IPO Details
Bidding Dates
13 Jan 25 - 15 Jan 25
Price Range ₹
407 - 428
Total Equity
₹ 383.93Cr
Lot Size
33
Exchange Status
BSE,NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
76.23×
Qualified Institutional Buyers
110.38×
Employees
0.00×
Retail Investors
76.23×
Total subscription Rate
114.42×
IPO Timeline
Offer start
13 Jan 2025
Offer end
15 Jan 2025
Allotment
16 Jan 2025
Refund initiation
17 Jan 2025
Demat transfer
17 Jan 2025
Listing
20 Jan 2025
Offer start
13 Jan 2025
Offer end
15 Jan 2025
Allotment
16 Jan 2025
Refund initiation
17 Jan 2025
Demat transfer
17 Jan 2025
Listing
20 Jan 2025
About Company
Laxmi Dental Limited, established in July 2004, is a comprehensive dental products company. It provides custom crowns and bridges, branded dental items such as clear aligners and thermoforming sheets, aligner-related products as part of its aligner solutions, and pediatric dental products. Its product range includes custom crowns and bridges, clear aligners, thermoforming sheets, pediatric dental products, and more. The company markets thermoforming sheets, biocompatible 3D printing resins, and machines for manufacturing clear aligners under the brand name Taglus. Laxmi Dental Limited follows a fully integrated model, managing the entire process from design and manufacturing to distribution of dental products. As of September 30, 2024, the company operates six manufacturing facilities: three in Mira Road, Mumbai, two in Boisar, and one in Kochi, along with five supporting facilities located in Mumbai, Delhi, Bengaluru, and Ahmedabad. The company’s dental network, as of September 30, 2024, includes over 22,000 clinics and dentists across more than 320 cities nationwide. It has a significant presence in both domestic and international markets, exporting to over 90 countries. As of September 30, 2024, the company employed 2,372 people across various departments.
Year Founded
08-07-2004
Promotor Details
Rajesh Vrajlal Khakhar
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 46.56 | 41.7 |
| Share Capital | 24091330 | 22920210 |
Offer to Public
89,70,371.00 Cr
Project Details
- Investment in our Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requireme - 250.04cr
- Funding the capital expenditure requirements for purchase of new machinery for our Company - 435.07cr
- Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outs - 46cr
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company - 229.84cr
Objectives
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our 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 our Company.*Investment in our Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery.*General corporate purposes.
Highlights
- With exports to 81 countries and partnerships with leading dental companies, Laxmi Dental has a significant international presence, showcasing its ability to cater to global markets while maintaining high-quality standards.
- The company has a design registration in India for its innovative "Bioflx" crowns, which are semi-flexible, tooth-colored pre-formed crowns for children. This highlights its commitment to innovation and addressing niche dental needs.
- Laxmi Dental has established a robust network, supplying its products to over 22,000 dental clinics, dental companies, and dentists across India and exporting to 81 countries through partnerships with pediatric dental firms.
- The company's manufacturing facilities in Boisar meet US FDA quality system regulations, and the Mira Road and Boisar units are ISO 13485:2016 certified for quality management systems for medical devices. Additionally, its thermoforming machines and resins are certified under EU Regulation 2017/745, ensuring global standards.
- Laxmi Dental specializes in a wide range of dental prostheses, including metal-free crowns and bridges, premium zirconia crowns under the "Illusion Zirconia" brand, porcelain-fused-to-metal (PFM) crowns, bridges, and dentures. It also offers unique pediatric dental products like Bioflx crowns, pre-formed pediatric crowns, and other specialized solutions.
Challenges
- The company reported a loss of ₹18.68 crore in FY22 and ₹4.16 crore in FY23, with no assurance that such losses will not recur in the future, raising concerns about its profitability and financial stability.
- Laxmi Dental's business heavily relies on its B2B2C model, which contributed a significant portion of its revenue in recent years. Any failure to sustain or expand this model, including obtaining recommendations and increasing revenue per dental clinic, could severely impact its operations and financial health.
- The company’s revenue is highly concentrated in India and the US, which together account for a substantial portion of its revenue. Any loss of business or adverse developments in these key markets could significantly affect its financial performance.
- The company, along with its subsidiaries, promoters, and directors, is involved in ongoing legal proceedings, including a pending case against its promoter, chairperson, and whole-time director. Adverse judgments in these cases could harm its reputation and business prospects.
- Most of Laxmi Dental’s manufacturing facilities are concentrated in and around Mumbai. This geographical concentration exposes the company to risks from local disruptions, natural calamities, or other adverse developments in the region, which could disrupt its operations.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2024 | 1,273.41 | 119.32 | -170.83 | -183.65 | -6.6252 |
| 2023 | 968.36 | 119.32 | 179.41 | 247.78 | 8.9387 |
| 2022 | 1,026.13 | 119.32 | -170.83 | -183.65 | -6.6252 |
