Rainbow Children's Medicare IPO GMP:  This IPO Open Today All you need to know is

Rainbow Children's Medicare IPO GMP

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The initial public offering (IPO) of multi-speciality pediatric hospital chain Rainbow Children’s Medicare has opened for subscription today, April 27, 2022.

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The nearly Rs 1,581 crore Rainbow Children’s Medicare IPO will be available for subscription till Friday, April 29, 2022, and the price band of the company has been fixed at Rs 516-542 per share.

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Rainbow Children’s Medicare is a Hyderabad-based children’s hospital chain that is backed by UK-based development finance institution British International Investment PLC (Formerly Known as CDC Group PLC).

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It established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

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As of December 31, 2021, Rainbow Children’s Medicare operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.

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The IPO comprises a fresh issue of equity shares worth Rs 280 crore and an offer-for-sale (OFS) of up to 24,000,900 equity shares worth Rs 1,300.8 crore by promoters and selling shareholders.

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Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

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Investors who wish to subscribe to Rainbow Children’s Medicare IPO can bid in a lot of 27 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,634 to get a single lot of Rainbow Children’s Medicare.

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The shares will be listed on both BSE as well as the National Stock Exchange (NSE). The applicants also must note that the cut-off time for UPI mandate confirmation is Monday, May 2, 2021, upto 12:00 pm.

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If they fail to do so then their application may not be considered.

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Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the book running lead managers to the offer while KFin Technologies is the registrar of the issue.

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Before heading into the IPO, Rainbow Children’s Medicare on Tuesday raised nearly Rs 470 crore (Rs 4,69,55,64,968.00) from 36 anchor investors in lieu of 86,63,404 equity shares at Rs 542 each, data from the stock exchanges showed.

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The share allotment is likely to take place on Thursday, May 5, 2022, and the shares are expected to be listed on Tuesday, May 10, 2022, according to the timeline given in the RHP.

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Click Below To Know More About IPO.

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