In this IPO, there will be a new issue of Rs 280 crore, while under the offer to sell it, the company’s shareholders and promoters will sell 2.4 crore shares.
Rainbow Children’s Medicare IPORainbow Children’s Medicare IPO will open on April 27 and close on April 29 Rainbow Children is a multispecialty pediatric, maternity and gynecological hospital chain. The IPO shares will be allotted on May 5 and the listing may take place on May 10.
In this IPO, there will be a new issue of Rs 280 crore, while under the offer to sell it, the company’s shareholders and promoters will sell 2.4 crore shares. Under the IPO, the company’s promoters Ramesh Kancharla, Dinesh Kumar Chirala and Adarsh Kancharal will sell shares. Investors will also sell their shares to CDC Group and CDC India. Under this offer, 3 lakh equity shares have been reserved for the employees of the company.
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Proceeds from the new IPO issue will be used for premature redemption of the company’s non-convertible debentures and the establishment of a new hospital and purchase of medical supplies. Apart from this, some money will be used for the normal activities of the company.
Rainbow Children’s Medicare operates 14 hospitals and 3 clinics in 6 cities across the country. As of September 2021, the company had a total of 1,500 beds. As of March 2021, the company had the highest number of beds in the maternity and child healthcare sector.
The book running lead managers of this IPO are Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities.