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Rainbow Children’s Medicare IPO: Check price band, issue size, grey market premium; listing likely on May 10

Rainbow Children’s Medicare’s Rs 1,580.80 crore IPO, which opens 27 April, has set the price band at Rs Rs 516-542 per share of face value of Rs 10 each.

Rainbow Children’s Medicare, Rainbow Children’s Medicare IPO
Rainbow Children’s Medicare is likely to list on stock exchanges on 10 May 2022. 

Rainbow Children’s Medicare’s Rs 1,580.80 crore IPO, which opens 27 April, has set the price band at Rs Rs 516-542 per share of face value of Rs 10 each. The subscription for anchor investors will open one day prior to IPO opening date. The public issue will close for subscription on 29 April. Rainbow Children’s Medicare is likely to list on stock exchanges on 10 May 2022. 

In the grey market on Friday, Rainbow Children’s Medicare shares were seen trading at Rs 597 per share, up Rs 55 or 10 per cent, against the upper band of IPO price, according to the people who deal in unlisted shares of the companies. Up to half the net offer has been reserved for qualified institutional investors (QIBs), 15 per cent for non-institutional investors (NIIs), and the remaining 35 per cent for retail bidders. A discount of Rs 20 per equity share has also been offered to eligible employees bidding in the employee reservation portion.

Investors can make a bid for a minimum of 27 shares and in multiples of 27 thereafter. This implies that retail investors can invest a minimum of Rs 14,634 for a single lot and maximum Rs 1,90,242 for 13 lots. The company will finalise the basis of allotment on 5 May, and initiation of refunds or unblocking of funds from ASBA account will take place on 6 May. The equity shares will get credited to depository accounts of allottees on 9 May.

Upon successful listing of Rainbow Children’s Medicare shares, the company will join the likes of Max Healthcare Institute, Krishna Institute of Medical Sciences, Apollo Hospitals Enterprise, Narayana Hrudayalaya, and Fortis Healthcare. The company is significantly dependent on certain specialities for a majority of its revenues. It has four core specialities, namely secondary pediatric care, tertiary pediatric care, quaternary pediatric care and women care (gynecology, obstetrics, and related services.

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