Laxmi Dental IPO draws 113.97 times subscription on closing day of bidding

The initial public offer of Laxmi Dental Ltd garnered 113.97 times subscription on the closing day of bidding on Wednesday.

The initial share sale received bids for 1,02,23,24,391 shares against 89,70,371 shares on offer, as per NSE data.

The portion for non-institutional investors fetched 147.51 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 110.38 times. The quota for Retail Individual Investors (RIIs) received 74.41 times subscription.

The initial public offer of Laxmi Dental Ltd got fully subscribed within minutes of opening for bidding on Monday.

OrbiMed-backed Laxmi Dental has collected a little over Rs 314 crore from anchor investors.

The issue has a price band of Rs 407-428 per share.

The IPO is a combination of a fresh issue of equity shares for up to Rs 138 crore and an OFS of up to 1.31 crore equity shares worth Rs 560 crore by promoters -- Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, and other shareholders, according to the Red Herring Prospectus (RHP).

As per the RHP, the net proceeds from the fresh issue will be utilised for repayment of debt, funding of capital expenditure requirements, investment in its subsidiary Bizdent Devices Pvt Ltd and 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 like aligner solutions and paediatric dental products. The company's shares will be listed on the BSE and NSE.