Laxmi Dental Limited IPO is a fully book-built issue, and the total IPO size is ₹698.06 crores. The issue is a combination of a fresh issue of 0.32 crore shares aggregating to ₹138.00 crores and an offer for sale of 1.31 crore shares aggregating to ₹560.06 crores.
The subscription period for the Laxmi Dental Limited IPO started on January 13, 2025, and ended on January 15, 2025.
The allotment process was finalized on January 16, 2025. The Laxmi Dental Limited IPO was listed on BSE and NSE on January 20, 2025.
The price band for the Laxmi Dental Limited IPO is set at ₹428 per share.
Registrar for this IPO is Mufg Intime India Private Limited (formerly known as Link Intime India Private Limited), and the lead managers for Laxmi Dental Limited IPO are Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited.
IPO Schedule
| IPO Open Date | Monday, 13 Jan, 2025 |
|---|---|
| IPO Close Date | Wednesday, 15 Jan, 2025 |
| IPO Allotment Date | Thursday, 16 Jan, 2025 |
| Refund Initiation | Friday, 17 Jan, 2025 |
| Share credit in Demat | Friday, 17 Jan, 2025 |
| Listing Date | Monday, 20 Jan, 2025 |
Key Details
| Price Band | ₹428 Per Share |
|---|---|
| Lot Size | 33 Shares |
| Face Value | ₹2 Per Equity Share |
| Total Issue Size | ₹698.06 Crores |
| Fresh Issue | ₹138.00 Crores |
| OFS Issue | ₹560.06 Crores |
| Issue Type | Fresh Issue and Offer for Sale |
| Listing At | BSE and NSE |
Share Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | 75% |
| Retail | 10% |
| NII/HNI | 15% |
About Laxmi Dental Limited Company
Laxmi Dental Limited: An Overview
Laxmi Dental Limited stands out as India's only end-to-end integrated dental products company (as of September 2024), offering a comprehensive portfolio that includes branded dental products such as Orthodontic Products, Prosthodontic Products, Restoration materials, Intra -oral scanners, and raw materials and machinery for Clear Aligner manufacturing such as 3D resins, Aligner sheets and Thermoforming Machine. This vertical integration, encompassing everything from raw material manufacturing to treatment planning solutions, is a rarity on a global scale.
Market Position and Growth
The company holds a significant position in both the Indian and international markets. In the Indian market for custom-made crowns and bridges that is estimated to grow from USD 1.4 billion in 2023 to USD 3.1 billion in 2030 at a higher rate of 11.8% compared to the global market which is estimated to grow from USD 71 billion in 2023 to USD 121.6 billion in 2030 at a rate of 8.0%. As for clear aligners, the Indian market is projected to surge from USD 133.6 million in 2023 to USD 569.0 million in 2030 at a rate of 23.0%, driven by increasing consumer emphasis on dental aesthetics and rising disposable incomes. Laxmi Dental is strategically positioned to capitalize on this growth, particularly with its Illusion Aligners, the first Indian brand to receive US FDA 510(k) clearance.
Key Product Segments
Laxmi Dental's business is divided into three primary segments: laboratory services, aligner solutions, and other dental products. The laboratory segment focuses on custom-made dental prostheses, with metal-free products accounting for a significant portion of revenue. The aligner solutions segment is driven by the company's Illusion Aligners, which are offered through a B2B2C model and a flexible payment structure, with a focus on capturing the Indian aligner market share. The other dental product segement also includes pediactric denatal market.
Manufacturing and Certifications
Laxmi Dental operates six manufacturing facilities across 147,029.63 square feet. The company has received certifications for ISO 13485:2016 compliance, an internationally recognized standard for medical device quality.
Laxmi Dental Limited Financial Details
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 158.21 | 134.52 | 96.54 | 102.75 |
| Revenue | 116.78 | 193.56 | 161.63 | 136.84 |
| Profit After Tax | 18.20 | 17.94 | -4.45 | -17.08 |
| Net Worth | 67.08 | 44.57 | 19.48 | 22.94 |
| Reserves and Surplus | 61.37 | 42.16 | 17.48 | 20.76 |
| Total Borrowing | 40.91 | 42.03 | 31.44 | 29.63 |
₹ In Crore
Key Performance Indicator
| Basic EPS | Return on Net Worth | Net Asset Value | Debt-Equity Ratio | Return on Equity | Return on Capital Employed |
|---|---|---|---|---|---|
| 4.80 | 78.78% | 8.63 | NA | NA | NA |
Offer Objectives
The offer includes a fresh issue of equity shares aggregating up to ₹13.80 crore and an offer for sale of equity shares by selling shareholders. The company will not receive any proceeds from the offer for sale.
Objects of the Fresh Issue: The net proceeds from the fresh issue will be utilized for the following:
- Repayment/prepayment of certain outstanding borrowings availed by the company: ₹2.2984 crore.
- Investment in certain subsidiaries for the repayment/prepayment of certain outstanding borrowings: ₹0.46 crore.
- Funding the capital expenditure requirements for the purchase of new machinery for the company: ₹4.3507 crore.
- Investment in subsidiary, Bizdent Devices Private Limited, for capital expenditure requirements for the purchase of new machinery: ₹2.5004 crore.
- General corporate purposes, not exceeding 25% of the gross proceeds.
The deployment of funds is based on management estimates and is subject to change.
As of December 20, 2024, the company had outstanding borrowings of ₹5.1554 crore. The prepayment or scheduled repayment will help reduce debt servicing costs and enable utilization of internal accruals for further investment in business growth and expansion.
Employee stock options were priced at fair value using the Black Scholes option pricing formula, with weighted average assumptions including a risk-free rate of 6.54%, expected life of 3 years, expected volatility of 38.86%, expected dividends of 0.00%, and underlying share price of ₹407.43.
Company Details
Address:
Office No. 103, Akruti Arcade, J. P. Road,
Opposite A.H. Wadia High School,
Andheri (West), Mumbai
400058, Maharashtra, India
Phone: +91 22 6143 7991
Email: [email protected]
Website: http://www.laxmidentallimited.com
IPO Registrar Details
MUFG INTIME INDIA PRIVATE LIMTIED ( LINK INTIME INDIA PRIVATE LIMITED)
Phone: +91 81081 14949, +91 22 4918 6000
Email: [email protected]
Website: http://www.linkintime.co.in
Offer Prospectus & Documents
Lead Managers
- NUVAMA WEALTH MANAGEMENT LIMITED
- MOTILAL OSWAL INVESTMENT ADVISORS LIMITED
- SBI CAPITAL MARKETS LIMITED
