Rainbow Children's Medicare IPO Subscription Status Day 1: Details here

Rainbow Children's Medicare's initial public offering (IPO) was 29 percent subscribed on the first day of the offer on Wednesday, as reported by PTI.

According to NSE data, the IPO got bids for 59,62,896 shares against the 2,05,14,617 shares on offer.

Retail Individual Investors (RIIs) received 48% of the subscription, while the non-institutional investors' quota received 11% and Qualified Institutional Buyers (QIBs) received 10%, PTI said.

The price range for the offer, which includes a fresh issuance worth up to Rs 280 crore and an offer for sale of up to 2,40,00,900 equity shares, is Rs 516-542 per share.

The multi-specialty pediatric hospital chain announced on Tuesday that it had raised approximately Rs 470 crore from anchor investors.

According to PTI, the IPO is expected to fetch Rs 1,581 crore at the top of the pricing band.

The net proceeds from the new issue will be used for the full repayment of non-convertible debentures, capital expenditures for the construction of new hospitals and the acquisition of medical equipment, and general corporate purposes.

Rainbow Children's Medicare opened its first 50-bed pediatric specialist hospital in Hyderabad in 1999, funded by the UK-based development finance agency CDC Group plc.

Kotak Mahindra Capital Company, J P Morgan India, and IIFL Securities are the managers to the offer, said PTI.

(With PTI inputs)