Laxmi Dental Ltd. was incorporated on July 8, 2004. The company was one of India's top two dental laboratories by revenue for FY23. As a vertically integrated dental aligner company, it is the largest and most profitable indigenous B2B2C provider in terms of operational revenue and PAT margin.
| Bidding Dates |
|---|
| 13 Jan 2025 - 15 Jan 2025 |
| Subscription |
|---|
| 114.42x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,431 | 1 | 14 | 33 | 16.3 M | ₹407 - ₹428 | 42.68 % | ₹6638.1 M - ₹6980.6 M | RHP DOC |
Laxmi Dental IPO SUBSCRIPTION STATUS
15 Jan '25Laxmi Dental IPO overall subscription rate was 114.42 times the total available shares
Laxmi Dental IPO retail subscription rate was 76.24 times in the retail segment
Laxmi Dental IPO non-institutional investor subscription rate was 147.95 times in the non-institutional investor category
Laxmi Dental IPO Qualified Institutional Bidder subscription rate was 110.38 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
15 Jan 2025 (Day 2) | 76.24x | 147.95x | 110.38x |
13 Jan 2025 (Day 1) | 12.48x | 10.87x | 0.13x |
Laxmi Dental FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY25 | 182.0 | 1,167.8 | 14.2 | -57.3 | 24.0% |
| FY24 | 179.4 | 1,935.6 | 81.5 | -45.2 | 16.9% |
| FY23 | -44.5 | 1,616.3 | 144.4 | 59.7 | 5.9% |
| FY22 | -170.8 | 1,368.4 | -20.0 | -1.4 | 3.9% |
Laxmi Dental IPO SUBSCRIPTION STATUS DETAILS
Laxmi Dental had 16.3 M shares on offer
Laxmi Dental IPO offer price was in the range ₹407 - ₹428
Laxmi Dental IPO minimum Investment was ₹13431
Laxmi Dental IPO issue size was ₹ 6638.1 M - ₹ 6980.6 M
Laxmi Dental had a minimum lot size of 33 Shares per application
Laxmi Dental NUMBER OF SHARES ON OFFER
Laxmi Dental IPO IMPORTANT DATES
| Issue Open Date | 13 Jan 2025 |
| Issue close Date | 15 Jan 2025 |
| Allotment Date | 16 Jan 2025 |
| Refund Date | 17 Jan 2025 |
| Demat Account Credit Date | 17 Jan 2025 |
| Listing Date | 20 Jan 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Laxmi Dental Allotment Status | Exchange |
Laxmi Dental IPO subscription opened on 13 Jan 2025, and closed on 15 Jan 2025
IPO allotment for Laxmi Dental was finalized on Thursday, 16 Jan 2025
IPO listing for Laxmi Dental was on NSE and BSE on Monday, 20 Jan 2025
Laxmi Dental IPO LISTING GAINS
| Issue Price (adjusted) | 428.0 |
| Listing Open Price | 542.0 |
| Listing Close Price | 550.5 |
| Listing Gain% | 26.6% |
| Current Gain% | -49.5% |
Laxmi Dental Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Laxmi Dental Ltd. | 216.1 | 1187.6 | 41 | -4.7 | 4.3 | 11.9 | 9.8 | 286.4 | 18.1 | 29 | -8.8 | 5.3 | -8.8 |
| Poly Medicure Ltd. | 1693.8 | 17168.3 | 54.5 | -4.6 | 8.6 | 10.4 | 8.2 | 1995.3 | 13.4 | 322.1 | -4.8 | 31.1 | -11.9 |
| Medplus Health Services Ltd. | 700.2 | 8412.6 | 40 | 2.2 | 1.2 | 11.1 | 5.6 | 6963.8 | 12.6 | 219.6 | 46.1 | 17.5 | 18 |
| Q-Line Biotech Ltd. | 538.7 | 1256.7 | 22.6 | 22.6 | 10 | 347.4 | 7.7 | 55.7 | 98.1 | 23.9 | |||
| Vasa Denticity Ltd. | 408.6 | 679.1 | 68.5 | -2.2 | 2.3 | 5.7 | 5 | 283.4 | 12.8 | 9.9 | -41.6 | 6 | -31.3 |
| Nureca Ltd. | 342.6 | 342.6 | 79 | 0 | 2.2 | 1.2 | 1.1 | 155.1 | 27 | 2.1 | 146.1 | 4.3 | 144666.7 |
Laxmi Dental INFORMATION ON IPO ISSUE
About Laxmi Dental
Laxmi Dental Ltd. was incorporated on July 8, 2004. The company was one of India's top two dental laboratories by revenue for FY23. As a vertically integrated dental aligner company, it is the largest and most profitable indigenous B2B2C provider in terms of operational revenue and PAT margin.
Object of the Issue
- Re/prepayment of all or certain loans availed of by the company.
- Investment in its subsidiary, Bizdent Devices.
- Capital expenditure requirements for the purchase of new machinery.
- General corporate purposes.
Laxmi Dental - PROMOTERS
| Name |
|---|
| Rajesh Vrajlal Khakhar |
| Sameer Kamlesh Merchant |
| Dharmesh Bhupendra Dattani |
Laxmi Dental Book Running Lead Managers
Nuvama Wealth Management Limited
laxmidental.ipo@nuvama.com
Motilal Oswal Investment Advisors Limited
laxmidental.ipo@motilaloswal.com
SBI Capital Markets Limited
laxmidental.ipo@sbicaps.com
Laxmi Dental Registrar to the Offer
Link Intime India Private Limited
laxmidental.ipo@linkintime.co.in
Laxmi Dental Strengths
The only integrated dental products company in India
As of FY24, the company is India’s only end-to-end integrated dental products company, offering a comprehensive range that includes custom crowns, clear aligners, thermoforming sheets, and pediatric dental products
Second-largest domestic laboratory and the largest export lab
The company's laboratory provides custom dental prosthetics, including metal-free crowns and bridges, premium "Illusion Zirconia" crowns, PFM crowns, and dentures. Its dental network reaches over 20,000 clinics
Diverse branded product portfolio
The company offers thermoforming sheets, biocompatible 3D printing resins, and machines under the brand "Taglus," used for making clear aligners
Laxmi Dental Risks
Dependent on expanding its dental network
The success of the company's business relies on expanding the Dental Network and increasing revenue from each clinic, company, and dentist. Failing to do so cost-effectively could hinder growth
Geographically concentrated
The company's business is concentrated in specific regions, and losing clients in those areas could negatively impact operations and financial health
Reputation and perception of its brands
The company's business relies on the reputation and perception of its brands. Negative publicity or failure to maintain brand quality could significantly harm their reputation, operations, and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 560.1 crore, of 13,085,467 shares. It also consists of a fresh issue of Rs 138.0 crore.
The promoters of the company are Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant and Dharmesh Bhupendra Dattani.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 407.0 - 428.0.
The IPO application opens on Jan 13, 2025 and closes on Jan 15, 2025.
The minimum lot size for the IPO is 33. The maximum lot size for the IPO is 462.
For all category investors, the minimum application amount for this IPO is Rs. 13,431.0, the maximum value for this IPO is Rs 197,736.0.
This IPO will be allotted on Jan 16, 2025.
The refund will be credited to your account on Jan 17, 2025.
The allotted shares will be credited to your demat on Jan 17, 2025.
Laxmi Dental Ltd.’s shares listed on the stock exchanges on Jan 20, 2025.