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Rainbow Children’s Medicare: Listed in the market tomorrow

Rainbow Children’s Medicare will be listed on the stock exchange on Tuesday, May 10. Its IPO has been a hit in terms of subscription. 

It is subscribed 12.43 times. An amount of Rs 1,581 crore has been raised through this. It has received the highest subscription of 38.90 times from Qualified Institutional Buyers (QIBs).

Hyderabad-based multi-specialty pediatric hospital chain Rainbow Children’s Medicare will be listed on the stock exchange on May 10. Its IPO has been a hit in terms of subscription. It is subscribed 12.43 times. Through this an amount of Rs 1,581 crore has been raised. It has received the highest subscription of 38.90 times from Qualified Institutional Buyers (QIBs).

This public issue was subscribed 1.38 times in the category of retail investors (RIIs), while the category of non-institutional investors got subscribed 3.73 times. Its price band was Rs 516-542. Rainbow Children’s MedicareIPOOpened on 27th April and closed on 29th April..

What is GMP now

Shares of Rainbow Children’s Medicare are trending at Rs.15 in gray market on Monday, a day before listing. It has declined by Rs 5 as compared to a day earlier. On Sunday, its GMP was trending at Rs 20. Its GMP (Grey Market Premium) was trending at Rs 33 on the day this IPO was closed. The stock will be listed on BSE and NSE on May 10.

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According to market experts, the gray market premium means the expected listing profit from the IPO. The GMP for Rainbow Children Medicare today is Rs 15. This means that the listing of Rainbow Children Medicare in the gray market is expected to be around Rs 557 (542 + 15). This is about 3 percent more than its price band of Rs 516-542.

Expected listing gain of up to 10 percent

Abhay Doshi, founder of UnlistedArena.com, says that a listing gain of 5-10 percent can be found on this stock. If the market sentiment improves before listing and it remains positive, then it can see further growth. He said that its IPO has received good response. Retail investors are most likely to get share allotment as the subscription issue has been received only 1.38 times in this section.

 

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