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- Price Band fixed at ₹ 407 to ₹ 428 per equity share of face value of ₹2 each.
- The Bid /Offer Period will open on Monday, January 13th, 2025 and close on Wednesday, January 15th, 2025. The Anchor Investor Bid/Offer Period opens and closes on Friday, January 10th, 2025.
- Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.
- RHP Link: https://www.laxmidentallimited.com/public/investors/offer_documents/rhp/Project-Lotus-RHP(withfinancials).pdf
Chandigarh, January 08, 2024: Laxmi Dental Limited (“LDL” or “The Company”), shall open the Bid Offer Period in relation to its Initial Public Offer of the Equity Shares on Monday, January 13th, 2025.
The Price Band of the Offer has been fixed at ₹ 407 to ₹ 428 per Equity Share (the “Price Band”). Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter. (The “Bid Lot”).
The total offer size of equity shares (face value ₹2 each) comprises of Fresh Issue aggregating up to ₹1,380 million [₹138 Crore] and Offer for Sale up to 13,085,467 [1.31 lakhs number of equity shares] (“Offer for Sale”) by Selling Shareholders. (“Total Offer Size”)
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding, (i) Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company estimated to be ₹229.84 million [₹22.98 crore]; (ii) Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outstanding borrowings estimated to be ₹46 million [₹4.60 crore]; (iii) Funding the capital expenditure requirements for purchase of new machinery for the Company estimated to be ₹435.07 million [₹43.51 crore]; (iv) Investment in Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery estimated to be ₹250.04 million [₹25.00 crore] and balance amount towards general corporate purposes.
The Offer for Sale comprises of upto 196,604 Equity Shares by Rajesh Vrajlal Khakhar, upto 434,598 Equity Shares by Sameer Kamlesh Merchant (Together “Promoter Selling Shareholder”); upto 11,614,267 Equity Shares by OrbiMed Asia II Mauritius Limited (“Investor Selling Shareholders”); upto 239,838 Equity Shares by Jigna Rajesh Khakhar, upto 150,040 Equity Shares by Hasmukh Vrajlal Khakhar, upto 150,040 Equity Shares by Amrish Mahendrabhai Desai, upto 150,040 Equity Shares Parag Jamnadas Bhimjiyani and upto 150,040 Equity Shares by Kunal Kamlesh Merchant (All Together, “Other Selling Shareholders”)
The Anchor Investor Bid/Offer Period opens on and closes on Friday, January 10, 2025. The Bid/Offer Period will open on Monday, January 13, 2025 for subscription and close on Monday, Wednesday 15, 2025. (The “Bid Details”)
This Equity Shares are being offered through the Red Herring Prospectus of the Company dated January 07, 2025 filed with the Registrar of Companies, Gujarat at Ahmedabad. (The “ROC”)
The Equity Shares once offered through the Red Herring Prospectus are proposed to be listed on Bombay Stock Exchange (“BSE”) and National Stock Exchange (“NSE”). The Company has received ‘in-principle’ approvals from BSE and NSE for the listing of the Equity Shares pursuant to letters dated October 30, 2024. For the purposes of this Offer, BSE shall be the Designated Stock Exchange.
Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers to the Offer (The “BRLMs”).
All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.
The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Offer shall be allocated on a proportionate basis to the Qualified Institutional Buyers (“QIBs”) (“QIB Portion”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
Further, not more than 15% of the Offer shall be available for allocation to Non-Institutional Investors of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts, and UPI ID (in case of UPI Bidders) if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or by the Sponsor Bank(s) under the UPI Mechanism, as applicable, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” beginning on page 544.
Disclaimer:
LAXMI DENTAL LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC and the Stock Exchanges on January 07, 2025.
The RHP shall be available on the website of SEBI at www.sebi.gov.in, the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, the website of the Company at www.laxmidentallimited.com and on the websites of the Book Running Lead Managers (“BRLMs”), i.e. Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited at www.nuvama.com, www.motilaloswalgroup.com and www.sbicaps.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 37 of the RHP. Potential investors should not rely on the RHP filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements. However, the securities described in this announcement are not being offered or sold in the United States.
