OrbiMed-backed Lakshmi Dental on Wednesday said it has finalized the price range For Rs 407-428 per share Initial public offering of Rs 698 crore which will hit the market for public subscription on January 13.
The company has reduced the size of its fresh issue from 150 crores 138 crore and the size of the OFS (offer for sale) was increased from 1.28 crore equity shares to about 1.31 crore shares.
The initial public offering (IPO) will end on January 15, while bidding for anchor investors will open on January 10, the company said in a statement.
At the upper end of the price band, the company expects to earn approx. Rs 698 crore from public issue.
IPO is a combination of fresh issue of equity shares up to According to the red herring prospectus (RHP) filed on January 7, the OFS worth Rs 138 crore and up to 1.31 crore equity shares by promoters – Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant and other shareholders.
Under the OFS, investor OrbiMed Asia II Mauritius Limited will also sell shares of Lakshmi Dental, a leading B2C dental aligner company.
Promoters and promoter group hold 46.56 per cent stake in Lakshmi Dental, while public shareholders hold 53.44 per cent.
According to RHP, the net proceeds from the fresh issue will be used for repayment of debt, funding capital expenditure requirements, investment in its subsidiary Bizdent Devices Pvt Ltd and general corporate purposes.
Lakshmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products such as aligner solutions and pediatric dental products.
Nuvama Wealth Management, Motilal Oswal Investment Advisors, SBI Capital Markets are the book running lead managers, and MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd) is the registrar to the IPO.
The company’s shares will be listed on BSE and NSE.
