Rainbow Children’s Medicare IPO opens for subscription today — check out GMP, dates and other details

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Rainbow Children’s Medicare IPO opens for subscription today — check out GMP, dates and other details
Representative imageBCCL
  • The ₹1,580-crore IPO of Rainbow Children’s Medicare will open for subscription later today at 10:00 a.m.
  • Rainbow Children’s Medicare is a multi-specialty hospital chain that operates 14 hospitals and three clinics in six cities.
  • The company has fixed the price band for the issue at ₹516-542 per share.
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The ₹1,580-crore initial public offering (IPO) of Rainbow Children’s Medicare will open for subscription later today, April 27, at 10:00 a.m. The issue will close on Friday, April 29.

The development comes a day after Campus Activewear opened for subscription for its ₹1,400 crore IPO.

Rainbow Children’s Medicare is a chain of multi-specialty pediatric, obstetrics and gynecology hospitals. It operates 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.

The hospital chain has 602 full-time doctors and 1,686 part-time/visiting doctors. The company earned ₹729 crore in March quarter of fiscal year 2022. Its net profit was at ₹39.5 crore in the same time frame.

The company has fixed the price band for the issue at ₹516-542 per share and investors can bid for a minimum of 27 shares or multiples of 27 shares thereafter. The cost of one lot of 27 shares will be priced at ₹14,634.

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The grey market premium (GMP) — the premium at which the shares are trading in the grey market — of Rainbow Children’s Medicare was at ₹30 on April 26.

EventDate
IPO Opening DateApril 27
IPO Closing DateApril 29
Basis of AllotmentMay 5
Initiation of RefundsMay 6
Credit of Shares to DematMay 9
ListingMay 10

The proceeds from the IPO will be used towards early redemption of non-convertible debentures issued to CDC Emerging Markets and expansion, the Rainbow Children’s Medicare highlighted in its preliminary documentations.

While TopShareBroker.com and UnlistedArena.com have given a lukewarm rating to Rainbow Children’s Medicare IPO, Angel One has maintained a positive outlook.

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