Rainbow Children's Medicare IPO: GMP, key details as issue opens next week
Premium- Rainbow Children's Medicare IPO will be open for public subscription next week during April 27-29, 2022
Multi-speciality pediatric hospital chain Rainbow Children's Medicare Ltd has fixed a price band of ₹516-542 a share for its initial public offering (IPO). The-three day initial share sale will be open for public subscription next week during April 27-29, and the bidding for anchor investors will open on April 26.
The public issue comprises a fresh issue of equity shares aggregating up to ₹280 crore and an offer sale (OFS) of up to 2.4 crore equity shares by promoters and investors. At the upper end of the price band, Rainbow Children's Medicare IPO is expected to fetch ₹1,581 crore.
As per market observers, Rainbow Children's Medicare shares are available at a premium (GMP) of ₹50 in the grey market today. The equity shares of the company are expected to list on leading stock exchanges BSE and NSE on May 20, 2022.
The company proposes to utilise the net proceeds from the fresh issue from the IPO for 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.
Rainbow's 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.
MINT PREMIUM See All
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. Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the books running lead managers to the issue.