Laxmi Dental Ltd's IPO Shines Bright, Attracts Robust Investor Interest

Laxmi Dental Ltd's IPO was fully subscribed within minutes of opening, receiving bids 1.66 times the shares on offer. Retail Individual Investors' category got 5.35 times subscription, while non-institutional investors saw 2.53 times. The IPO includes a fresh issue and an OFS from promoters and OrbiMed-backed stakeholders.

Laxmi Dental Ltd's initial public offering (IPO) quickly garnered full subscription within minutes of opening for bids on Monday, highlighting robust interest from investors.

According to data from the National Stock Exchange, 1,49,18,937 shares were bid against an offer of 89,70,371 shares, marking a 1.66 times subscription rate as of 11:54 hours. The allotment for Retail Individual Investors achieved a notable 5.35 times subscription, with non-institutional investors subscribing 2.53 times worth of shares available.

The dental company, backed by OrbiMed, secured over Rs 314 crore from anchor investors. The IPO, featuring a price range of Rs 407-428 per share, concludes on January 15. It combines a fresh issuance of equity shares worth Rs 138 crore and an offer-for-sale (OFS) of 1.31 crore shares worth Rs 560 crore by key stakeholders, as detailed in the Red Herring Prospectus. The proceeds aim to fund debt repayment, capital expenditure, and investment in its subsidiary, Bizdent Devices Pvt Ltd.

(With inputs from agencies.)