Laxmi Dental Limited IPO to open on January 13

Ahmedabad: Laxmi Dental Limited, shall open the Bid Offer Period in relation to its Initial Public Offer of the Equity Shares on Monday, January 13th, 2025. The Price Band of the Offer has been fixed at ₹ 407 to ₹ 428 per Equity Share. Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter. The total offer size of equity shares (face value ₹2 each) comprises of Fresh Issue aggregating up to ₹1,380 million [₹138 Crore] and Offer for Sale up to 13,085,467 [1.31 lakhs number of equity shares] (“Offer for Sale”) by Selling Shareholders, the company said today.

As per the official statement, “The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding, (i) Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company estimated to be ₹229.84 million [₹22.98 crore]; (ii) Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outstanding borrowings estimated to be ₹46 million [₹4.60 crore]; (iii) Funding the capital expenditure requirements for purchase of new machinery for the Company estimated to be ₹435.07 million [₹43.51 crore]; (iv) Investment in Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery estimated to be ₹250.04 million [₹25.00 crore] and balance amount towards general corporate purposes.”

The company also said, “The Anchor Investor Bid/Offer Period opens on and closes on Friday, January 10, 2025. The Bid/Offer Period will open on Monday, January 13, 2025 for subscription and close on Monday, Wednesday 15, 2025. This Equity Shares are being offered through the Red Herring Prospectus of the Company dated January 07, 2025 filed with the Registrar of Companies, Gujarat at Ahmedabad.”

The Equity Shares once offered through the Red Herring Prospectus are proposed to be listed on Bombay Stock Exchange (“BSE”) and National Stock Exchange (“NSE”). The Company has received ‘in-principle’ approvals from BSE and NSE for the listing of the Equity Shares pursuant to letters dated October 30, 2024. For the purposes of this Offer, BSE shall be the Designated Stock Exchange. Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers to the Offer,” the company also said.