Laxmi Dental Debuts With 27% Hike

New Delhi: Shares of Laxmi Dental Ltd on Monday listed with a premium of nearly 27 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. It further surged 36.37 per cent to Rs 583.70. At the NSE, it listed at Rs 542, rallying 26.63 per cent. The company’s market valuation stood at Rs 3,129 crore. 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 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.