Laxmi Dental
Book Building issueMainboardNSE₹698 Cr issue
+23.36%
Listing gain over issue price
Issue size
₹698 Cr
1 lot at cut-off
₹14,124
Lot size
33shares
Open
13 Jan 2025
Close
15 Jan 2025
Allotment
16 Jan 2025
Listing
20 Jan 2025
Listing performance
Issue price
₹428
Listed at
₹528
Listing-day close
₹550.65
Latest price
₹170.22
Close on 23 Oct 2026
Listing gain
+23.36%
Return since issue
-60.23%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Jan 2025 – 15 Jan 2025
- Listing date
- 20 Jan 2025
- Face value
- ₹2 per share
- Issue price
- ₹428 per share
- Lot size
- 33 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹698 Cr
- Market cap at offer price
- ₹2,352 Cr
- Promoter holding
- 46.56% → 41.70% pre-issue → post-issue
- ISIN
- INE0WO601020
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- Office No.103, Akruti Arcade, J.P.Road, Opposite A.H.Wadia High School, Andheri (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 73,39,395 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 33 shares per lot, in multiples, at ₹428
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
73,39,395
Anchor portion
₹314 Cr
at ₹428 per share
Valuation and performance
Valuation at offer price
₹428 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.88 | 8.27 |
| P/E (×) | 87.70 | 51.75 |
| Price to book (×) | 49.59 | — |
| Market cap | — | ₹2,352 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 78.78%
- ROCE
- 19.97%
- Debt / equity
- 0.94
- PAT margin
- 13.03%
- NAV per share
- ₹8.63
- Price to book
- 49.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Laxmi Dental
Laxmi Dental Limited, incorporated in 2004 as 'Laxmi Dental Export Private Limited' and converted to a public limited company in 2024, is India's leading integrated dental products manufacturer. The company operates through a comprehensive portfolio spanning custom-made dental laboratory services (crowns and bridges), branded dental products including clear aligner solutions and thermoforming sheets, and paediatric dental products through its jointly controlled entity Kids-E-Dental LLP. With over 20 years of presence in the dental laboratories business and a reach of 22,000+ dental clinics, dental companies and dentists, the company operates a B2B2C business model. For Fiscal 2024, the company reported consolidated revenue from operations of ₹1,935.55 million and profit after tax of ₹252.29 million, with significant international presence in the U.S. and UK markets.
Company Analysis
from RHPLaxmi Dental Limited is India's only end-to-end integrated dental products company offering custom-made crowns and bridges, branded aligner solutions, thermoforming sheets, and paediatric dental products across domestic and international markets.
Laxmi Dental Limited, incorporated in 2004 as 'Laxmi Dental Export Private Limited' and converted to a public limited company in 2024, is India's leading integrated dental products manufacturer. The company operates through a comprehensive portfolio spanning custom-made dental laboratory services (crowns and bridges), branded dental products including clear aligner solutions and thermoforming sheets, and paediatric dental products through its jointly controlled entity Kids-E-Dental LLP. With over 20 years of presence in the dental laboratories business and a reach of 22,000+ dental clinics, dental companies and dentists, the company operates a B2B2C business model. For Fiscal 2024, the company reported consolidated revenue from operations of ₹1,935.55 million and profit after tax of ₹252.29 million, with significant international presence in the U.S. and UK markets.
dental laboratoriesdental products manufacturingbranded dental productsmedical devicesaligner solutionspaediatric dental products
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹229.84 million p.25
- Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outstanding borrowings ₹46.00 million p.25
- Funding the capital expenditure requirements for purchase of new machinery for our Company ₹435.07 million p.25
- Investment in our Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery ₹250.04 million p.26
- General corporate purposes ₹320.75 million p.26
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹229.84 million p.175
- Investment in certain Subsidiaries for the repayment/prepayment, in full or in part, of certain outstanding borrowings ₹46.00 million p.175
- Funding the capital expenditure requirements for purchase of new machinery for our Company ₹435.07 million p.175
- Investment in our Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery ₹250.04 million p.175
- General corporate purposes ₹320.75 million p.175
- Funding the capital expenditure requirements for purchase of new machinery for the Company, including injection moulding and extrusion machines; CAD/CAM machinery; packing, polishing, laser marking machines; and research and development for new products p.311
- Not disclosed in this part of the document
- Funding the capital expenditure requirements for purchase of new machinery for our Company p.474
- Investment in our Subsidiary, Bizdent Devices Private Limited, for the capital expenditure requirements for the purchase of new machinery p.474
Issue Structure
- Total Issue
- 16,309,766 Equity Shares of face value of ₹2 each aggregating to ₹6,980.58 million
- Fresh Issue
- 3,224,299 Equity Shares of face value of ₹2 each aggregating to ₹1,380 million
- Offer for Sale
- 13,085,467 Equity Shares of face value of ₹2 each aggregating to ₹5,600.58 million
- Price Band
- ₹407 per Equity Share (Floor Price) to ₹428 per Equity Share (Cap Price)
- Lot Size
- 33 Equity Shares (Bid Lot)
- Face Value
- ₹2 each
Business Model
The company primarily operates a B2B2C (Business-to-Business-to-Consumer) model, selling dental products through a network of dental clinics, dental companies and dentists to end-consumer patients. Revenue is generated from three main segments: (1) Domestic and international custom-made dental laboratory services (domestic lab and international lab), (2) Branded aligner solutions and related products (Bizdent Devices and Vedia Solutions division), and (3) Paediatric dental products (Kids-E-Dental LLP). The company also generates revenue from other diversified dental products and services.
Business Segments
Custom-made crowns and bridges catering to the Indian dental market
Custom-made crowns and bridges catering to international markets
Aligner solutions sold by Bizdent Devices Private Limited
Other aligner related products sold by Vedia Solutions, a division of Laxmi Dental Limited
Paediatric dental products through jointly controlled entity Kids-E-Dental LLP
Other diversified revenue from the Company and its Subsidiaries
Manufactures and distributes metal-free products, porcelain-fused-to-metal (PMF) products, removables and other dental laboratory products
Operates Signature Smiles Dental Clinic providing direct dental clinical services
Miscellaneous operating income from other sources
Dental lab services catering to the Indian market providing laboratory services for dental applications including digital and metal-free products
Dental lab services catering to international markets providing laboratory services for dental applications including digital and metal-free products
Manufacturing and selling of dental aligners by Bizdent Devices Private Limited subsidiary
Other aligner related products sold by Vedia Solutions division of Laxmi Dental Limited
Pediatric dental products through jointly controlled entity Kids-E-Dental LLP
Other miscellaneous revenue from company and subsidiaries
Manufactures custom-made dental prosthesis including metal-free crowns and bridges (branded as Illusion Zirconia), porcelain fused to metal crowns, bridges, dentures, and has launched branded intraoral scanners (iScanPro) for digital dentistry. Serves both domestic Indian market and international markets (primarily US and UK).
Manufactures and distributes branded clear aligners (Illusion Aligners - first Indian brand to receive US FDA 510(k) clearance in 2021), and supplies aligner manufacturing materials and equipment under the Taglus brand including thermoforming sheets, thermoforming machines, biocompatible 3D printing resins, and dental consumables. Operates B2B2C business model with flexible payment options.
Manufactures and distributes through Kids-E-Dental LLP a comprehensive range of paediatric dental products including pre-formed metal-free paediatric dental crowns (Bioflx - registered design in India), Silver Diamide Fluoride (SDF - only Indian manufacturer of US FDA cleared SDF), space maintainers, fissure sealant, reinforced splint, and mineral trioxide aggregate. Products distributed globally across 81 countries.
Manufactures and sells clear aligners under Illusion Aligners brand (customised, laser-marked aligners with pay-as-you-go model); manufactures thermoforming sheets, biocompatible 3D printing resins, thermoforming machines, and consumables under Taglus brand for aligner production
Manufactures dental laboratory products including metal-free zirconia crowns (Illusion Zirconia), PFM crowns, dentures, removable restorations, fixed restorations, and iScanPro branded intraoral scanners
Manufactures and sells paediatric dental products including pre-formed paediatric zirconia crowns, silver diamide fluoride (SDF), space maintainers, fissure sealants, reinforced splints, and mineral trioxide aggregate. Only Indian company specialized in paediatric dental products with FDA 510(k) clearance for SDF.
Provides dental laboratory services for the manufacture and provision of dental products and laboratory work
Manufactures and provides orthodontic aligner solutions for dental treatment
Provides dental clinical services including dental treatment to patients through dental clinics
Manufacturing and selling custom-made dental prosthesis including metal-free crowns and bridges, zirconia crowns under the brand Illusion Zirconia, porcelain fused to metal crowns and bridges, dentures, and digital intraoral scanners (iScanPro). Serves both domestic Indian market and international markets, primarily US and UK.
Designing, manufacturing and selling clear aligners under the brand Illusion Aligners (first Indian brand to receive US FDA 510(k) clearance in 2021) and related aligner products including thermoforming sheets, thermoforming machines, dental consumables, and biocompatible resins for 3D printing under the Taglus brand. Operates fully vertically integrated with end-to-end capabilities from raw material to distribution. Uses B2B2C model selling through dental network.
Through 60% stake in Kids-E-Dental LLP (Jointly Controlled Entity), manufactures and sells branded paediatric dental products including pre-formed metal-free paediatric dental crowns (including the design-registered product 'Bioflx'), Silver Diamide Fluoride (SDF), space maintainers, fissure sealant, reinforced splint, and mineral trioxide aggregate. Only Indian company specialized in paediatric dental products and manufacturing of pre-formed metal-free paediatric crowns. Also the only Indian manufacturer of US FDA cleared SDF.
SWOT Analysis
Strengths
- • India's only end-to-end integrated dental products company with comprehensive portfolio spanning custom-made crowns, bridges, and branded products(p.25)
- • Among top two largest Indian dental laboratories by revenue in Fiscal 2024(p.25)
- • Profitable consolidated operations in Fiscal 2024 with PAT of ₹252.29 million and positive EPS(p.42)
- • Achieved operating leverage with significant improvement in profitability margins(p.42)
- • Large and growing dental network reach of over 22,000 cumulative unique clinics and dentists(p.46)
- • Profitable six-month period ended September 30, 2024 with PAT of ₹227.39 million(p.42)
- • Strong branded product portfolio generating significant revenue(p.52)
- • Global export presence across 95+ countries and 320 Indian cities(p.58)
- • Significant export revenue contribution(p.55)
- • High capacity utilization in laboratory division(p.84)
- • Profitability improvement trend(p.62)
- • Quality certifications and regulatory compliance(p.64)
- • Only integrated dental products company in India with vertical integration(p.200)
- • Second largest domestic lab player and largest export lab with digital adoption leadership(p.200)
- • Diverse branded product portfolio spanning laboratories, aligners, and paediatric products(p.200)
- • Large dental network providing competitive advantage(p.200)
- • Advanced technological capabilities with stringent regulatory compliance(p.200)
- • Experienced management with significant industry experience(p.200)
- • Strong recent financial performance with PAT margin of 13.03% in FY2024(p.206)
- • High return on equity of 78.78% in FY2024(p.202)
- • Only integrated dental products company in India with comprehensive product portfolio(p.296)
- • Largest exporter of custom-made dental prosthesis among Indian dental labs(p.297)
- • First Indian clear aligner brand to receive FDA clearance(p.273)
- • Fully vertically integrated manufacturing from raw materials to distribution(p.288)
- • Large established Dental Network with over 22,000 customers(p.297)
- • High adoption of digital dentistry workflows reducing turnaround time(p.297)
- • Only Indian manufacturer of FDA-cleared pediatric dental products(p.297)
- • Strong profitability and returns metrics(p.301)
- • Largest and most profitable vertically integrated Indian B2B2C dental aligner company(p.306)
- • First Indian company to receive US FDA 510(k) clearance for clear aligners(p.314)
- • First mover advantage in thermoforming sheets and aligner manufacturing equipment(p.306)
- • Well-established dental network of 22,000+ clinics, companies and dentists across 320 Indian cities and 95 countries(p.309)
- • Strong regulatory compliance and international certifications across all manufacturing facilities(p.308)
- • Affordable pay-as-you-go model for clear aligners providing competitive advantage(p.306)
- • Experienced management team with 30+ years in dental industry(p.309)
- • Established multi-segment business with Laboratory, Aligners, and Clinical services(p.421)
- • Geographic diversification with presence in India, USA, UK, and other markets(p.421)
- • Strong profitability turnaround with positive EBITDA and improving margins(p.462)
- • Successful joint venture in Kids E Dental contributing significant profits(p.448)
- • Only end-to-end integrated dental products company in India with comprehensive portfolio(p.465)
- • Largest exporter of custom-made dental prosthesis among Indian dental labs(p.466)
- • 20+ years of established presence with reach to over 22,000 dental clinics and dentists(p.466)
- • First Indian brand to receive FDA 510(k) clearance for clear aligners(p.466)
- • Only fully vertically integrated aligner company in India with end-to-end capabilities(p.467)
- • Only Indian manufacturer of US FDA cleared SDF (Silver Diamide Fluoride)(p.467)
- • Leading paediatric dental product brand in India(p.467)
- • FDA-registered and ISO 13485:2016 certified manufacturing facilities(p.466)
Weaknesses
- • Historical losses in Fiscal 2023 and Fiscal 2022 with consolidated loss after tax and negative EPS(p.41)
- • Statutory Auditors included emphasis of matter regarding FEMA compliance non-compliance with foreign currency receivables outstanding over 9 months(p.44)
- • Significant asset write-offs in last three fiscal years including ₹93.87 million goodwill impairment in Fiscal 2022(p.45)
- • Laxmi Dental Lab USA subsidiary reported losses for last three fiscal years prior to profitability in H1 FY2024-25(p.44)
- • High financial burden and operational losses in earlier years due to fixed costs and low digital penetration(p.42)
- • Material outstanding litigation involving company and promoters with aggregate quantifiable amount of ₹357.68 million(p.32)
- • Significant geographic concentration with 98.59% of production in Mumbai Metropolitan Region(p.54)
- • High employee attrition rate historically(p.65)
- • Negative cash flows from operating activities in prior period(p.76)
- • Heavy reliance on a few key suppliers(p.69)
- • Promoter involved in outstanding criminal proceedings(p.63)
- • US subsidiary has historical losses(p.86)
- • Low debt service coverage ratio(p.88)
- • History of delays in statutory dues payments(p.97)
- • Insufficient insurance coverage for subsidiary assets(p.110)
- • Declining insurance coverage for main company assets(p.110)
- • Significant related party transactions creating potential conflicts(p.107)
- • Material reliance on internal classification methodologies without external consistency(p.112)
- • Promoter shareholding highly concentrated, limiting public float(p.159)
- • Flexibility in fund utilization creates execution uncertainty(p.176)
- • High debt service obligations with consolidated borrowings of ₹515.54 million(p.177)
- • Inability to reliably measure capacity increase from new machinery investment(p.186)
- • No definitive vendor agreements for capex equipment procurement(p.193)
- • High dependence on international markets for laboratory revenue(p.305)
- • Reliance on concentrated customer base for international dental lab business(p.297)
- • Jointly Controlled Entity (Kids-E-Dental) classified as JCE limiting financial impact consolidation(p.296)
- • Significant portion of aligner cases concentrated in Tier I cities(p.298)
- • Limited scale in tier II and tier III cities despite growth opportunity(p.306)
- • Dependence on top 10 suppliers for over 50% of raw materials and traded goods(p.318)
- • Lack of long-term purchase orders or commitments from dental network creates pricing pressure(p.318)
- • High leverage with total borrowings of INR 409.06 million as at 30 September 2024(p.413)
- • Significant trade receivable impairment allowance of INR 70.09 million indicating collection challenges(p.408)
- • Reliance on related party funding; unsecured loans from directors totaling INR 19.11 million(p.413)
- • Declining inventory turnover ratio indicating slower inventory movement(p.451)
- • Concentration of promoter shareholding at 67.32% creating governance risk(p.411)
- • High employee benefit expenses at 32.52% of total income(p.491)
- • Dependence on suppliers for raw materials without exclusivity agreements(p.474)
- • Low capacity utilization in some segments(p.473)
- • Significant finance costs and borrowing obligations(p.496)
- • Negative cash position(p.494)
Opportunities
- • High growth potential in Indian dental markets with custom-made crowns/bridges market growing at 11.8% CAGR 2023-2030(p.25)
- • Rapid expansion opportunity in Indian clear aligner market growing at 23.0% CAGR compared to global 15.0%(p.25)
- • Strong growth potential in paediatric dental crown market at 14.5% CAGR 2023-2030 against global 7.5%(p.25)
- • Strategic expansion of dental network with cross-selling opportunities across diverse product portfolio(p.47)
- • Growing B2B2C revenue model with 82.34% of revenue from this channel demonstrating strong market acceptance(p.47)
- • Expansion in US market with consolidation trends favoring outsourcing(p.85)
- • US subsidiary turned profitable in recent period(p.86)
- • Industry shift towards premium metal-free products(p.66)
- • Planned expansion of Dental Network in US market(p.86)
- • Growing paediatric dental products segment(p.53)
- • Expansion into international markets with digital dentistry adoption(p.113)
- • Capital investment to upgrade machinery and technology(p.112)
- • India positioned as world's third-largest economy by 2028 with 9.9% GDP CAGR(p.232)
- • Growing healthcare spending driven by rising disposable income and demographic dividend(p.240)
- • Expansion of public insurance coverage through PM-JAY scheme benefiting healthcare demand(p.239)
- • Government's Make in India PLI scheme supporting domestic medical device manufacturing(p.239)
- • Growing digital dentistry adoption evident in rising digital unit penetration(p.208)
- • Rising metal-free product demand reflecting premium product mix shift(p.209)
- • Branded product portfolio growth with 40.37% branded sales penetration(p.209)
- • Strong international lab presence with 61.77% digital penetration capturing export growth(p.209)
- • Rapidly expanding Indian dental consumables market growing at 14.5% CAGR(p.261)
- • High-growth Indian clear aligner market expected to grow at 23% CAGR(p.276)
- • Shift from unorganized to organized dental labs due to regulatory compliance requirements(p.264)
- • Growing demand for premium metal-free dental products like zirconia(p.262)
- • Expansion of Tier II and Tier III cities with low clear aligner penetration(p.276)
- • Increasing outsourcing of dental lab work from developed countries to India(p.265)
- • Growing adoption of clear aligners by general dentists expanding market access(p.263)
- • Booming paediatric dental crown market growing at 14.5% CAGR(p.285)
- • Indian clear aligner market growth from USD 133.6M (2023) to USD 569.0M at 23% CAGR(p.306)
- • Domestic companies expected to reduce international player dominance like in China(p.306)
- • Growing awareness of dental aesthetics and rising disposable income driving branded product preference(p.306)
- • Global paediatric crown dental market projected to grow from USD 2.1B to USD 3.5B (2023-2030)(p.307)
- • Increased regulatory scrutiny accelerating ISO 13485 compliance adoption among Indian laboratories(p.308)
- • Global dental consumables market expected to grow at 10.5% CAGR to USD 356.8B by 2030(p.309)
- • Expansion opportunity to underpenetrated regions especially with existing USA DSO customer relationship(p.309)
- • Expansion of Aligners business segment showing strong growth trajectory(p.421)
- • Growth in international markets with USA contributing INR 220.70 million in six-month period(p.421)
- • Dental Clinical Services emerging business line with revenue of INR 34.82 million(p.421)
- • ESOP scheme 2024 approved to attract and retain talent for future growth(p.454)
- • Conversion to Public Limited Company enabling capital market access(p.454)
- • High growth potential in Indian clear aligner market at 23% CAGR(p.466)
- • Rapid growth in Indian custom-made crowns and bridges market at 11.8% CAGR(p.466)
- • High growth in Indian paediatric dental crown market at 14.5% CAGR(p.467)
- • Market consolidation trend favoring quality-focused organized players(p.466)
- • Expansion to Tier II and Tier III cities with growing market penetration(p.466)
- • Growing consumer demand for dental aesthetics and clear aligner treatment(p.466)
- • Increased adoption of digital technologies in dentistry(p.475)
Threats
- • Business concentration in India and limited geographies with 67.51% revenue from India, 19.08% from USA, 7.33% from UK(p.48)
- • All major manufacturing facilities concentrated in and around Mumbai creating geographic vulnerability(p.23)
- • Heavy dependence on dental network recommendations for B2B2C model success representing 82.34% of revenue(p.47)
- • Significant imports and exports exposure creating foreign exchange and trade policy risks(p.23)
- • Extensive regulatory compliance requirements for dental products subject to dynamic regulation changes(p.24)
- • Outstanding legal proceeding involving Chairperson and Whole-time Director with potential for adverse impact(p.23)
- • Lack of long-term purchase commitments from dental network(p.65)
- • Pricing pressure from dental network(p.68)
- • Risk of regional economic slowdown affecting revenue(p.51)
- • Manufacturing facility disruption risk from natural disasters(p.55)
- • Import disruptions affecting supply chain(p.57)
- • Export disruptions by authorities(p.58)
- • Exchange rate fluctuation risk(p.95)
- • Regulatory changes and compliance costs(p.64)
- • Risk of product recalls or withdrawals(p.81)
- • Competitive pressure from domestic and international players(p.94)
- • Pandemic/epidemic outbreak risk affecting patient visits(p.77)
- • Healthcare policy changes affecting reimbursement in export markets(p.69)
- • Lack of long-term raw material supply agreements(p.73)
- • Exposure to export duties and international trade tariffs(p.113)
- • Dependence on Indian economic stability and political conditions(p.114)
- • Vulnerability to health pandemics and natural disasters(p.115)
- • Sovereign credit rating downgrade risk affecting borrowing costs(p.117)
- • Exposure to foreign exchange fluctuation risks(p.119)
- • Risks from funding plan uncertainty and market conditions beyond management control(p.176)
- • Uncertainty in equipment cost increases requiring internal accrual financing(p.193)
- • Uncertainty in international market pricing due to exchange rate volatility(p.192)
- • Global healthcare spending growth rate below GDP growth in advanced economies(p.241)
- • Severe shortage of dental technicians in India(p.295)
- • Low dental care adoption due to affordability barriers(p.295)
- • Poor awareness of dental care importance in India(p.295)
- • Low technology adoption among dentists in Tier II and III cities(p.295)
- • Increasing competition from domestic and international branded aligner players(p.288)
- • Significant shortage of dental professionals in rural areas(p.295)
- • Limited dental insurance coverage affecting demand(p.295)
- • High fragmentation in Indian dental laboratories market with 5,000+ small competitors(p.308)
- • Global and Indian dental companies offering competitive products(p.319)
- • D2C models showing traction in global clear aligner markets(p.307)
- • International brands historically dominating emerging markets but domestic brands catching up(p.310)
- • Survival challenges for new entrants due to long gestation for establishing trusted network and high equipment costs(p.309)
- • Competition from established dental laboratory and aligner manufacturers both domestic and international(p.448)
- • Foreign exchange risk from significant USD exposures in trade receivables and payables(p.439)
- • Regulatory and tax compliance risks including pending income tax assessment for AY 2019-20(p.436)
- • Discontinuation of USA business division (Alvy Dental Supply) reducing revenue base(p.428)
- • Rising interest rate risk from significant floating rate borrowings of INR 387.40 million(p.438)
- • Risk of regulatory changes and non-compliance penalties(p.474)
- • Volatility in raw material prices affecting margins(p.474)
- • Risk of manufacturing facility disruptions from natural disasters(p.473)
- • Economic slowdown affecting consumer spending on elective dental procedures(p.475)
- • Uncertain future demand for clear aligner treatment(p.475)
- • Fragmented and competitive dental laboratory market(p.466)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajesh Vrajlal Khakhar | Promoter | 18.34% | 16.91% |
| Sameer Kamlesh Merchant | Promoter | 17.59% | 15.77% |
| Dharmesh Bhupendra Dattani | Promoter | 0.26% | 0.24% |
| Rajesh Vrajlal Khakhar | Promoter | — | — |
| Sameer Kamlesh Merchant | Promoter | — | — |
| Rajesh Vrajlal Khakhar | Promoter | 18.34% | 16.91% |
| Sameer Kamlesh Merchant | Promoter | 17.59% | 15.77% |
| OrbiMed Asia II Mauritius Limited | Investor Selling Shareholder | 46.26% | 22.41% |
| Rajesh Vrajlal Khakhar | Director/Promoter | 18.34% | 16.91% |
| Sameer Kamlesh Merchant | Director/Promoter | 17.59% | 15.77% |
| Amrish Mahendrabhai Desai | Promoter Group | 2.43% | 2.02% |
| Jigna Rajesh Khakhar | Promoter | — | — |
| Hasmukh Vrajlal Khakhar | Promoter | — | — |
| Kunal Kamlesh Merchant | Promoter | — | — |
| Rajesh Vrajlal Khakhar | Founder, Chairperson and Whole-Time Director | — | — |
| Sameer Kamlesh Merchant | Managing Director | — | — |
| Rajesh Vrajlal Khakhar | Founder and Promoter | — | — |
| Sameer Kamlesh Merchant | Promoter | — | — |
| Rajesh Vrajlal Khakhar | Promoter | 18.34% | — |
| Sameer Kamlesh Merchant | Promoter | 17.59% | — |
| Dharmesh Bhupendra Dattani | Promoter | 0.26% | — |
| Rajesh Vrajlal Khakhar | Promoter/Founder, Chairperson and Whole-Time Director | — | — |
| Sameer Kamlesh Merchant | Promoter/Managing Director and Chief Executive Officer | — | — |
| Dharmesh Bhupendra Dattani | Promoter/Chief Financial Officer | — | — |
| Rajesh Vrajlal Khakhar | Promoter Selling Shareholder | — | — |
| Sameer Kamlesh Merchant | Promoter Selling Shareholder | — | — |
| OrbiMed Asia II Mauritius Limited | Investor Selling Shareholder | — | — |
| Jigna Rajesh Khakhar | Other Selling Shareholder | — | — |
| Hasmukh Vrajlal Khakhar | Other Selling Shareholder | — | — |
| Amrish Mahendrabhai Desai | Other Selling Shareholder | — | — |
| Parag Jamnadas Bhimjiyani | Other Selling Shareholder | — | — |
| Kunal Kamlesh Merchant | Other Selling Shareholder | — | — |
| Rajesh Vrajlal Khakhar | Promoter Selling Shareholder | — | — |
| Sameer Kamlesh Merchant | Promoter Selling Shareholder | — | — |
| OrbiMed Asia II Mauritius Limited | Investor Selling Shareholder | — | — |
| Kunal Kamlesh Merchant | Selling Shareholder | — | — |
| Amrish Mahendrabhai Desai | Selling Shareholder | — | — |
| Hasmukh Vrajlal Khakhar | Selling Shareholder | — | — |
| Parag Jamnadas Bhimjiyani | Selling Shareholder | — | — |
| Jigna Rajesh Khakhar | Selling Shareholder | — | — |
Leadership
Rajesh Vrajlal Khakhar · Chairperson and Whole-Time Director
Sameer Kamlesh Merchant · Managing Director and Chief Executive Officer
Dharmesh Bhupendra Dattani · Chief Financial Officer
Nupur Joshi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Laxmi Dental IPO FAQs
What is the lot size of Laxmi Dental IPO?
The minimum lot size of Laxmi Dental IPO is 33 shares. One lot costs ₹14,124 at the cut-off price.
When does Laxmi Dental IPO open and close?
Laxmi Dental IPO opened for subscription on 13 Jan 2025 and closed on 15 Jan 2025.
What is the listing date of Laxmi Dental IPO?
Laxmi Dental IPO listed on 20 Jan 2025.