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Rainbow Children’s Medicare IPO to open on 27th, check all the details related to the issue

New IPO: The Rs 2 thousand crore IPO of multi-specialty pediatric hospital chain Rainbow Children’s Medicare will open on Wednesday next week.

New IPO: The Rs 2,000 crore IPO of multi-specialty pediatric hospital chain Rainbow Children’s Medicare will open next week on Wednesday, April 27. This IPO will be open for three days and investors will be able to subscribe to this issue till April 29. According to the red herring prospectus filed with the market regulator SEBI, this issue will open for anchor investors a day earlier i.e. on April 26. Under this issue, the existing shareholders will also sell their shares. After the success of the IPO, the shares will be listed on BSE and NSE.

Rainbow Children’s Medicare Details

  • The Rs 2,000 crore IPO of Rainbow Children’s Medicare 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.
  • Under this issue, 3 lakh shares have been reserved for eligible employees.
  • 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. (Input: PTI)

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