Laxmi Dental IPO is a book-built issue worth ₹698.06 crore, combining a fresh issue of 0.32 crore shares totalling ₹138.00 crore and an offer for sale of 1.31 crore shares amounting to ₹560.06 crore.
The IPO opens for subscription on January 13, 2025, and closes on January 15, 2025. Allotment finalisation is expected on January 16, 2025, with the listing date tentatively set for January 20, 2025, on both the BSE and NSE.
The IPO price band is set at ₹407 to ₹428 per share, with a minimum lot size of 33 shares. Retail investors need a minimum investment of ₹14,124. sNII investors must apply for 15 lots (495 shares) at ₹2,11,860, while bNII investors need 71 lots (2,343 shares) at ₹10,02,804.
Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book-running lead managers, with Link Intime India Private Ltd as the registrar.
Industry Outlook
- The Indian medical device market, valued at US$ 15.4 billion in 2022, is projected to grow at a 20.4% CAGR, reaching US$ 50 billion by 2030.
- India's medical device exports rose from US$ 2.29 billion in 2020 to US$ 3.40 billion in 2022, with projections of US$ 18 billion by 2030.
Laxmi Dental IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company.
- Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outstanding borrowings.
- Funding the capital expenditure requirements for purchase of new machinery for the Company.
- Investment in the Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery.
- General corporate purposes.
About Laxmi Dental Limited
Laxmi Dental Limited, originally established in 2010 as Kabra & Malpani Jewels Private Limited, operates in the retail jewellery sector with a strong presence in Ahmedabad, Gujarat. The company began as a proprietorship under the name "KK Jewels" and was later incorporated as a private limited entity before becoming a public limited company in 2024.
Laxmi Dental offers a diverse range of gold, diamond, and silver ornaments, including rings, necklaces, bracelets, and wedding jewellery, along with gold and silver coins, utensils, and artifacts. The company markets its exclusive designs under the brand "KK Jewels" and also sells loose solitaires under the brand "Only Solitaires." With 6 showrooms, 3 offices, and an exhibition centre, all located in Ahmedabad, Laxmi Dental provides a premium shopping experience tailored to local tastes.
The company’s strengths lie in its innovative designs, deep understanding of customer preferences, and commitment to quality. A team of skilled in-house designers collaborates with local artisans to create handcrafted jewellery that blends tradition with modern aesthetics. Laxmi Dental also offers customised jewellery for special occasions, including weddings, which remains its top-selling category.
How To Check the Allotment Status of the Laxmi Dental IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Laxmi Dental IPO online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Laxmi Dental IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Laxmi Dental IPO
Registered office: Office No. 103, Akruti Arcade, J. P. Road, Opposite A.H. Wadia High School, Andheri (West), Mumbai – 400 058, Maharashtra, India
Phone: +91 22 6143 7991
E-mail: co.sec@laxmidentallimited.com
Laxmi Dental IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 75% of the Net Issue |
|
Retail Shares |
Not less than 10% of the Net Issue |
|
NII (HNI) Shares |
Not less than 15% of the Net Issue |
Laxmi Dental IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
33 |
₹14,124 |
|
Retail (Max) |
14 |
462 |
₹1,97,736 |
|
S-HNI (Min) |
15 |
495 |
₹2,11,860 |
|
S-HNI (Max) |
70 |
2,310 |
₹9,88,680 |
|
B-HNI (Min) |
71 |
2,343 |
₹10,02,804 |
Laxmi Dental IPO Promoter Holding
The Promoters of the company are Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant and Dharmesh Bhupendra Dattani.
|
Share Holding Pre-Issue |
46.56% |
|
Share Holding Post Issue |
Key Performance Indicators for Laxmi Dental IPO
As of March 31, 2024, the market capitalisation of Laxmi Dental's IPO is ₹2352.38 crore. Here are the KPIs of Laxmi Dental:
|
KPI |
Value |
|
ROE (%) |
78.78% |
|
ROCE (%) |
19.97% |
|
Debt to Equity Ratio (x) |
0.94 |
|
RoNW (%) |
78.78% |
|
PAT Margin (%) |
13.03 |
|
Price to Book Value (x) |
49.59 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
4.88 |
8.27 |
|
P/E (x) |
87.77 |
51.73 |
Laxmi Dental IPO Prospectus
Laxmi Dental IPO Registrar and Lead Managers
Laxmi Dental IPO Lead Managers
- Nuvama Wealth Management Limited
- Motilal Oswal Investment Advisors Limited
- SBI Capital Markets Limited
Registrar for Laxmi Dental IPO
Link Intime India Private Ltd
- Contact Number: +91-22-4918 6270
- Email Address: laxmidental.ipo@linkintime.co.in
- Website: Laxmi Dental IPO Registrar
Financial Performance of Laxmi Dental Limited
| Particulars | 6M ending on September 30, 2024 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operation (in ₹ million) | 1,167.80 | 1,935.55 | 1,616.31 |
| Profit after Tax (PAT) (in ₹ million) | 227.39 | 252.29 | (41.63) |
| Total Borrowings (in ₹ million) | 409.06 | 420.25 | 314.39 |
| Net Worth (in ₹ million) | 670.85 | 445.71 | 194.82 |
| Return on Equity (%) | 40.73% | 78.78% | (19.62%) |
| Return on Capital Employed (%) | 24.64% | 19.97% | (0.33%) |
| Asset Turnover (%) | 79.78% | 167.54% | 162.21% |
| Earning Per Share (EPS)-in absolute ₹ | 4.39 | 4.80 | (0.77) |
Know before investing
Strengths
8Integrated leader in India's dental products industry, capturing growth trends.
Second-largest domestic lab, top exporter with digital dentistry focus.
Vertically integrated portfolio ensures cost-effective, high-quality products.
Comprehensive Dental Network spanning 22,000 clinics and dentists.
Advanced manufacturing with 6 facilities and regulatory compliance certifications.
Strong global presence, exporting products to over 95 countries.
Illusion Aligners brand leads India’s growing clear aligner market.
Only Indian company specialising in paediatric dental products segment.
Risks
8Reported losses in FY2022 and FY2023, impacting financial stability.
Non-compliance with FEMA regulations flagged in FY2024 audit.
Heavy reliance on Mumbai facilities, risks from regional disruptions.
High employee attrition rates, 27.32% in FY2023, affecting operations.
No long-term commitments from dental network for revenue stability.
98.59% of production is concentrated in Mumbai, vulnerable to disruptions.
Litigation involving promoter raises concerns about governance risks.
Revenue heavily dependent on exports, 32.54% in FY2024, volatile.
Laxmi Dental Limited Peer Details Comparison
| Company Name | EPS (Basic) | NAV (per share) (Rs) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|
| Laxmi Dental Limited | 4.8 | 8.63 | 78.78 | - |
| Poly Medicure Ltd. | 26.92 | 153.22 | 19.05 | 16.53 |
