Rainbow Children’s Medicare, multi-speciality pediatric hospital chain, IPO will open for subscription on 27 April and close on 29 April. The bidding for anchor investors will open one day prior to IPO opening date. The public issue comprises a fresh issue of equity shares worth Rs 280 crore and an offer for sale of up to 2.4 crore shares by the selling shareholders. Upon successful listing of Rainbow Children’s Medicare shares, the company will join the likes of Max Healthcare Institute, Krishna Institute of Medical Sciences, Apollo Hospitals Enterprise, Narayana Hrudayalaya, and Fortis Healthcare.
The company will finalise the basis of allotment on 5 May, and initiation of refunds or unblocking of funds from ASBA account will take place on 6 May. The equity shares will get credited to depository accounts of allottees on 9 May. Campus Activewear IPO is likely to list on stock exchanges on 10 May 2022, according to RHP.
Those selling shares in the OFS are promoters — Ramesh Kancharla, Dinesh Kumar Chirla and Adarsh Kancharla, promoter group entity Padma Kancharla and investors British International Investment plc (formerly known as CDC Group plc) and CDC India. The offer also includes a reservation of up to 3 lakh shares for subscription by eligible employees. The average industry P/E ratio stood at 241.54x, and weighted average return on net worth was 11.
Rainbow Children’s Medicare has planned to utilise the net proceeds from the fresh issue towards early redemption of non-convertible debentures (NCDs) issued by the company in full; capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals; and general corporate purposes. Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the books running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. KFin Technologies is the registrar to the issue. As of December 20, 2021, Rainbow operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.
Its core specialities are paediatrics, which includes newborn and pediatric intensive care, pediatric multi-speciality services, pediatric quaternary care (including multi-organ transplants); and obstetrics and gynaecology, which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.
