Laxmi Dental IPO: Is it worth bidding for the Rs 698.06 crore listing

Laxmi Dental Limited’s initial public offering (IPO) has attracted a lot of attention. Just a few hours after it opened for bidding on Monday, the IPO was fully booked. The company aims to raise Rs 698.06 crore through this public offering.

The IPO will remain open for subscription until January 15, 2024. After that, the share allotment is expected to be completed on January 16, 2025. By the end of the first day of bidding, the IPO had been subscribed 2.39 times. This means there was more demand for the shares than what was available. The retail portion of the IPO saw the highest demand, being subscribed 7.2 times. However, there was no subscription from qualified institutional buyers (QIBs), and the non-institutional investor (NII) segment was subscribed 3.96 times.

The price band for the IPO has been set between Rs 407 and Rs 428 per share. For retail investors, the minimum application is for 33 shares, which means an investment of Rs 14,124. Small non-institutional investors (sNII) need to apply for at least 495 shares (15 lots), which amounts to an investment of Rs 2,11,860. On the other hand, large non-institutional investors (bNII) must apply for at least 2,343 shares (71 lots), which requires an investment of Rs 10,02,804.

Master Capital Services Ltd has provided insights into the IPO. According to their report, the global dental consumables market is expected to grow at a rate of 10.5% annually. The market size is expected to increase from USD 177.4 billion in 2023 to USD 356.8 billion in 2030. Emerging countries like India and China are expected to see higher growth compared to developed nations.

Laxmi Dental is one of the few organized players in the dental laboratory sector. The company follows high-quality standards and caters to both domestic and international markets. It is also focused on increasing its range of branded products and improving existing ones. Investors who are looking for long-term growth might find this IPO a good opportunity.

The grey market premium (GMP) for the Laxmi Dental IPO is currently Rs 145 as of January 13, 2025, at 10:55 AM. Given the price band of Rs 428 per share, the estimated listing price is expected to be around Rs 573. If these projections are correct, investors could make an estimated profit of 33.88% per share once the shares are listed.

Before the IPO opened for subscription, Laxmi Dental raised Rs 314.13 crore from anchor investors. The IPO is expected to be listed on both the BSE and NSE, with the tentative listing date set for Monday, January 20, 2025.

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