Rainbow Children’s Medicare has filed Draft Red Herring Prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise over Rs 2,000 crore through an initial public offering (IPO). The public issue comprises fresh issue of equity shares aggregating up to Rs 280 crore and an offer sale of up to 2.4 crore equity shares by the selling shareholders.
The company proposes to utilise the net proceeds from the fresh issue towards early redemption of non-convertible debentures (NCDs) issued by the company, in full; capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals; and general corporate purposes.
Kotak Mahindra Capital Company, J.P. Morgan India and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Rainbow Children’s Medicare’s core specialties are pediatrics, which includes newborn and pediatric intensive care, pediatric multi-specialty services, pediatric quaternary care (including multi organ transplants); and obstetrics and gynecology, which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.