Rainbow Children’s Medicare Ltd, a leading multi-specialty pediatrics, obstetrics and gynaecology hospital chain in India, has fixed the price band of its initial public offering of equity shares between ₹516 and ₹542 per share with face value of ₹10.
The IPO of the Hyderabad-based company, operating 14 hospitals and three clinics in six cities (Hyderabad, Bengaluru, Chennai, New Delhi, Vijayawada and Vishakhapatnam) with a total bed capacity of 1,500 beds, as of December 31, 2021, will open on Wednesday, April 27, 2022, the company announced on Friday.
Bids can be made for a minimum of 27 shares and in multiples of 27 thereafter.
The IPO comprises of fresh issue aggregating up to ₹280 crore and Offer for Sale up to 24,000,900 equity shares by Promoter Selling Shareholders, Investor Selling Shareholders and Other Selling Shareholder.
The offer also includes Employee Reservation Portion of up to 300,000 shares.
Company proposes to utilise the net proceeds from fresh issue towards, early redemption of NCDs issued by it to CDC Emerging Markets Ltd, one of its group companies, in full amounting to Rs. 40 crore; capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals, amounting to Rs. 170 crore; and rest towards general corporate purposes.
Rainbow, founded by Dr. Ramesh Kancharla, follows a doctor engagement model whereby most of its core specialists work exclusively at the hospitals on a full-time retainer basis
“This model ensures that most of its core specialists are available 24/7 on a roster basis at the hospitals, which is particularly important for children’s emergency, neonatal and pediatric intensive care services,” the company said.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
