Rainbow Children’s Medicare, a multidisciplinary paediatrics, obstetrics and gynaecology hospital chain, has set the price range for its IPO at £516-£542 per share (£10 par value each).
The IPO, which is expected to raise up to ₹1,581 crore, begins on April 27 and ends on April 29. Bids can be made for a minimum of 27 shares and thereafter for multiples of 27 shares.
The offering includes new issues totaling up to £2.80 billion and an offer to sell up to just over 2.40 billion shares by the promoter selling shareholders, investors selling shareholders and other selling shareholders.
Rainbow Children’s Medicare operates 14 hospitals and three clinics in Hyderabad, Bengaluru, Chennai, New Delhi, Vijayawada and Vishakhapatnam with a total bed capacity of 1,500 beds. The Company proposes to use the net proceeds from the reissuance for the early redemption of NCDs issued to CDC Emerging Markets Ltd., one of its affiliates, in the full amount of ₹40 crore; Capital expenditures of ₹170 crore to set up new hospitals and purchase medical equipment; and general corporate purposes.
