Rainbow Children Medicare IPO: Leading multi-specialty pediatric and obstetrics and gynecology hospital chain rainbow baby Hospital Limited saw subscriptions of 12.43 times the issue size till the last day of bidding for its initial public offering or IPO. Rainbow Children Medicare IPO The day ended and bidders and investors are now closely tracking the shares’ GMP, or gray market premium, allotment and listing date. The Rainbow Children’s Medicare IPO begins for subscription on Wednesday, April 27 and ends on Friday, April 29.
rainbow The company had issued its Rs 1,581 crore IPO on April 27 and sold shares at a price of Rs 516-542 to bidders during the three-day issue. The fresh issue is worth Rs 280 crore, while the remaining part is an offer for sale (OFS) by way of sale to the stakeholders.
Rainbow Kids IPO Subscription
According to BSE data, Rainbow Children Medicare was subscribed 12.43 per cent till the third day of bidding, mostly due to support from Qualified Institutional Buyers (QIBs). The QIB portion was subscribed 38.9 times of the share earmarked for the category, while non-institutional investors bid for 3.73 times the share earmarked for them. In the retail individual category, Rainbow Children’s IPO was oversubscribed by 1.38 times.
Rainbow Children Medicare IPO GMP
The gray market is responding well to the Rainbow Children Medicare IPO as the gray market premium (GMP) of the issue has been higher than its issue price for several days now. According to IPO Watch, Rainbow shares are paying a premium of Rs 30 in the gray market today. As per the stats, Rainbow Children Medicare IPO GMP today is Rs 30, which is equal to yesterday.
As Rainbow Children Medicare IPO GMP today is Rs 30, it means Gray Market . 542 per equity share.
However, stock market experts cautioned investors that the GMP is an unofficial data and is non-regulated. So it cannot be trusted blindly. Furthermore, gray market data has nothing to do with a company’s financial position and can often be manipulated. Hence, those following GMP are generally advised to know about the financial position of the company as the balance sheet of the company will give a better picture about the fundamentals of the company.
Rainbow Children Medicare IPO Listing Date and Allotment Date
Shares of Rainbow Children’s Medicare are likely to be allotted to bidders on May 5, which is next Thursday. Those who did not win the bid would be given refund on May 6, while those who won the bid would get the credit in their demat accounts on May 9.
Shares of Rainbow Children Medicare IPO will be listed on both BSE and NSE markets on May 10 – which is almost two weeks from now.
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