Mumbai: The ₹1,580-crore initial public offer of Rainbow Children’s Medicare will open for subscription on Wednesday. The company has fixed the price band for the issue at ₹516-542 per share. The issue will conclude on Friday. The IPO of the hospital chain comprises a fresh share issue worth up to ₹280 crore and an offer for sale by existing shareholders of up to 2.4 crore shares. Bids can be made for a minimum of 27 shares and multiples of 27 shares thereafter.
The company operated 14 hospitals and three clinics in six cities including Hyderabad, Bengaluru, Chennai, New Delhi, Vijayawada, and Vishakhapatnam with a total bed capacity of 1,500 as on December 31, 2021.
The company proposes to utilise the issue proceeds towards the early redemption of non-convertible debentures issued to CDC Emerging Markets and expansion. Kotak Mahindra Capital, JP Morgan India and IIFL Securities are the bankers to the issue.
