Rainbow Children’s Medicare makes a weak debut, lists at a reduction of at over 6% from subject value

Rainbow Children’s Medicare share value: Shares of multi-speciality pediatric hospital chain Rainbow Children’s Medicare debuted on a weak notice and acquired listed at a reduction of over 6 per cent from their subject value within the inventory exchanges right now.

The scrip acquired listed at Rs 506.00 apiece on the BSE, thereby registering a fall of 6.64 per cent from its provide value of Rs 542.00, whereas on the National Stock Exchange (NSE), it opened at Rs 510.00, down 5.90 per cent from the problem value.

The inventory additional inched decrease from its opening ranges and touched a low of Rs 482.00 on each the BSE and NSE through the first 45 minutes of commerce.

At 10:45 am, the scrip was buying and selling at Rs 500.05 on the BSE, down 7.74 per cent from the problem value whereas on NSE it was at Rs 500.25, down 7.70 per cent. The market capitalisation stood at Rs 5,076.61 crore, information from the BSE confirmed.

Nearly 75 lakh shares of Rainbow Children’s Medicare had been traded up to now on NSE whereas round 3.92 lakh shares exchanged arms on the BSE, information from the respective inventory alternate confirmed.

Rainbow Children’s Medicare is a Hyderabad-based kids’s hospital chain that’s backed by UK-based growth finance establishment British International Investment PLC (Formerly Known as CDC Group PLC). It established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

As of December 31, 2021, Rainbow Children’s Medicare operates 14 hospitals and three clinics in six cities in India, with a complete mattress capability of 1,500 beds.

The IPO was met with a constructive demand throughout its provide interval from April 27-29, 2022. It acquired subscribed 12.43 instances on the ultimate day.

Reacting to the itemizing, Santosh Meena, Head of Research at Swastika Investmart mentioned, “The company’s muted listing can be attributed to volatile and negative market sentiments and a lack of investor interest in hospital businesses. The company has a specialized nature of business, an experienced management team, proven ability to attract, train and retain high-caliber medical professionals, but the hospital is a highly competitive business and normalization of profitability post covid makes it suitable only for aggressive investors for the long term. Those who applied for listing gains can maintain a stop loss of Rs 500.”