Rainbow Children’s Medicare IPO opens for subscription today — check out GMP, dates and other details
- 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.
AdvertisementThe ₹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.
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.
|IPO Opening Date||April 27|
|IPO Closing Date||April 29|
|Basis of Allotment||May 5|
|Initiation of Refunds||May 6|
|Credit of Shares to Demat||May 9|
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.
Bought Twitter shares in India? Here’s what will happen after Elon Musk’s acquisition and Twitter going private
After Adani Power, Adani Wilmar enters ₹1 lakh crore club tripling investors money in three months
AdvertisementThe future of Future and three probable scenarios
Popular on BI
- With Rupay Credit Card on UPI, mobile payments pioneer Paytm deepens its leadership in UPI
- Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox
- A 24-year-old stock trader who made over $8 million in 2 years shares the 4 indicators he uses as his guides to buy and sell
- Sensex, Nifty50 likely to open in the red tracking global cues: Adani Ports, Coal India, Mazagon Dock among stocks to watch
- Nifty headed for lifetime high in June, analysts recommend capitalising on dips
- Highest strike rate in IPL 2023: Rahane beats Jaiswal; SKY only Indian in top four
- Godrej Group arm to invest ₹100 crore to acquire material handling equipment to be rented out
- These are must to do activities in Lonavala on your next visit