Initial public offering (IPO) of Rainbow Children's Medicare, a multi-speciality paediatric, obstetrics and gynaecology hospital chain, will run from April 27 to 29. The firm plans to allot shares on 5 May and list on 10 May.
The IPO comprises a fresh issue of Rs 280 crore and an offer for sale of up to 24 million shares by shareholders and promoters.
Promoters Ramesh Kancharla, Dinesh Kumar Chirla and Adarsh Kancharla will sell shares. Investors CDC Group and CDC India will also offload shares.
The offer includes a reservation of up to three lakh equity shares for the company’s employees.
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.
Rainbow Children’s Medicare operates 14 hospitals and three clinics in six cities, 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.
The book running lead managers to the issue are Kotak Mahindra Capital Company, JP Morgan India, and IIFL Securities.
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