Laxmi Dental IPO Sees Phenomenal Oversubscription on Opening Day

Laxmi Dental Ltd's IPO was fully subscribed within minutes, ending with 5.28 times oversubscription. The retail portion was subscribed 12.40 times and QIBs at 13 percent. The IPO aims to raise Rs 138 crore through fresh equity shares and Rs 560 crore via an offer for sale.

Laxmi Dental Ltd's initial public offering (IPO) made an impressive debut, achieving full subscription in mere minutes following its Monday opening. By the end of the day, overall subscriptions reached 5.28 times the shares on offer, as per data from the National Stock Exchange (NSE).

The breakdown of subscriptions saw the Retail Individual Investors (RIIs) category reaching 12.40 times, non-institutional investors subscribing 10.85 times, while Qualified Institutional Buyers (QIBs) lagged with a modest 13 per cent subscription.

The IPO, supported by OrbiMed, encompasses a fresh issue of equity shares worth up to Rs 138 crore and an offer for sale (OFS) worth Rs 560 crore. These funds will address various strategic objectives, including debt repayment and investment in subsidiary Bizdent Devices Pvt Ltd.

(With inputs from agencies.)