Rainbow Children’s Medicare IPO opens on April 27
Hyderabad: Multi-speciality pediatric hospital chain Rainbow Children’s Medicare said it has fixed a price band of Rs 516-542 a share for its Rs 1,581-crore initial public offering (IPO). The initial share sale will be open for public subscription from April 27 to 29. The bidding for anchor investors will open on April 26. The public […]
Hyderabad: Multi-speciality pediatric hospital chain Rainbow Children’s Medicare said it has fixed a price band of Rs 516-542 a share for its Rs 1,581-crore initial public offering (IPO). The initial share sale will be open for public subscription from April 27 to 29.
The bidding for anchor investors will open on April 26. The public issue comprises a fresh issue of equity shares aggregating up to Rs 280 crore and an offer for sale (OFS) of up to 2.4 crore equity shares by promoters and investors.
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 company proposes to utilise the net proceeds from the fresh issue 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.
At the upper end of the price band, the public issue is expected to fetch Rs 1,581 crore. The offer also includes a reservation of up to 3 lakh shares for employees, who will receive shares at a discount of Rs 20 to the final offer price. Investors can bid for a minimum of 27 equity shares and in multiples thereof.
Rainbow established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad. Rainbow operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds. The equity shares are proposed to be listed on BSE and NSE.
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