Laxmi Dental IPO: Mumbai-Based Company Subscribed 3.57 Times So Far; Check GMP Rate and Key Details

A Mumbai-based company, Laxmi Dental, issued its initial public offering (IPO) for public subscription today (January 13). Laxmi Dental IPO has been subscribed 3.57 times on the first day of IPO. The initial share sale received a bid for 3,19,95,051 shares against 89,70,371 shares on offer, according to BSE (Bombay Stock Exchange) data. Prior to the IPO opening, the company collected over 314 core from anchor investors. The share price band of Laxmi Dental IPO has been set at Rs 407-428 per share. The IPO of Laxmi Dental will close on January 15 (Wednesday).

Laxmi Dental IPO grey market premium (GMP) is above 160. This indicates Laxmi Dental's share price was trading at a premium of Rs 160 in the grey market, according to investorgain.com.

The company already secured over Rs 314 crore from anchor investment prior to the IPO opening. If the shares are sold at the upper limit of the price range, then the company will raise approximately Rs 698 crore from the public offering.

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Laxmi Dental Limited IPO has issued fresh equity shares totalling Rs 138 crore, along with an Offer for Sale (OFS) of up to 1.31 crore equity shares from promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, as well as other shareholders, according to the Red Herring Prospectus (RHP) submitted on January 7. 

According to Live Mint, the funds raised through the initial public offering will used in debt repayment, capital expenditure needs, investment in its subsidiary Bizdent Devices Pvt Ltd, and various corporate purposes. Laxmi Dental, a fully integrated dental products company, offers a broad range of products, including tailored crowns and bridges, branded dental items like aligner solutions, and pediatric dental products.