Rainbow Children’s Medicare IPO oversubscribed by 12.43 times on Day 3

Market


Indian chain of paediatric hospitals, Rainbow Children’s Medicare IPO oversubscribed on the Day 3 of the issue. On Friday, Rainbow IPO received an oversubscription of 12.43 driven by qualified institutional buyers (QIB).

Data given on NSE showed that the IPO received bids of 25,49,03,787 equity shares against the offered size of 2,05,14,617 equity shares – registering an oversubscription of 12.43 times.

In the IPO, the portion for Qualified Institutional Buyers(QIBs) oversubscribed by 38.90 times with bids of 22,46,97,591 equity shares against the reserved 57,75,605 equity shares.

Meanwhile, the portion reserved for Retail Individual Investors(RIIs) got subscribed by 1.38 times, while the portion kept for Non-Institutional Investors (NII) subscribed by 3.73 times.

Of the total IPO size – 50% portion is reserved for qualified institutional buyers (QIB), 15% is kept for non-institutional buyers (NII), and 35% is reserved for retail individual investors (RII).

The company launched its IPO on April 27 and closed it for subscription on April 29 on the stock exchanges. The IPO had a price band of 516 to 542 apiece.

Rainbow Children’s Medicare plans to raise about 1,580 crore through the IPO.

The proceeds of the IPO will be used for early redemption of NCDs issued by the company to CDC Emerging Markets Limited (“CDCEML”), one of our Group Companies, in full. Further, the company will utilise capital expenditure towards setting up new hospitals and purchasing medical equipment for such new hospitals, and other general corporate purposes.

Rainbow Children’s Medicare is a leading multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds, as of December 31, 2021.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments