Laxmi Dental IPO: ₹698 Cr Issue, ₹314 Cr Anchors (2025)

IPO in focus after anchor book closure

Laxmi Dental has drawn market attention ahead of its public issue after completing a large anchor placement. The IPO is a book-built issue sized at ₹698.06 crore. Before the public subscription window, the company raised about ₹314 crore from anchor investors by allotting shares at the top end of the price band. The anchor bid date was January 10, 2025, as disclosed in the offer-related updates. The public subscription is scheduled to open on January 13 and close on January 15. The price band has been set at ₹407 to ₹428 per share.

Anchor investors put in about ₹314.12 crore

Ahead of the IPO opening, Laxmi Dental raised ₹314.12 crore from anchor investors. As per the circular referenced in the reporting, the Mumbai-based company allotted 73.39 lakh shares to 31 entities. The allotment price was ₹428 per equity share, which is the upper end of the IPO price band. Multiple reports cited the anchor amount at around ₹314.12 crore to ₹314.13 crore, reflecting rounding differences across sources. The anchor participation was positioned as a key pre-IPO event, completed on January 10, 2025.

Who participated in the anchor round

The anchor list included domestic mutual funds and insurance companies, along with global institutions. Named participants included Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, and Tata Mutual Fund. Insurance participants mentioned include Birla Sun Life Insurance and Max Life Insurance. Global and institutional names cited include Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments, and Natixis Investment Managers. Other investors referenced in the anchor book include Eastspring Investments, Whiteoak Capital, Ashoka Whiteoak ICAV, and Invesco.

IPO structure: fresh issue plus OFS

The IPO comprises a fresh equity issue and an Offer for Sale (OFS). The fresh issue is sized at ₹138 crore. The OFS component consists of 1.31 crore equity shares valued at ₹560 crore, as stated in the red herring prospectus (RHP) cited in the report. Sellers under the OFS include promoters Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, along with other shareholders. The reporting also notes that investor OrbiMed Asia II Mauritius Ltd will offload shares under the OFS. The overall issue size is presented as ₹698.06 crore.

Price band and subscription dates

The IPO price band is ₹407 to ₹428 per share. The public issue is scheduled to open for subscription on January 13, 2025, and close on January 15, 2025. The anchor allotment was completed on January 10, 2025. The anchor allotment price of ₹428 indicates allocation at the upper end of the band. These dates and levels are central for investors tracking the book-building process and allocation milestones.

Shareholding snapshot before the issue

The ownership split provided in the reporting shows promoters and promoter group holding 46.56% of the company. Public shareholders hold 53.44%, as per the same disclosure. This context is relevant because the OFS involves existing shareholders reducing their stake. The article text also describes the company as OrbiMed-backed, and separately notes OrbiMed Asia II Mauritius Ltd as a selling shareholder under the OFS.

Stated use of proceeds from the fresh issue

According to the RHP details referenced, proceeds from the fresh issue are intended for multiple corporate purposes. These include repayment of debt, funding capital expenditure, investment in subsidiary Bizdent Devices Pvt Ltd, and general corporate requirements. The reporting does not quantify each individual allocation, but lists these as the principal uses. Investors typically track these items to understand balance sheet impact, capacity expansion intent, and group-level investment priorities.

Business profile: integrated dental products platform

Laxmi Dental is described as an integrated dental products enterprise. The company offers custom-made crowns and bridges, and also sells branded dental products. The branded portfolio includes aligner solutions and paediatric dental items, as stated in the article text. The reporting characterises it as a leading B2C dental aligner company, which places its offering within the broader dental care and medical devices ecosystem.

Key facts at a glance

What investors will track next

With the anchor book completed at ₹428, the next focus is the public subscription from January 13 to January 15. Market participants will also watch how the fresh issue objectives are executed, particularly debt repayment and capital expenditure, as listed in the RHP-linked details. The OFS component and the presence of multiple selling shareholders, including OrbiMed Asia II Mauritius Ltd, will also remain in focus given the size of the secondary sale. For institutional tracking, the named anchor investors provide a clear indicator of participation across mutual funds, insurers, and overseas institutions.

Conclusion

Laxmi Dental’s IPO is set to open with a price band of ₹407 to ₹428 per share, following an anchor raise of about ₹314.12 crore through an allotment of 73.39 lakh shares to 31 entities. The issue combines a ₹138 crore fresh issue and a ₹560 crore OFS of 1.31 crore shares. The next confirmed milestones are the public subscription window from January 13 to January 15, 2025, and subsequent allotment-related updates as per the IPO schedule.