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Rainbow Children’s Medicare Limited, a multi-speciality pediatric and obstetrics and gynaecology hospital chain backed by UK-based development finance institution CDC Group Plc, has filed the draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares aggregating up to ₹280 crore and an offer sale of up to 2.40 crore shares by the selling shareholders.
To use for expansion
The Hyderabad-based company proposes to utilise the net proceeds towards early redemption of NCDs, in full; capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals; and general corporate purposes.
The offer also includes a reservation for subscription by eligible employees.
Rainbow established its first 50-bed paediatric speciality hospital in 1999 in Hyderabad.
As of September 30, 2021, Rainbow operates 14 hospitals and three clinics in six cities with a total capacity of 1,500 beds.
The Book Running Lead Managers to the offer are Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and IIFL Securities Limited.
The equity shares are proposed to be listed on BSE and NSE, according to a release.
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