Laxmi Dental shares jump nearly 29% in market debut trade

New Delhi: Shares of Laxmi Dental Ltd on Monday ended with a premium of nearly 29 per cent against the issue price of Rs 428.

The stock made its debut at Rs 528, a jump of 23.36 per cent from the issue price on the BSE. During the day, it surged 36.37 per cent to Rs 583.70. Shares of the firm finally ended at Rs 550.65 each, reflecting a surge of 28.65 per cent.

On the NSE, the stock listed at Rs 542, rallying 26.63 per cent. It ended at Rs 550.55 apiece, a jump of 28.63 per cent.

The company's market valuation stood at Rs 3,026.49 crore.

In volume terms, 15.95 lakh shares of the firm were traded on the BSE and 239.12 lakh shares on the NSE during the day.

The initial public offer of Laxmi Dental Ltd garnered 113.97 times subscription on the closing day of bidding on Wednesday.

The initial share sale had a price band of Rs 407-428 per share.

The IPO had a combination of a fresh issue of equity shares for up to Rs 138 crore and an OFS of up to 1.31 crore equity shares worth Rs 560 crore by promoters -- Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant, and other shareholders, according to the Red Herring Prospectus (RHP).

As per the RHP, the net proceeds from the fresh issue will be utilised for repayment of debt, funding of capital expenditure requirements, investment in its subsidiary Bizdent Devices Pvt Ltd and general corporate purposes.

Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products like aligner solutions and pediatric dental products.