New Delhi: Action will return in the domestic primary markets as two companies will launch their initial public offering (IPOs) next week to mop up Rs 2,995.73 crore from the investors.
The issues of Campus Activewear and Rainbow Children’s Medicare will open for the subscription, making them the first to IPOs to open in the new financial year. Prior to this, Hariom Pipe IPO was open over subscription between March 30- April 5.
Both the companies have reserved some equity shares for eligible employees. Half of the net offer will be reserved for qualified institutional investors, whereas 15 per cent for non-institutional bidders. Retail bidders will get the rest 35 per cent.
The Rs 1,400.14 crore initial stake sale of Campus Activewear will kick off for subscription on April 26. The company will be selling its shares in the range of Rs 278-292 per equity share.
The issue is entirely an offer-for-sale from the promoters and existing shareholders, who will offload 4,79,50,000 shares with a face value of Rs 5 each in the OFS. The company will not receive any net proceeds from the issue.
The issue can be subscribed till April 28. Investors can make a bid for a minimum of 51 shares and then in its multiples thereafter. It is likely to be listed on May 9, 2022.
Delhi headquartered Campus Activewear manufactures and distributes a variety of footwear like running shoes, walking shoes, casual shoes, floaters, slippers, flip flops and sandals in multiple colours and styles at affordable prices.
Campus Activewear sells its products through online platforms and offline stores. It has a pan-India trade distribution network, with over 400 distributors in 28 states and 625 cities. The company also has 18,200 retailers across India.
BofA Securities India, JM Financial, CLSA India and Kotak Mahindra Capital Company are the lead managers for the issue, whereas Link Intime India Private has been appointed as the registrar.
On the other hand, Rainbow Children’s Medicare, is offering its shares in the range of Rs 516-542 apiece, will raise Rs 1,595.59 crore through its IPO.
The issue will be open for subscription between April 27-29, with a lot size of 27 equity shares and then in multiples thereof. It’s expected to make its debut on May 10.
The company will issue fresh equity shares worth Rs 280 crore, which will be utilized towards the redemption of NCDs to set up new hospitals and purchase medical equipment. The OFS money will go to the selling shareholders.
The remaining portion is an offer for sale (OFS) of up to 24 million equity shares by promoters and existing shareholders of the company, who will get the remaining amount.
Established in 1999, Rainbow Children’s Medicare operates a multi-speciality pediatric, obstetrics and gynaecology hospital chain in India.
As of December 20, 2021, Hyderabad based Rainbow operated 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.
Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the books running lead managers to the issue. KFin Technologies has been appointed as the registrar to the issue.
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