Mumbai: Rainbow Children’s Medicare IPO of ₹1,580 crore opens for subscription on Wednesday. The company has set the price range for the issue at ₹516 to ₹542 per share. The issue ends on Friday. The hospital chain’s IPO will include the issuance of new shares worth up to ₹280 crore and an offer for sale by existing shareholders of up to 2.4 crore of shares. Bids can be made for a minimum of 27 shares and thereafter for multiples of 27 shares.
The company operated 14 hospitals and three clinics in six cities including Hyderabad, Bengaluru, Chennai, New Delhi, Vijayawada and Vishakhapatnam as of December 31, 2021, with a total bed capacity of 1,500.
The Company intends to use the proceeds of the offering to prepay non-convertible notes issued to CDC Emerging Markets and for expansion. Kotak Mahindra Capital, JP Morgan India and IIFL Securities are the bankers of the issue.
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