Tue Jan 14 15:22:58 UTC 2025: ## Laxmi Dental IPO Oversubscribed on Day 1

**Mumbai, India** – Laxmi Dental, an integrated dental products company, saw its initial public offering (IPO) massively oversubscribed on its first day, garnering a response of 530% by 5 PM. The ₹698 crore IPO, backed by Orbimed, comprises both a fresh issue and an offer for sale (OFS). The company is offering 32.24 lakh equity shares through a fresh issue worth ₹138 crore and 1.30 crore shares via OFS worth ₹560.06 crore. The price band is set between ₹407 and ₹428 per share.

Retail investors showed particularly strong interest, with the portion reserved for them (10%) oversubscribed by a staggering 1248%. The non-institutional investor (NII) portion (15%) was oversubscribed by 1087%, while the qualified institutional buyer (QIB) portion (75%) saw a comparatively lower subscription rate of just 13%.

The grey market premium (GMP) reached 39% on the first day, indicating a potential listing price around ₹600, significantly higher than the upper price band.

The IPO will remain open for investment until January 15, 2025, with allotment on January 16th, refunds and demat credit on January 17th, and listing on the BSE and NSE on January 20th, 2025. The minimum investment for a retail investor is ₹14,124 for one lot (33 shares) at the upper price band.

Laxmi Dental, established in July 2004, designs, manufactures, and distributes a range of dental products including custom crowns and bridges, clear aligners, and pediatric dental products. The company reported a profit of ₹25.23 crore in FY24 after incurring a loss in FY23. The funds raised through the fresh issue will be used for loan repayment, capital expenditure, investment in its subsidiary, and general corporate purposes. Nuvama Wealth Management, Motilal Oswal Investment Advisors, and SBI Capital Markets are the book-running lead managers.

*(Disclaimer: Investment advice provided by brokerage houses. This is not a personal opinion of Financial Express. Markets involve risk, consult an expert before investing.)*

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