Laxmi Dental IPO sees 16 times subscription on second day of offer

The initial public offer of Laxmi Dental Ltd received 16.02 times subscription on the second day of bidding on Tuesday.

The initial share sale got bids for 14,36,79,096 shares against 89,70,371 shares on offer, as per NSE data.

The non-institutional investors part fetched 37.41 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 29.47 times. The quota for Qualified Institutional Buyers (QIBs) garnered 84 per cent subscription.

The initial public offer of Laxmi Dental Ltd got fully subscribed within minutes of opening for bidding on Monday and finally ended the day with 5.28 times subscription.

OrbiMed-backed Laxmi Dental has collected a little over Rs 314 crore from anchor investors.

The issue with a price band of Rs 407-428 per scrip will conclude on Wednesday.

The IPO is a combination of a fresh issue of equity shares for up to Rs 138 crore and an OFS of up to 1.31 crore equity shares worth Rs 560 crore by promoters -- Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, and other shareholders, according to the Red Herring Prospectus (RHP).

As per the RHP, the net proceeds from the fresh issue will be utilised for repayment of debt, funding of capital expenditure requirements, investment in its subsidiary Bizdent Devices Pvt Ltd and general corporate purposes.

Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products like aligner solutions and paediatric dental products.

The company's shares will be listed on the BSE and NSE.