Laxmi Dental Files Draft Papers To Raise Rs 150 Crore Via IPO

Laxmi Dental Ltd. on Friday filed its preliminary papers with SEBI to raise up to Rs 150 crore via an initial public offering.

The public issue consists of a fresh issue of shares worth Rs 150 crore and an offer for sale of up to 1.28 crore shares, according to the draft red herring prospectus.

Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant are the promoters of the company offloading in the OFS, while OrbiMed Asia II Mauritius Ltd., Jigna Rajesh Khakhar, Hasmukh Vrajlal Khakhar, Amrish Mahendrabhai Desai, Parag Jamnadas Bhimjiyani, and Kunal Kamlesh Merchant are the other selling shareholders.

Nuvama Wealth Management Ltd., Motilal Oswal Ivestment Advisors Ltd., and SBI Capital Markets Ltd. are the book-running lead managers for the issue. The issue will be registered with Link Intime India Pvt.

The company will use Rs 19.57 crore to repay or prepay outstanding borrowings and Rs 37.57 crore to purchase new machinery for the company. It will invest Rs 13.37 crore for the repayment or prepayment of certain outstanding borrowings in its subsidiaries and Rs 35.1 crore for capital expenditure or purchase of new subsidiaries in the company.

The company is a vertically integrated business-to-business-to-company dental alignment company. It offers end-to-end integrated dental products and has over 20 years of brand presence.