The initial public offering (IPO) of OrbiMed-backed Laxmi Dental opens today to public at ₹407-428 price band. The IPO concludes January 15. Investors can bid for a minimum of 33 shares and in multiples thereof. 

The IPO is a combination of a fresh issue worth ₹138 crore and an OFS of up to 1.31 crore shares worth ₹560 crore by promoters — Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, and other shareholders. Besides, OrbiMed Asia II Mauritius Ltd will also offload shares of the leading B2C dental aligner company Laxmi Dental. The promoters and promoter group owned a 46.56 per cent stake in the company, while public shareholders held a 53.44 per cent holding.

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Of the net issue, 75 per cent has been reserve for qualified institutional buyers (QIBs) while 15 per cent has been allocated for non-institutional investors (NIIs) and the remaining 10 per cent for retail investors, respectively.

 The company has collected a little over ₹314 crore from anchor investors, as part of IPO. It has allotted 73.39 lakh shares to 31 entities at ₹428 per equity share. The anchor round witnessed participation from domestic mutual funds, insurance companies and foreign entities, such as Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, Mirae Asset MF, Tata MF, Birla Sunlife Insurance, Max Life Insurance, Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments and Natixis Investment Managers.

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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.