face value of ₹2 each.
- The Bid /Offer Period will open on Monday, January 13th, 2025 and close on Wednesday, January 15th, 2025
- The Anchor Investor Bid/Offer Period opens and closes on Friday, January 10th, 2025.
- Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter
Laxmi Dental is a vertically integrated business-to-business-to-company dental alignment company. It offers end-to-end integrated dental products and has over 20 years of brand presence. The company’s offerings include custom-made crowns 248 and bridges. There are offerings of branded dental products such as clear aligners, thermoforming sheets and aligner related products. This is a part of their aligner solutions, and pediatric dental products. The company manufactures their dental products across their six manufacturing facilities spread across 146,804.42 square feet.
The IPO is a combination of fresh issuance of equity shares worth ₹138 crore, and an offer-for-sale of 1.3 crore shares worth ₹560.05 crore by the existing shareholders, including Promoters Rajesh Vrajlal Khakhar, and Sameer Kamlesh Merchant, and investor OrbiMed Asia II Mauritius.
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.
This Equity Shares are being offered through the Red Herring Prospectus of the Company dated January 07, 2025 filed with the Registrar of Companies, Gujarat at Ahmedabad.
In FY24, the company reported their PAT (profit after tax) at ₹25.23 crore; a whopping 706 per cent jump was reported compared to a net loss of ₹4.16 crore at the end of previous financial year.
On the revenue front, the company reported total revenue of ₹195.26 crore in FY24 compared to ₹163.84 crore at the end of previous fiscal year.
The book running lead managers handling the public issue are Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets.
