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Rainbow Children’s Medicare IPO price band fixed, issue to open next week on April 27

Rainbow Children’s Medicare IPO: The price band of the multi-specialty pediatric hospital chain Rainbow Children’s Medicare IPO, opening next week, has been fixed today.

Rainbow Children’s Medicare IPO: The price band for the multi-specialty pediatric hospital chain Rainbow Children’s Medicare IPO, opening next week, has been fixed today (April 22). A price band of Rs 516-542 per share has been fixed for this issue of Rs 1581 crore. This issue will open next week on April 27 and investors will be able to invest in it till April 29. For anchor investors, this issue will open a day earlier i.e. on 26 April. Through the issue, new shares worth Rs 280 crore will be issued and the money raised through them will be used to increase the hospital chain.

Rainbow Children’s Medicare Details

  • Rainbow Children’s Medicare IPO of Rs 1581 crore will be open for subscription from April 27-29 next week. It will open for anchor investors on 26 April.
  • Under this IPO, new shares worth Rs 280 crore will be issued while existing shareholders will sell 2.4 crore shares under the Offer for Sale (OFS) window. Under the OFS, promoters Ramesh Kancharla, Dinesh Kumar Chirla and Adarsh ​​Kancharla, promoter group entity Padma Kancharla and investors British International Investment Plc (formerly CDC Group Plc) and CDC India will sell the shares.
  • The issue has a price band of Rs 516-542 per share and lot size of 27 shares i.e. investors will have to invest at least Rs 14,634. Rainbow Children’s Medicare employees will get a discount of Rs 20 on the final offer price.

  • 50 per cent of the issue is reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors. Under this issue, 3 lakh shares have been reserved for eligible employees.
  • Allotment of shares can be done on May 5 and listing on May 10. The listing of shares will be done on BSE and NSE.
  • Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the book running lead managers to the issue.
  • The money raised by issue of new shares will be used for premature redemption of non-convertible debentures (NCDs), capital expenditure for setting up new hospitals and purchase of medical equipment for these hospitals and for general corporate purposes.

Details about the company

  • The UK’s Development Finance Institution CDC Group Plc’s Rainbow started India’s first 50-bed pediatric specialty hospital in Hyderabad in 1999. As of now, according to the data available till 20 December 2021, Rainbow has 14 hospitals and three clinics in six cities of the country. It operates 1500 beds. It provides services for all health problems related to children, problems related to pregnant women and fertility care.
  • Talking about the financial position, the company had a net profit of Rs 44.59 crore in the financial year 2018-19, which increased to Rs 55.34 crore in the next financial year 2019-20. However, in the next financial year 2020-21, it came down to Rs 39.57 crore. In the last financial year 2021-22, profits grew sharply and in April-December 2021, the net profit on a yearly basis increased from Rs 38.52 crore (net profit in April-December 2020) to Rs 126.41 crore in the same period.
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