Rainbow Children’s Medicare acquires Rs 469.55 crore from 36 anchor investors ahead of IPO
- ByStartupStory | April 28, 2022
Rainbow Children’s Medicare Ltd, a multi-specialty paediatric and gynaecology hospital chain, received Rs 469.55 crore from 36 anchor investors on April 26 ahead of its initial public offering (IPO) on April 27.
Rainbow Children’s Medicare said in a BSE filing that after consulting its book-running lead managers, it has finalized the distribution of 86.63 lakh shares to anchor investors at a price of Rs 542 each.
Through its anchor book, investors such as the Singapore government, the Singapore Monetary Authority, Amansa Holdings, Ashoka India Opportunities Fund, Neuberger Berman Emerging Markets, Goldman Sachs, Matthews Emerging Markets Small Companies Fund, and HSBC purchased equity shares.
Axis Mutual Fund, Nippon Life, IIFL Special Opportunities Fund, HDFC Life Insurance Company, Aditya Birla Sun Life Trustee, DSP Mutual Fund, Baroda BNP Paribas Multi Cap Fund, Motilal Oswal MF, UTI MF, and Max Life Insurance were among the domestic investors who took part in the offer.
Rainbow Children’s Medicare, which is funded by British International Investment Plc and manages 14 hospitals and three clinics across six cities, plans to collect Rs 1,581 crore through its IPO, which includes a fresh issue of Rs 280 crore worth of shares. The money from the new offering will be used to pay down debt and build new hospitals.
An offer for sale will collect Rs 1,301 crore, with proceeds going to selling shareholders, promoters, and investors. The IPO’s price range is Rs 516-542 per share. Subscriptions for the IPO will be accepted until April 29.
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