Rainbow Children?s Medicare IPO: Leading multi-specialty pediatric and obstetrics and gynecology hospital chain Rainbow Children?s Hospital Limited saw a subscription of 12.43 times against the issue size as of the last day of bidding of its initial public offering or IPO. The Rainbow Children?s Medicare IPO ended a day back and bidders and investors are now keeping a close watch of the GMP, or grey market premium, of the shares as allocation and listing date nears. The Rainbow Children?s Medicare IPO kicked off for subscription on Wednesday, April 27 and ended on Friday, April 29.
Rainbow had floated its Rs 1,581 crore IPO on April 27 and sold the shares at a price range of Rs 516-542 to bidders during the three-day issue. The fresh issue consists of Rs 280 crore, while the remaining portion is an Offer for Sale (OFS) by selling stakeholders.
Rainbow Children?s IPO Subscription
According to BSE data, Rainbow Children?s Medicare was subscribed 12.43 per cent as of day 3 of bidding, mostly due to backing by Qualified Institutional Buyers (QIBs). The QIB portion was subscribed 38.9 times of the portion set aside for the category, while non-institutional investors bid for 3.73 times of the portion meant for them. The retail individual category saw an oversubscription of 1.38 times to the Rainbow Children?s IPO.
Rainbow Children?s Medicare IPO GMP
The grey market is giving a decent response in regard to Rainbow Children?s Medicare IPO as grey market premium (GMP) of the issue has been over its issue price for a number of days. According to IPO watch, Rainbow shares are giving a premium of Rs 30 in the grey market today. As per the data, Rainbow Children?s Medicare IPO GMP today is Rs 30, which is the same as yesterday.
As Rainbow Children?s Medicare IPO GMP today is Rs 30, it means the grey market is Rainbow Children?s Medicare IPO listing around Rs 572 ( Rs 542 + Rs 30), around 5.50 per cent higher from Rainbow Children?s Medicare IPO price band of Rs 516 to Rs 542 per equity share.
However, stock market experts warned investors that GMP is an unofficial data and it is non-regulated. Therefore, it cannot be relied on blindly. Further, grey market data does not have anything to do with a company?s financials and can be often manipulated. So, those who follow GMP are generally advised to go through the financials of the company as well because balance sheet of the company will give better picture about the company’s fundamentals.
Rainbow Children?s Medicare IPO Listing Date and Allotment Date
The shares of Rainbow Children?s Medicare are likely to be allotted to bidders on May 5, which is next Thursday. The refunds to those who do not win the bid will be provided on May 6, while those who win the bid will get credit to their demat accounts on May 9.
Rainbow Children?s Medicare IPO shares will get listed on the bourses, both BSE and NSE, on May 10 ? which is almost two weeks from now.
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