Laxmi Dental Limited Files Draft Papers for IPO to Raise Funds
VarahiMedia.com online news,India,September 18th,2024: Laxmi Dental Limited, a leading dental products company, has filed its draft red herring prospectus (DRHP)
VarahiMedia.com online news,India,September 18th,2024: Laxmi Dental Limited, a leading dental products company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO will consist of a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 1.28 crore shares by the company’s promoters and existing shareholders. According to the draft papers filed last week, OrbiMed Asia II Mauritius Ltd, an investor in the company, will be offloading its stake as part of the OFS.
Additionally, Laxmi Dental is considering raising ₹30 crore in a pre-IPO placement round. If this is completed, the fresh issue size will be adjusted accordingly.
The proceeds from the fresh issue will be utilized for investments in its subsidiary Bizdent Devices, purchasing new machinery, repaying debt, and for general corporate purposes.
Laxmi Dental Limited is a fully integrated dental products company offering a wide range of products, including custom-made crowns and bridges, branded aligner solutions, and pediatric dental products.
The IPO will be managed by Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets, who are the book-running lead managers for the issue.
This IPO marks another step in the company’s efforts to expand its operations and strengthen its position in the dental products industry.
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