IPO Update: Rainbow Children’s Medicare IPO; Know Price, Date and Other Details

IPO Update: Rainbow Children’s Medicare IPO; Know Price, Date and Other Details Rainbow Children's Medicare, a multi-specialty paediatric hospital chain, said it has set a price range of Rs.516-542 per share for its Rs.1,581-crore initial public offering (IPO). The public will be able to subscribe to the initial share sale from April 27 to 29. Anchor investor bidding will begin on April 26. The public offering consists of a fresh issue of equity shares worth up to Rs.280 crore and a promoter and investor offer for sale (OFS) of up to 2.4 crore equity shares. Promoters Ramesh Kancharla, Dinesh Kumar Chirla, and Adarsh Kancharla, as well as promoter group entity Padma Kancharla and investors British International Investment plc (previously known as CDC Group plc) and CDC India, are selling shares in the OFS. The net proceeds from the new issue will be used for the full repayment of non-convertible debentures (NCDs) issued by the firm, capital expenditures for the establishment of additional hospitals and the acquisition of medical equipment for such hospitals, as well as general corporate reasons. The public offering is expected to raise Rs.1,581 crore at the top of the pricing band. Employees will receive shares at a discount of Rs.20 off the final offer price if they reserve up to 3 lakh shares under the offer. Investors can place bids for as few as 27 equity shares and as many as they want. However, ahead of the subscription opening grey market has started giving primary sentiments in regard to the public issue. As per the market observers, shares of Rainbow Children's Medicare had started trading in the grey market. Currently, Rainbow Children's Medicare share price is quoting at a premium of ₹52 in grey market. ABOUT RAINBOW CHILDREN'S MEDICARE  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.