Laxmi Dental Gets Fully Subscribed

New Delhi: The initial public offer of Laxmi Dental Ltd got fully subscribed within minutes ofopeningfor bidding on Monday.The initial share sale received bids for 1,49,18,937 shares against 89,70,371 shares on offer, translating into 1.66 times subscription, according to data available with the NSE till 11:54 hours. The portion for Retail Individual Investors (RIIs) fetched 5.35 times subscription while the category for non-institutional investors got subscribed 2.53 times. OrbiMed-backed Laxmi Dental has collected a little over Rs314 crore from anchor investors.

The issue with a price band of Rs407-428 per scrip will conclude on January 15. The IPO is a combination of a fresh issue of equity shares for up to Rs138 crore and an OFS of up to 1.31 crore equity shares worth Rs560 crore by promoters -- Rajesh VrajlalKhakhar and Sameer Kamlesh Merchant, and other shareholders, according to the Red Herring Prospectus (RHP). Under the OFS, investor OrbiMed Asia II Mauritius Ltd will also offload shares of the leading B2C dental aligner company Laxmi Dental.