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IndiaRainbow Children's Medicare IPO Premium will increase in gray market before IPO...

Rainbow Children’s Medicare IPO Premium will increase in gray market before IPO opens, will you invest?

Rainbow Children's Medicare IPO GPM: Rs 1,595 crore IPO of Rainbow Children's Medicare Limited is open on Wednesday, April 27

The Initial Public Offer (IPO) of Rainbow Children’s Medicare Ltd is open on Wednesday, April 27. The company is bringing an offer of around Rs 1,595 crore and bidding can be done till April 29, 2022. As the IPO opening date nears, demand for shares of Rainbow Children’s Medicare has increased in the gray market.

Rainbow Children’s Medicare IPO GMP

According to experts, the gray market premium (GMP) of Rainbow Children’s Medicare shares to Somavar was Rs 50, which is Rs 15 higher than Sunday’s GMP of Rs 35. Analysts say that the sentiment of the stock market has been negative for the last two trading sessions and on Monday also closed in the red mark in the market. Despite this, there was an increase in gray market premiums for Rainbow Children’s Medicare, which can be seen as a good sign.

He added that as the stock market recovers, the gray market premium for Rainbow Children’s Medicare will rise further. Over the past few days, the gray market premium of Rainbow Children’s Medicare shares fell from Rs 53 to Rs 35. In such a situation, today’s increase is expected to give relief to those who are planning to invest in this IPO.

What does this gray market premium mean?

The gray market premium for Rainbow Children’s Medicare is Rs 50 on Monday. This means that the gray market expects the IPO of Rainbow Children’s Medicare to be listed on the stock exchange at Rs 50 more than its issue price. Rainbow Children’s Medicare has fixed an upper issue price of Rs 542 for the IPO. Hence, Gray Market expects its shares to be listed at Rs 592 (₹542 + ₹50), which is about 9 per cent higher than its issue price.

The company will issue new shares of 280 crores

The company will issue fresh equity shares of up to Rs 280 crore and bring an offer-for-sale (OFS) of 2.4 crore equity shares under its IPO. Under the offer-for-sale (OFS), the promoters of the company, Ramesh Kancharla, Dinesh Kumar Chirala and Adarsh Kancharla, will sell their stake.

Apart from this, promoter group company Padma Kancharla, investors British International Investment Plc and CDC India will also sell their stake. The company plans to be listed on the stock exchanges on May 10.

About the company

Rainbow Children’s Medicare Limited is a multi-specialty chain of children’s hospitals. As of December 20, 2021, Rainbow Children’s Medicare has 14 hospitals and three clinics in six cities across the country. The total bed capacity of these hospitals is 1,500. Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the book running lead managers of this IPO.

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