Laxmi Dental IPO Day 1 Live Updates: Laxmi Dental, backed by OrbiMed, is set to launch its initial public offering for public subscription today (Monday, January 13). The company has raised slightly more than ₹314 crore from anchor investors prior to the opening of its initial share sale to the public. Laxmi Dental IPO price band has been established at ₹407-428 per share. The public subscription for the initial public offering will close on January 15, and the company has secured over ₹314 crore from anchor investors before initiating the public share sale. If the shares are sold at the upper limit of the price range, the company anticipates raising roughly ₹698 crore from the public offering.
Laxmi Dental IPO consists of a fresh issuance of equity shares totaling up to ₹138 crore, along with an Offer for Sale (OFS) of up to 1.31 crore equity shares from promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, as well as other shareholders, according to the Red Herring Prospectus (RHP) submitted on January 7. As part of the OFS, investor OrbiMed Asia II Mauritius Ltd will also sell shares of Laxmi Dental, a prominent B2C dental aligner firm.
According to the RHP, the funds raised from the fresh share issue will be allocated for debt repayment, capital expenditure needs, investment in its subsidiary Bizdent Devices Pvt Ltd, and various corporate purposes. Laxmi Dental, a fully integrated dental products company, offers a broad range of products including tailored crowns and bridges, branded dental items like aligner solutions, and pediatric dental products.
Laxmi Dental IPO Day 1 Live Updates: Second largest player in the domestic dental laboratory business
Laxmi Dental’s laboratory offerings have evolved over 20 years from a team of few members to an integrated dental product company. The laboratory offers custom-made dental prostheses such as metal bridges and crows, including premium crowns (under the ‘Illusion Zirconia’), PFM crowns, bridges and dentures. The dental network has a reach of more than 22,000 dental clinics, dental companies and dentists and cater to over 320 cities nationally.
Laxmi Dental IPO Day 1 Live Updates: Objects of the issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company;
- Investment in Subsidiary, Bizdent Devices Pvt. Ltd, for the capex requirements for the purchase of new machinery;
- Funding the capital expenditure requirements for purchase of new machinery for the Company;
- General corporate purposes.
Laxmi Dental IPO Day 1 Live Updates: Issue booked 1.49 times so far
The initial public offer of Laxmi Dental IPO has been subscribed 1.49 times on the first day of subscription today, at 11:42 IST, as per BSE data.
The initial share sale received bid for 1,34,02,851 shares against 89,70,371 shares on offer, according to BSE.
The portion for retail investors received 4.84 times subscription while the quota for non-institutional investors got subscribed 2.25 times. The qualified institutional buyers (QIBs) part is yet to be booked.
Laxmi Dental IPO Day 1 Live Updates: Check out investment rationale by experts
- India’s only integrated dental products company is well-positioned to capture industry tailwinds.
- Second largest player in the domestic dental laboratory business
Laxmi Dental IPO Day 1 Live Updates: Check out IPO reservation details
On Thursday, January 16, the Laxmi Dental IPO basis for share allocation is expected to be finalised. On Friday, January 17, the company will begin refunds, and the shares will be credited to the allottees’ demat accounts the same day after the refund. On Monday, January 20, Laxmi Dental share price is likely to be listed on the BSE and NSE.
Laxmi Dental IPO Day 1 Live Updates: Issue booked 32% so far
The initial public offer of Laxmi Dental IPO has been subscribed 32% on the first day of subscription today, at 10:24 IST, as per BSE data.
The initial share sale received bid for 30,66,129 shares against 89,70,371 shares on offer, according to BSE.
The portion for retail investors received 1.19 times subscription while the quota for non-institutional investors got subscribed 46%. The qualified institutional buyers (QIBs) part is yet to be booked.
Laxmi Dental IPO Day 1 Live Updates: All you need to know about Dental Market in India
India’s dental care services market is estimated to be US$ 3.4 Bn in 2023 and expected to grow at a rate of 12.6% to reach US$ 7.8 Bn in 2030.
Laxmi Dental IPO Day 1 Live Updates: Here’s what Canara Bank Securities says
With a P/E of 89.17x as of FY2024 and a projected P/E of 48.75x for FY2025E, the brokerage claims that the value is at the higher end financially, indicating fair pricing without directly listed competitors for comparison. The company is well-positioned for long-term growth both domestically and internationally thanks to its diverse product offering, strong professional network, and digital adoption. For long-term profits, the brokerage advised SUBSCRIBING to this IPO.
Laxmi Dental IPO Day 1 Live Updates: All you need to know about the issue size
The company has increased the size of its OFS (offer for sale) from 1.28 crore equity shares to around 1.31 crore shares and reduced the amount of its fresh issue from ₹150 crore to ₹138 crore.
Laxmi Dental IPO Day 1 Live Updates: Here’s all you need to know about anchor investors
A little more than ₹314 crore has been raised by Laxmi Dental from its anchor investors before its initial share offering for public subscription. A number of companies have received shares in the anchor round, including Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments, HDFC MF, Kotak MF, Mirae Asset MF, Tata MF, Birla Sunlife Insurance, Max Life Insurance, ICICI Prudential MF, HDFC MF, Aditya Birla Sun Life Mutual Fund (MF), and Natixis Investment Managers.
According to the circular, Laxmi Dental, a Mumbai-based company, has distributed 73.39 lakh shares to 31 entities at a price of ₹428 per equity share, for a total transaction value of ₹314.12 crore.
Laxmi Dental IPO Day 1 Live Updates: Check what GMP signals ahead of opening
Laxmi Dental IPO GMP today or grey market premium is +160. This indicates Laxmi Dental share price were trading at a premium of ₹160 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Laxmi Dental share price was indicated at ₹588 apiece, which is 37.38% higher than the IPO price of ₹428.
Grey market activity over the prior three sessions indicates that today’s IPO GMP is positive and anticipates a successful listing. According to experts on investorgain.com, the lowest GMP is ₹155, and the maximum is ₹165.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
