Hyderabad: Hyderabad-based Rainbow Children’s Medicare, a chain of multi-specialty pediatric, obstetric and gynecological hospitals backed by the UK group CDC, has filed the Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI in the goal of raising over 2,000 rupees. crore through an initial public offering (IPO).
The IPO includes a new issue of shares totaling up to Rs 280 crore and an offer to sell up to 24,000,900 shares (up to 2.4 crore of shares) by the selling shareholders.
The company proposes to use the net proceeds of the new issue for the early redemption of non-convertible bonds (NCDs) issued by the company, in full; capital expenditure for the creation of new hospitals and the purchase of medical equipment for these new hospitals; and for general corporate purposes. The offer also includes a reservation for subscription by eligible employees.
click here for more information on Hyderabad
The main book managers of the offering are Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities.
Rainbow specializes in pediatrics, which includes neonatal and pediatric intensive care, multi-specialty pediatric services, pediatric quaternary care (including multiple organ transplants); and obstetrics and gynecology, which includes normal and complex obstetric care, multidisciplinary fetal care, perinatal genetics and fertility care.
The company established its first 50-bed pediatric specialty hospital in 1999 in Hyderabad, under the leadership of Dr Ramesh Kancharla. As of September 30, 2021, Rainbow operated 14 hospitals and three clinics in six Indian cities, with a total capacity of 1,500 beds.
Now you can get handpicked stories from Telangana today to Telegram everyday. Click on the link to subscribe.
Click to follow the Telangana Today Facebook page and Twitter .