Laxmi Dental IPO price band: The Laxmi Dental Limited IPO price band has been fixed in the range of ₹407 to ₹428 per equity share of the face value of ₹2. The Laxmi Dental IPO date of subscription is scheduled for Monday, January 13, and will close on Wednesday, January 15. The allocation to anchor investors for the Laxmi Dental IPO is scheduled to take place on Friday, January 10.
The floor price and the cap price are 203.50 times and 214 times the face value of the equity shares respectively. The price to earnings ratio based on diluted EPS for financial year 2024 for the company at the higher end of the price band is as high as 79.65 and at lower end of the price band is 83.76 times which is lower than the industry average of 94.02 times. The Laxmi Dental IPO lot size is 33 equity shares and in multiples of 33 equity shares thereafter.
Laxmi Dental IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.
Tentatively, Laxmi Dental IPO basis of allotment of shares will be finalised on Thursday, January 16, and the company will initiate refunds on Friday, January 17, while the shares will be credited to the demat account of allottees on the same day following refund. Laxmi Dental share price is likely to be listed on BSE and NSE on Monday, January 20.
The company provides a wide range of dental products and stands as India's sole end-to-end integrated dental products provider as of September 2024, according to the F&S Report. Their product lineup features custom-designed crowns and bridges, well-known dental items like clear aligners, thermoforming sheets, and products related to aligners as part of their aligner solutions, in addition to pediatric dental products. The company produces its dental goods in six manufacturing facilities that total 147,029.63 square feet.
As per the red herring prospectus (RHP), the company's listed peer is Poly Medicure Ltd (with a P/E of 94.02).
Laxmi Dental IPO consists of a new equity share issuance valued at ₹138 crore, along with an offer-for-sale of 1.3 crore shares priced at ₹560.05 crore from current shareholders, including promoters Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant, and investor OrbiMed Asia II Mauritius.
The company has decreased the size of its fresh issuance from ₹150 crore and expanded the offer-for-sale amount from 1.28 crore equity shares as previously stated in the DRHP. Global investment firm OrbiMed Asia II Mauritius will be offering 1.16 crore equity shares in this issue, which constitutes 88.8% of the total offer-for-sale size, an increase from the 1.14 crore shares noted in the draft documents earlier.
Laxmi Dental aims to use the proceeds from the fresh issuance for paying off debt, acquiring new machinery, and general corporate activities. The public issue is being managed by the book running lead managers Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets.
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