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Dental products company Laxmi Dental Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO is a combination of a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 12.8 mn shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed last week.
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As a part of the OFS, investor OrbiMed Asia II Mauritius Ltd will offload shares of the IPO-bound company.
Besides, the company may consider raising Rs 30 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue will be kept aside for investment in subsidiary Bizdent Devices, purchase of new machinery for the company, payment of debt and for 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 such as aligner solutions and paediatric dental products.
Nuvama Wealth Management, Motilal Oswal Investment Advisors, SBI Capital Markets are the book-running lead managers to the issue.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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