Another company is going to enter the IPO market. Giving information on Wednesday, Orbimed-backed Lakshmi Dental said that its IPO will hit the market for bidding on January 13. The company is aiming to raise Rs 698 crore from this IPO. According to PTI news, the price band of Rs 407-428 per share has been fixed for this IPO. The initial public offering (IPO) will end on January 15, while bidding for anchor investors will open on January 10, the company said in a statement.
Issue size has been reduced
According to the news, Lakshmi Dental has reduced the size of its new issue from Rs 150 crore to Rs 138 crore and increased the size of the OFS (offer for sale) from 1.28 crore equity shares to about 1.31 crore shares. At the upper end of the price band, the company is expected to fetch around Rs 698 crore from the public issue.
Nuvama Wealth Management, Motilal Oswal Investment Advisors, SBI Capital Markets are the book running lead managers, and MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd) is the registrar for the IPO. The company’s shares will be listed on BSE and NSE.
Stake of promoters and promoter group in Lakshmi Dental
According to the red herring prospectus (RHP), the IPO comprises fresh issue of equity shares worth up to Rs 138 crore and OFS of up to 1.31 crore equity shares by promoters – Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant and other shareholders. The company had filed RHP on January 7. Under the Offer for Sale, investor Orbimed Asia II Mauritius Limited will also sell shares of Lakshmi Dental, a leading B2C dental aligner company. Promoters and the promoter group hold 46.56 per cent stake in Lakshmi Dental, while public shareholders hold 53.44 per cent.
use of amount
The company will use the funds raised through the IPO to repay debt, finance capital expenditure requirements, invest in its subsidiary Bizdent Devices Pvt Ltd and for general corporate purposes. Lakshmi Dental, a fully integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products such as aligner solutions and pediatric dental products.
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