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The proposed IPO is a combination of a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 1.28 crore shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).
As a part of the OFS, investor OrbiMed Asia II Mauritius Ltd will offload shares of the IPO-bound company.
Besides, the company may consider raising ₹30 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
As per the update, Laxmi Dental, which filed preliminary IPO papers with Sebi in September, obtained its observation on December 12.
In SEBI’s parlance, obtaining observation means its go-ahead to float the public issue.
Going by the draft papers, proceeds from the fresh issue will be kept aside for investment in subsidiary Bizdent Devices, purchase of new machinery for the company, payment of debt and for general corporate purposes.
Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products such as aligner solutions and paediatric dental products.
Nuvama Wealth Management, Motilal Oswal Investment Advisors and SBI Capital Markets are book-running lead managers to the issue. On the other hand, the regulator returned the IPO document of Anlon Healthcare on December 9. The draft offer document was filed in October, the update showed.
