Laxmi Dental Ltd IPO Skyrockets with 113.97 Times Subscription

Laxmi Dental Ltd's initial public offering (IPO) experienced tremendous demand, oversubscribed by 113.97 times the offered shares. The IPO, backed by OrbiMed, raised over Rs 314 crore from anchor investors. Funds from the issue will address debt repayment and other business needs.

Laxmi Dental Ltd's initial public offering has made waves in the stock market, seeing a massive 113.97 times oversubscription on the closing day of bidding, according to National Stock Exchange data. Unexpectedly high demand was noted across all investor categories.

Non-institutional investors showed substantial interest, subscribing a remarkable 147.51 times. Qualified Institutional Buyers followed closely with 110.38 times subscription, while Retail Individual Investors subscribed at 74.41 times.

The IPO features a price band of Rs 407-428 per share. Proceeds from the fresh issue will go towards debt repayment, funding capital expenditures, and investing in subsidiary Bizdent Devices Pvt Ltd. Laxmi Dental shares will list on BSE and NSE, further promoting its extensive portfolio in dental products.

(With inputs from agencies.)