Rainbow Children's Medicare IPO: Last day of offer today

Rainbow Children's Medicare IPO got subscribed 29 percent on the first day of the public offer on Wednesday.

The category for retail investors received 48 percent subscription, while the non-institutional investors' quota was subscribed 11 percent and the Qualified Institutional Buyers (QIBs) segment got 10 percent subscription.

IPO Details:

The offer has a price range of Rs 516-542 apiece. The current grey market premium on the share price is Rs 20, which is close to 5 percent of the issue price.

The issue is open from April 27 to 29.

On Tuesday, the multi-speciality pediatric hospital chain said it garnered nearly Rs 470 crore from anchor investors.

At the upper end of the price band, the IPO is expected to fetch Rs 1,581 crore.

The company proposes to utilise the net proceeds from the fresh issue for early redemption of non-convertible debentures in full, capital expenditure towards setting up new hospitals and purchase of medical equipment, and general corporate purposes.

About the company:

Rainbow Children's Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad. Since then, it has established its reputation as a leader in multi-speciality pediatric services, with strong clinical expertise in managing complex diseases. 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.