Laxmi Dental

Laxmi Dental's board approved a proposal to vary the objects of its IPO and extend the utilisation period, subject to shareholder approval. The plan would redirect ₹48.103 crore of unutilised proceeds to ₹26.896 crore for land, building and infrastructure and ₹21.207 crore for movable assets, including machinery and equipment, for a dental laboratory and aligner facility, with spending scheduled across FY27 and FY28. The company had used ₹80.067 crore, or 62.47%, of its ₹128.17 crore IPO proceeds by August 18, leaving ₹48.103 crore unutilised. It also allotted 7,911 equity shares to employees under its ESOP 2024 scheme, taking total issued shares to 5,50,29,420. The project followed a July 30 LOI for a proposed ₹6.21 crore Palghar land acquisition, while the planned merger of Bizdent Devices into Laxmi Dental remained subject to approval.

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Laxmi Dental's board approved a proposal, subject to shareholder approval, to vary the objects of its IPO proceeds and extend their utilisation through FY27 and FY28. It proposed redirecting ₹48.10 crore of unutilised funds from machinery allocations for the company and Bizdent Devices to land, building and infrastructure for a dental laboratory and aligner facility, and to movable assets including machinery and computers. As of August 18, the company had used ₹80.07 crore, or 62.47%, of its ₹128.17 crore IPO proceeds. The proposal followed a ₹6.21 crore letter of intent for Palghar land noted by the board on August 11; FY26 consolidated revenue was ₹277.9 crore. The board also allotted 7,911 equity shares to employees under its 2024 stock-option scheme.

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April 28 (Reuters) - Laxmi Dental Ltd LAXD.NS:

• LAXMI DENTAL LTD - TO ACQUIRE SHARES IN BIZDENT DEVICES

Source text: ID:nBSE5YQ756

Further company coverage: LAXD.NS

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** Shares of Laxmi Dental LAXD.NS gain as much as 5% to 435.25 rupees; snapping three sessions of losses

** Brokerage Nuvama starts coverage on stock with 'buy' and price target of 570 rupees, implying a ~38% upside from the last close

** Says the dental products maker is poised to capture meaningful share of the "underpenetrated and fragmented" dental care market

** Adds LAXD's wide portfolio, demand for aesthetics in dental care, digitalisation and rising income are key tailwinds for co's growth

** Laxmi is directly targeting dental service organizations in the U.S., which should also accelerate exports growth - Nuvama

** Expects revenue and adjusted PAT to grow at 26% and 59% CAGR over FY25-28

** LAXD down ~23% since trading debut on January 20

(Reporting by Manvi Pant in Bengaluru)

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** Laxmi Dental LAXD.NS soars ~31% to 560.15 rupees in debut trade, valuing co at 30.79 bln rupees (~$356 mln)

** Stock opened at 542 rupees on the NSE vs issue price of 428 rupees

** Dental products maker's 6.98 bln-rupee IPO was subscribed 114.4 times, getting bids worth 439.29 bln rupees during three-day bidding process - exchange data

** LAXD sold new shares worth 1.38 bln rupees in IPO and will use proceeds to repay debt, buy new machinery

** Existing shareholders sold shares worth 5.60 bln rupees in IPO

($1 = 86.5400 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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