IPO Bound Laxmi Dental Gets Rs 314 Cr From Anchor Investors

Laxmi Dental, a dental products maker, has raised Rs 314.1 crore from institutional investors through its anchor book before its Rs 698-crore IPO. 

The IPO will open on January 13 and close on January 15, with a price range of Rs 407-428 per share.

The IPO is managed by Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets.

The fresh funds will be used to pay off debt, buy new machinery, and cover general corporate expenses.

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The offering includes a fresh issue of shares worth Rs 138 crore and an offer-for-sale (OFS) of 1.3 crore shares, valued at Rs 560.06 crore, from existing shareholders like OrbiMedAsia II Mauritius.

The company has allocated 73.4 lakh shares to anchor investors at Rs 428 per share. Notable investors include the Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, Eastspring Investments, and Natixis International Funds.

Major domestic mutual funds like ICICI Prudential, HDFC, Kotak Mahindra Trustee, and Aditya Birla Sun Life Trustee also took part, securing 43.68 lakh shares across 17 schemes.

Laxmi Dental has six manufacturing plants in Mira Road, Boisar, and Kochi, along with five support centers in Mumbai, Delhi, Bengaluru, and Ahmedabad. Its Boisar facility meets US FDA regulations, while the other plants have ISO certifications.

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