The Securities and Exchange Board of India has approved the initial public offering of Laxmi Dental Ltd. The regulator issued its observations on the IPO offers, which means a final clearance, according to a release.
Laxmi Dental had applied for an IPO in September. It plans to raise up to Rs 150 crore via the IPO, which consists of a fresh issue of shares worth Rs 150 crore and an offer for sale of up to 1.28 crore shares, according to the draft red herring prospectus.
Rajesh Vrajlal Khakhar and Sameer Kamlesh Merchant are the promoters of the company offloading in the OFS, while OrbiMed Asia II Mauritius Ltd., Jigna Rajesh Khakhar, Hasmukh Vrajlal Khakhar, Amrish Mahendrabhai Desai, Parag Jamnadas Bhimjiyani and Kunal Kamlesh Merchant are the other selling shareholders.
The company will use Rs 19.6 crore to repay or prepay outstanding borrowings and Rs 37.6 crore to purchase new machinery. It will invest Rs 13.4 crore for the repayment or prepayment of certain outstanding borrowings in its subsidiaries and Rs 35.1 crore for capital expenditure or purchase of new subsidiaries in the company.
Laxmi Dental is a vertically integrated business-to-business-to-company dental alignment company. It offers end-to-end integrated dental products and has over 20 years of brand presence.
JSW Cement IPO
SEBI continued to keep the JSW Cement Ltd.'s IPO worth Rs 4,000 crore on hold. The JSW Group company filed its preliminary papers with the market regulator to raise funds through an IPO in August. The proposed public offering consists of a fresh issue of Rs 2,000 crore and an offer for sale of the same amount.
(An earlier version of the story had erroneously reported Anlon Healthcare has received IPO approval.)
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