Rainbow Children's IPO price range set at Rs 516-542 to begin on April 27

Rainbow Children's IPO price range set at Rs 516-542 to begin on April 27

Rainbow Children's IPO price range set at Rs 516-542 to begin on April 27

Rainbow Children's Medicare (RCML) has set a price range of Rs 516-542 for its first public offering (IPO). The IPO will raise Rs 1,581 crore via its first stake sale, for which subscriptions will start on April 27 and investors may place bids through April 29. Investors may place bids for as few as 27 equity shares and as many as they like after that.

The issue consists of the issuing of new equity shares worth Rs 280 crore and an offer for sale (OFS) of up to 24 million equity shares by the company's promoters and existing shareholders.

OFS shareholders include founders Ramesh Kancharla, Dinesh Kumar Chirla, and Adarsh Kancharla, as well as the promoter group company Padma Kancharla, and investors British International Investment and CDC India.

The net proceeds of the new issuance will be used to fund the early redemption of non-convertible debentures (NCDs) issued by the firm, as well as capital expenditures for the establishment of new hospitals and the acquisition of equipment.

50% of the net offer will be reserved for qualified institutional investors, 15% for non-institutional bidders, and the remaining 35% for individual investors.

Details of Rainbow Children's Medicare (RCML):

RCML is a multi-speciality paediatric, obstetrics, and gynaecology hospital network in India that is backed by the UK-based CDC Group. The firm began operations in 1999.

Rainbow, located in Hyderabad, operates 14 hospitals and three clinics in six locations throughout India as of December 20, 2021, with a total bed capacity of 1,500 beds.

Paediatrics, which includes newborn and paediatric intensive care, paediatric multi-speciality services, paediatric quaternary care (including multi-organ transplants); and obstetrics and gynaecology, which includes normal and complex obstetric care, multi-disciplinary foetal care, perinatal genetic and fertility care, are its core specialities.

The issue's lead managers are Kotak Mahindra Capital Company, JP Morgan India, and IIFL Securities. KFin Technologies has been selected as the issue's registrar.

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