Rainbow Children’s Medicare IPO to start from April 27
- ByStartupStory | April 21, 2022
IPO of Rainbow Children’s Medicare, a multi-specialty obstetrics, pediatric, and gynecology hospital chain, will run from April 27 to 29. The hospital chain plans to allot shares on May 5 and list on May 10.
The Initial Public Offering comprises a fresh issue of INR 280 crore and an offer for sale of upto 24 million shares by promoters and shareholders. Investors CDC Group and CDC India will offload shares.
Promoters Dinesh Kumar Chirla, Adarsh Kancharla, and Ramesh Kancharla will be selling shares. The offer also includes a reservation of up to 3 lakh equity shares for the company’s staff.
The proceeds from this fresh issue will be mainly used for the early redemption of non-convertible debentures and capital expenditure on setting up new hospitals ando on the purchase of medical equipment for them, besides general corporate purposes.
Rainbow Children’s Medicare operates 14 hospitals and 3 clinics across 6 cities, with a total bed capacity of 1,500 as of reports from last September. As of March 2021, the firm had the highest number of hospital beds among comparable competitors in the pediatric and maternity healthcare delivery sector. The major book running lead managers to the issue are JP Morgan India, IIFL Securities, and Kotak Mahindra Capital Company.
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