Laxmi Dental, a leading manufacturer of dental products, has raised Rs 314.1 crore from institutional investors via its anchor book ahead of the Rs 698-crore IPO. The initial public offering (IPO) will open for subscription on January 13 and close on January 15, with a price band of Rs 407-428 per share.
The IPO comprises a fresh issue of equity shares aggregating to Rs 138 crore and an OFS of 1.3 crore shares valued at Rs 560.06 crore by the existing shareholders, including OrbiMedAsia II Mauritius.
Laxmi Dental, in an exchange filing, said it has issued 73.4 lakh equity shares to anchor investors at Rs 428 apiece. Abu Dhabi Investment Authority, Goldman Sachs, Nomura Trust and Eastspring Investments were among the marquee investors who subscribed to the anchor allotment.
Domestic mutual funds, including ICICI Prudential, HDFC, Kotak Mahindra and Aditya Birla Sun Life, lapped up 43.68 lakh shares through 17 schemes, with heavy buying seen by domestic investors.
Laxmi Dental proposes to utilize the net proceeds from the fresh issue to repayment of debt, investment in new machinery, and general corporate purposes.
Laxmi Dental, based in Mumbai, specializes in custom-made crowns and bridges along with branded dental products. The company has six manufacturing facilities-three in Mira Road, two in Boisar, and one in Kochi-along with support facilities in Mumbai, Delhi, Bengaluru, and Ahmedabad. The Boisar plants comply with US FDA quality system regulations, while facilities in Mira Road and Boisar hold ISO certifications, reflecting adherence to global medical device standards.
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Source: Moneycontrol
News Desk
