Laxmi Dental

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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