Private Equity

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Rainbow Hospital's IPO oversubscribed

MoneyControl  

The initial public offering of Hyderabad-based Rainbow Hospitals (Rainbow Children's Medicare Pvt Ltd) received bids for 25.49 crore shares against its size of 2.05 crore shares, getting subscribed 12.43 times. The qualified institutional buyers' quota was subscribed 38.9 times. Retail investors bid for only 1.38 times of their quota, while employees put in bids for 31% of the reserved portion. The price band for the offer is INR 516-542 per share. The IPO, which is expected to fetch the south-based multi-speciality paediatric and gynaecology hospital chain INR 1,580.8 crore, comprises a fresh issue of Rs 280 crore and an offer for sale of Rs 1,301 crore by promoters and investors. The firm operates 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 as of December 2021, up from 1,162 in March 2019.

From the Venture Intelligence PE-VC Deal Database: Between Aug-2013 and Jan-2016, Rainbow had raised over USD 32 M from CDC Group, Abraaj Group (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)