Laxmi Dental IPO Attracts Strong Investor Interest

Laxmi Dental Ltd's IPO was oversubscribed 16.02 times on the second day, with non-institutional investors leading the charge. The company aims to raise funds for debt repayment and business expansion, while its shares are set to list on BSE and NSE soon.

The initial public offering (IPO) of Laxmi Dental Ltd witnessed substantial investor interest, achieving an oversubscription rate of 16.02 times by the second day of bidding, as reported on Tuesday. The IPO received bids for over 14 crore shares, dwarfing the 89.7 lakh shares on offer, according to NSE data.

Non-institutional investors emerged as front-runners, subscribing 37.41 times their allocated quota, while the Retail Individual Investors (RIIs) portion saw 29.47 times subscription. Moreover, the segment reserved for Qualified Institutional Buyers (QIBs) garnered 84 per cent subscription.

Laxmi Dental's public offer had attracted full subscription minutes after opening on Monday and concluded that day with a subscription rate of 5.28 times. With financial backing from OrbiMed, the IPO has already raised over Rs 314 crore from anchor investors, and features a price range of Rs 407 to Rs 428 per share.

(With inputs from agencies.)