Thu Jan 16 09:48:08 UTC 2025: ## Laxmi Dental IPO Oversubscribed by 112 Times on Final Day

**MUMBAI, INDIA –** Laxmi Dental’s initial public offering (IPO) concluded today with an overwhelming response, exceeding expectations by a significant margin. The ₹698 crore (approximately $84 million USD) issue received bids 112.15 times the number of shares offered, marking one of the most successful IPOs in recent times.

Strong investor interest was evident across all investor categories. Qualified Institutional Buyers (QIBs) subscribed 109.35 times, Non-Institutional Investors (NIIs) showed remarkable enthusiasm with a 146.16 times subscription, and Retail Individual Investors (RIIs) subscribed 69.51 times. This impressive response reflects considerable confidence in the OrbiMed-backed company, the only integrated dental products company in India. The company offers a diverse portfolio ranging from clear aligners and pediatric dental products to premium zirconia crowns.

The IPO comprised a fresh issue of ₹138 crore and an offer for sale (OFS) of ₹532.58 crore to ₹560.06 crore. Proceeds from the fresh issue will primarily be used for debt repayment, capital expenditure, and general corporate purposes. Following the IPO, promoters’ stake will decrease from 46.56% to 42.68%, while public shareholding will increase to 57.32%. The company’s implied market capitalization at the higher price band of ₹428 per share is ₹2,352 crore.

Choice Equity Broking recommended the IPO for long-term investment, citing the company’s strong market position and growth prospects within India’s expanding dental market, projected to grow at a 12.6% compound annual growth rate (CAGR). However, the brokerage firm also noted valuation concerns, with a price-to-earnings ratio of 93.2x based on FY24 earnings, and highlighted risks associated with reliance on skilled technicians and ongoing legal proceedings.

Trading of Laxmi Dental shares is scheduled to commence on January 20, 2025, on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). While analysts acknowledge the high valuation, they advise investors to consider the IPO as a long-term investment opportunity given the company’s strong fundamentals and market position.

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