Laxmi Dental IPO: ₹314 crore raised from anchor investors, major funds on board

OrbiMed-backed Laxmi Dental has secured ₹314 crore from anchor investors ahead of its initial public offering (IPO). The anchor round drew participation from prominent domestic mutual funds, insurance firms, and foreign investors, as per a circular uploaded on the BSE website.

Major investors include Aditya Birla Sun Life Mutual Fund, ICICI Prudential MF, HDFC MF, Kotak MF, Tata MF, Birla Sun Life Insurance, Max Life Insurance, Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments, and Natixis Investment Managers. In total, 73.39 lakh shares were allotted to 31 entities at ₹428 per share.

Laxmi Dental’s IPO, with a price band of ₹407-428 per share, opens for public subscription on January 13 and will close on January 15. The offering comprises a fresh issue of equity shares worth ₹138 crore and an offer for sale (OFS) of up to 1.31 crore shares, valued at ₹560 crore, by promoters Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant, and other shareholders. OrbiMed Asia II Mauritius Ltd will also offload shares under the OFS.

The company’s promoters and promoter group currently own a 46.56% stake, with public shareholders holding 53.44%. Proceeds from the fresh issue will be used to repay debt, fund capital expenditure, invest in its subsidiary Bizdent Devices Pvt Ltd, and meet general corporate expenses.

Laxmi Dental, a leading B2C dental products company, offers a wide portfolio ranging from custom-made crowns and bridges to branded dental aligners and pediatric dental solutions. Its shares will be listed on the BSE and NSE.