The initial public offering (IPO) of multi-specialty pediatric hospital chain Rainbow Children’s Medicare Ltd will open for public subscription next week, April 27. The Rs 2,000-crore initial share sale will close on April 29. The anchor investors will be able to bid on April 26, according to the red herring prospectus (RHP). Here’s what investors need to know about the Rainbow Children’s Medicare IPO:
Rainbow Children’s Medicare IPO Size
Rainbow Children’s Medicare IPO size is expected to be more than Rs 2,000 crore, according to a report by news agency PTI. It includes a fresh issue of equity shares aggregating up to Rs 280 crore and an offer sale of up to 2.4 crore equity shares by the selling shareholders.
Promoters Selling Stakes Via OFS
Promoters that are selling shares in the OFS are 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.
Rainbow Children’s Medicare IPO Quota
The public offer also includes a reservation of up to 3 lakh shares for subscription by eligible employees.
Rainbow Children’s Medicare IPO: Objective
The company said it will utilise the net proceeds from the fresh issue towards 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.
Investment Managers & Listing
Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the books running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.
According to the red herring prospectus, this being the first public offer of its equity shares, there has been no formal market for the equity shares of the company. “The face value of the equity shares is Rs 10.”
Rainbow Children’s Medicare: Company Details
Rainbow operates 14 hospitals and three clinics in six cities in the country, with a total bed capacity of 1,500 beds, as of December 20, 2021. The company is backed by the UK-based development finance institution CDC Group.
It 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.
Its core specialties are pediatrics, which includes newborn and pediatric intensive care, pediatric multi-specialty services, pediatric quaternary care (including multi-organ transplants); and obstetrics and gynecology, which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.
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