Rainbow Children's Medicare Makes Tepid Debut, Lists At 7% Discount

Shares of Rainbow Children's Medicare on Tuesday debuted with a discount of nearly 7 per cent against the issue price of Rs 542.

The stock opened at Rs 506, registering a decline of 6.64 per cent from the issue price on the BSE. It further tanked 11 per cent to Rs 482.

At the NSE, the stock listed at Rs 510, a discount of 5.90 per cent.

The Rs 1,581-crore initial public offer of Rainbow Children's Medicare was subscribed 12.43 times last month.

The offer of the multi-speciality pediatric hospital chain had a price band of Rs 516-542 apiece.

Rainbow Children's Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

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