Rainbow Children’s Medicare IPO: GMP, share allotment, listing date details


The three-day initial public offering (IPO) of Rainbow Children’s Medicare Limited had opened for subscription on April 27 and conclude on April 29.

The IPO, comprising fresh issue aggregating up to 280 crore and an offer for sale of up to 2,40,00,900 equity shares, has a price range of 516-542 apiece. Ahead of its initial share sale, the multi-speciality pediatric hospital chain said it garnered nearly 470 crore from anchor investors.

As per market observers, Rainbow Children’s Medicare shares are available at a premium (GMP) of 27 in the grey market today. The equity shares of the company are expected to list on leading stock exchanges BSE and NSE on Tuesday, May 10, 2022.

The finalization of basis of share allotment of Rainbow Children’s Medicare IPO is expected to take place this week on Thursday, May 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on May 9. The registrar for this IPO is KFin Technologies Limited, therefore the allotment application can be checked on its website here or on the BSE website here.

The company proposes to utilise the net proceeds from the fresh issue for early redemption of non-convertible debentures in full, capital expenditure towards setting up of new hospitals and purchase of medical equipment, and general corporate purposes.

Rainbow Childrens Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

As of December 20, 2021, Rainbow operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds. Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the books running lead managers to the issue.

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