Shares of Laxmi Dental Ltd. debuted on the National Stock Exchange at Rs 529 per share, marking a premium of 23.6% over the issue price of Rs 428. The stock listed on the BSE at Rs 528 apiece, at a premium of 23.4%.
The Rs 698.1-crore initial public offering was subscribed 114.42 times on its third and final day on Jan. 15. The three-day IPO consisted of a fresh issue of Rs 138 crore and an offer for sale of Rs 560.1 crore, according to the red herring prospectus.
Qualified institutional buyers subscribed 110.38 times, while non-institutional investors showed even stronger interest, with subscriptions reaching 147.95 times. Retail investors also participated actively, with the retail category being subscribed 76.24 times.
Rajesh Khakhar and Sameer Merchant are the promoters offloading in the OFS, while OrbiMed Asia II Mauritius Ltd., Jigna Khakhar, Hasmukh Khakhar, Amrish Desai, Parag Bhimjiyani and Kunal Merchant are the other selling shareholders.
The company will use Rs 19.6 crore to repay or prepay outstanding borrowings and Rs 37.6 crore to purchase new machinery for the company, as per its RHP.
It will invest Rs 13.4 crore for the repayment or prepayment of certain outstanding borrowings in its subsidiaries and Rs 35.1 crore for capital expenditure or purchase of new subsidiaries in the company.
Laxmi Dental is a leading player in the Indian dental laboratory industry, with over 20 years of experience. In the last financial year, the company ranked among the top two largest dental laboratories in India, based on revenue, according to an F&S Report.
The company’s product offerings include custom-made crowns and bridges, clear aligners, thermoforming sheets and aligner-related products as part of its aligner solutions, as well as pediatric dental products. It manufactures its products across six facilities.
Laxmi Dental stands out in the export sector, being the largest exporter of custom-made dental prostheses in India, with a primary focus on markets in the US and the UK.
. Read more on Markets by NDTV Profit.The Rs 698.1-crore IPO of Laxmi Denta was subscribed 114.42 times on its third and final day on Jan. 15. Read MoreMarkets, IPOs, Business, Notifications
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