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Rainbow Children's Medicare To Launch Its IPO On April 27

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Rainbow Children's Medicare, a multi-speciality paediatric, obstetrics, and gynaecology hospital chain, will hold an initial public offering (IPO) from April 27 to 29. With the IPO, the company intends to allocate shares on May 5 and list on May 10.

 

The IPO comprises a fresh issue of Rs 280 crore and an offer for sale (OFS) of up to 24 million shares by shareholders and promoters.

Ramesh Kancharla, Dinesh Kumar Chirla, and Adarsh Kancharla, the company's promoters, will sell shares. CDC Group and CDC India, two investors, will also sell their holdings.

Rainbow Children's Medicare To Launch Its IPO On April 27

A reserve of up to three lakh equity shares for the company's workers is included in the sale.
The proceeds from the fresh issue will be utilised for early redemption of non-convertible debentures and capital expenditure on setting up new hospitals and purchase of medical equipment for them, besides general corporate purposes

The book running lead managers to the issue are JP Morgan India, Kotak Mahindra Capital Company, and IIFL Securities.

Rainbow Children's Medicare operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 as of September 2021. It had the highest number of hospital beds among comparable players in the maternity and paediatric healthcare delivery sector as of March 2021.

 

Its core specialities are paediatrics, which includes newborn and pediatric intensive care, pediatric multi-speciality services, pediatric quaternary care, which also include multi-organ transplants; and obstetrics and gynaecology, which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.

Read more about: ipo hospital initial public offer
Story first published: Thursday, April 21, 2022, 11:53 [IST]
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