OrbiMed-backed Laxmi Dental has raised a little over Rs 314 crore from investors, ahead of its initial share sale opening for public subscription. The anchor round witnessed the participation of domestic funds, insurance companies and foreign organizations, according to a circular posted on the BSE website on Friday.
Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, Mirae Asset MF, Tata MF, Birla Sunlife Insurance, Max Life Insurance, Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments and Natixis Investment Managers, among others, were awarded shares in this round.
In line with the circular, Mumbai-based Laxmi Dental allotted 73.39 lakh shares to 31 companies at Rs 428 per share, taking the transaction size to Rs 314.12 crore. The issue with a price band of Rs 407-428 per scrip will open for public subscription on January 13 and close on January 15.
The IPO is a combination of a fresh issue of shares of up to Rs 138 crore and an OFS of up to 1.31 crore shares worth Rs 560 crore by the promoters — Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, and other shareholders, according to the Red Herring Prospectus (RHP).
Under the OFS, investor OrbiMed Asia II Mauritius Ltd will also issue shares in leading B2C dental alignment company Laxmi Dental. The group of promoters and the group of promoters own 46.56 percent shares in the company, while public shareholders hold 53.44 percent.
According to RHP, the proceeds from the new issue will be used for repayment of debt, financing capital expenditure requirements, investment in its subsidiary Bizdent Devices Pvt Ltd and general corporate purposes.
Laxmi Dental, an integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products such as orthodontic solutions and pediatric dental products.
The company’s shares will be listed on BSE and NSE.
