MUMBAI: Dental care firm Laxmi Dental has fixed the price band at Rs 407-428 per share for its Rs 698-crore initial public offer that is opening for public subscription on January 13. This is the first IPO from the dental care industry.
The city-based company has marginally lowered the size of the fresh issuance from Rs 150 crore to Rs 138 crore but marginally expanded the offer for sale size from 1.28 crore equity shares to nearly 1.31 crore shares following which it will raise Rs 560 crore from the secondary sale.
Through the offer for sale, Orbimed, which owns 46 percent of the equity, now will sell around 60 percent of its holding and pare the post-issue holding to around 22 percent, chief executive Sameer Kamlesh Merchant told TNIE here Wednesday.
Similarly, post-issue, the shareholding of the promoters -- Rajesh Vrajlal Khakhar (chairman) and Merchant -- will come down to 47 percent from the present 54 percent, he added.
Orbimed had invested $10 million in the 20-year-old company which claims to be one of the largest players in the highly unorganized sector which has hundreds of small players.
Laxmi Dental netted most of its Rs 193 crore revenue from dental crowns and aligners.
Net proceeds from the fresh issue will be utilised for repayment of debt, funding of capex, investment in its subsidiary Bizdent Devices and general corporate purposes.
Laxmi Dental is an end-to-end integrated dental products company with a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products like aligner solutions and paediatric dental products.