The initial public offer of Laxmi Dental Ltd got fully subscribed within minutes of opening for bidding on Monday.

The initial share sale received bids for 1,49,18,937 shares against 89,70,371 shares on offer, translating into 1.66 times subscription, according to data available with the NSE till 11:54 hours.

The portion for Retail Individual Investors (RIIs) fetched 5.35 times subscription while the category for non-institutional investors got subscribed 2.53 times.

OrbiMed-backed Laxmi Dental has collected a little over Rs 314 crore from anchor investors.

The issue with a price band of Rs 407-428 per scrip will conclude on January 15.

The IPO is 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 Red Herring Prospectus (RHP).

Under the OFS, investor OrbiMed Asia II Mauritius Ltd will also offload shares of the leading B2C dental aligner company Laxmi Dental. The promoters and promoter group owned a 46.56 per cent stake in the company, while public shareholders held a 53.44 per cent holding.

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.

Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded dental products like aligner solutions and paediatric dental products.

The company's shares will be listed on the BSE and NSE.