Laxmi Dental Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026. The report, issued by ICRA Limited, confirms that there has been no material deviation in the utilization of the Initial Public Offer (IPO) proceeds, which are in line with the objects stated in the offer document. The company's IPO, which opened on January 13, 2025, and closed on January 15, 2025, had a total issue size of ₹698.058 Crore. The net proceeds as per the prospectus were ₹128.170 Crore, with ICRA monitoring Gross Proceeds of ₹138.000 Crore for Q4 FY2026. Key utilization areas included repayment of borrowings, investment in subsidiaries for similar purposes, funding capital expenditure for new machinery, and general corporate purposes. As of March 31, 2026, the total unutilized proceeds amounted to ₹54.669 Crore. The report details the deployment of these unutilized funds, primarily through fixed deposits with various banks, maturing between November 2026 and December 2027, earning interest rates ranging from 6.00% to 7.05%. The report also addresses the progress of specific objects. Repayment of borrowings and investments in subsidiaries for repayment were completed as per the offer document. Capital expenditure for new machinery in the company and its subsidiary, Bizdent Devices Private Limited, are partially completed, with some delays noted, attributed to deployment in subsequent fiscals or awaiting vendor agreements. General corporate purposes have been fully utilized as per the offer document.
