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The issue was subscribed 147.24 times by the NIIs, followed by QIBs at 110.38 times. Meanwhile, the retail investors portion was booked 72.62 times.
Laxmi Dental had a grey market premium (GMP) of ₹125 in the unlisted market today, which indicates a premium of 29% over the issue price.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The ₹698 crore IPO of Laxmi Dental was open for subscription from January 13 to January 15.
Price band for the issue has been fixed between ₹407 – ₹428 per share. The IPO comprised of a fresh issue of shares worth ₹138 crore, and an offer for sale (OFS) component of 1.3 crore shares, worth ₹560 crore.
The Mumbai-based company that makes custom-made crowns and bridges, and branded dental products intends to utilise fresh issue proceeds for repaying debt, purchasing new machinery, and general corporate purposes.
Laxmi Dental manufactures dental products through six manufacturing facilities, three of which are in Mira Road, two in Boisar, and one in Kochi, and further five supporting facilities in Mumbai, Delhi, Bengaluru, and Ahmedabad.
Its Boisar facilities are compliance with the quality system regulations of the United States Food and Drug Administration (US FDA), while manufacturing facilities in Mira Road and Boisar have received ISO certifications, an internationally recognized standard for medical device quality.
As per its draft papers, the firm ranks among India’s two largest dental laboratories by revenue in FY23. Laxmi Dental operates six manufacturing facilities, covering a total area of 146,804.42 square feet.
Nuvama Wealth Management Ltd, Motilal Oswal Investment Advisors Ltd, SBI Capital Markets Ltd were the book running lead managers of the Laxmi Dental IPO, while Link Intime India Private Ltd was the registrar.
First Published: Jan 15, 2025 4:49 PM IST
