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Rainbow Children’s Medicare to bring Rs 2,000 crore IPO, documents filed with SEBI

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Rainbow Children’s Medicare to bring Rs 2,000 crore IPO, documents filed with SEBI

According to the Red Herring Prospectus (DRHP), new shares worth Rs 280 crore will be issued under the IPO of Rainbow Children’s Medicare.

Rainbow Children’s Medicare IPO: The IPO of the multi-specialty pediatric hospital chain Rainbow Children’s Medicare Limited (Rainbow Children’s Medicare) is coming up. The company has filed a draft paper with the market regulator SEBI for this. The company wants to raise more than Rs 2,000 crore through this IPO. According to the Red Herring Prospectus (DRHP), new shares worth Rs 280 crore will be issued under this IPO. Apart from this, 2.4 crore equity shares will be sold by the shareholders of the company under the offer for sale (OFS).

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Fund will be used here

Part of the issue is reserved for employees eligible for subscription. According to market sources, the size of the IPO is expected to be more than Rs 2,000 crore. Under this IPO, the funds from the fresh issue will be used for full redemption of Non-Convertible Debentures (NCDs) issued by the company at the earliest. Apart from this, the funds will also be used for setting up new hospitals, purchasing medical equipment for hospitals and for general corporate purposes.

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Know about the company

  • Rainbow Children’s Medicare is supported by the UK-based Development Finance Institution CDC Group plc.
  • The company established its first 50-bed pediatric specialty hospital in Hyderabad in the year 1999. Since then, it has established itself as a leader in multi-specialty pediatric services, with strong clinical expertise in the management of complex diseases.
  • As of September 30, 2021, Rainbow operates 14 hospitals and three clinics with a total bed capacity of 1,500 beds across six cities in India.
  • The company primarily deals in pediatric care, including neonatal and pediatric intensive care, pediatric multi-specialty services, pediatric quaternary care (including multi organ transplants) and obstetrics and gynecology. Under this, general and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care are included.
  • Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities is the Book Running Lead Manager of the issue.
  • Equity shares are proposed to be listed on BSE and NSE.

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