Laxmi Dental raised over Rs 314 crore from anchor investors ahead of its IPO. The specified price range is Rs 407-428 per share, with subscription opening on January 13. Proceeds will fund debt repayment and growth initiatives. The company offers various dental products and will list shares on the BSE and NSE.
Laxmi Dental, supported by OrbiMed, has successfully secured over Rs 314 crore from various anchor investors in anticipation of its upcoming initial public offering (IPO). The anchor funding round attracted participation from a diverse group of entities, including domestic mutual funds, insurance companies, and foreign investors, as noted in a recent circular from the Bombay Stock Exchange (BSE).
Notable participants in this funding round include prominent entities such as Aditya Birla Sun Life Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, and the Abu Dhabi Investment Authority, which collectively were allotted shares at a price of Rs 428 per equity share. In total, 73.39 lakh shares were distributed to 31 investors, resulting in a total transaction value of approximately Rs 314.12 crore.
Laxmi Dental’s IPO, priced within a band of Rs 407 to Rs 428 per share, is scheduled to open for public subscriptions between January 13 and January 15. The IPO includes a fresh issue of equity shares, aimed at raising Rs 138 crore, alongside an Offer for Sale (OFS) of up to 1.31 crore shares valued at Rs 560 crore, primarily held by the company’s promoters and other shareholders.
As detailed in the Red Herring Prospectus (RHP), a portion of the net proceeds from the new equity issuance will be allocated for debt repayment, capital expenditures, investment in its subsidiary Bizdent Devices Pvt Ltd, and other general corporate purposes. Laxmi Dental specializes in dental products and services, offering a broad range of solutions including custom-made crowns, dental aligners, and pediatric dental products.
Following the IPO, Laxmi Dental intends to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), further enhancing its visibility and accessibility in the market. The company’s commitment to delivering quality dental solutions as an integrated provider is underscored by the backing from significant financial entities in this funding round.
Laxmi Dental is an end-to-end dental products company that offers a comprehensive portfolio, including custom-made dental appliances and various branded dental care products. The company’s strategic fundraising from anchor investors comes ahead of its IPO, aimed at expanding its market presence and operational capabilities. The participation from domestic and international investors illustrates strong confidence in Laxmi Dental’s business model and growth potential.
Laxmi Dental has made a significant stride by raising Rs 314 crore from anchor investors in preparation for its IPO, showcasing robust interest from diverse financial institutions. The funds will support the company’s growth initiatives, including debt repayment and investments in its subsidiary, reinforcing its position in the dental products market. The upcoming IPO represents a pivotal opportunity for investors to engage with a leading player in the B2C dental solutions sector.
Original Source: www.deccanherald.com
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