Wed Jan 15 22:08:19 UTC 2025: ## Laxmi Dental IPO Oversubscribed 114 Times, Strong Grey Market Indicates Positive Listing

**Mumbai, January 17, 2024** – The initial public offering (IPO) of Laxmi Dental Ltd. concluded Wednesday, significantly oversubscribed at 114.14 times. Bids for 102,38,83,212 shares poured in, exceeding the 89,70,371 shares on offer. Retail investors alone subscribed 75.1 times their allotted quota, while the non-institutional investor (NII) and qualified institutional buyer (QIB) portions were oversubscribed by 147.69 times and 110.38 times, respectively.

The IPO, priced between Rs 407 and Rs 428 per share, raised Rs 698.06 crore. Allotment is expected on January 16th, with listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) scheduled for January 20th.

The IPO comprises a fresh issue of equity shares worth up to Rs 138 crore and an offer for sale (OFS) of up to 1.31 crore shares valued at Rs 560 crore by promoters and other shareholders, including OrbiMed Asia II Mauritius Ltd. The net proceeds from the fresh issue will be used for debt repayment, capital expenditure, investment in a subsidiary, and general corporate purposes.

Analyst opinions are divided. While firms like Anand Rathi and SBI Securities recommend subscribing for the long term, citing the company’s leading market position and growth potential driven by industry trends, KRChoksey maintains a neutral stance due to concerns about valuation (93 times earnings) and the absence of long-term contracts. Despite Anand Rathi noting the “aggressively priced” valuation (64.6x P/E based on FY25 projections), they remain positive about the company’s long-term prospects.

The grey market indicates a strong listing gain, with unlisted shares trading at a 29.44% premium over the upper IPO price. This suggests a potentially positive market debut for investors. Laxmi Dental, an integrated dental products company, offers a wide range of custom-made and branded products.

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