Rainbow Children’s Medicare made a very tepid and dull debut today, falling further after listing. The stock got listed on the BSE at Rs.506 v/s the IPO price of Rs.592. It soon went down to Rs.480.80 and is now trading at Rs.491 levels.
The IPO had got a lukewarm response, subscribing 12.43 times on the last day of the bidding, driven by qualified institutional buyers (QIBs), who subscribed 38.9 times, while HNIs was at 3.73 times and retail at 1.38 times.
In the IPO Analysis, we had concluded, “While secondary market volatility may restrict listing gains, sound fundamentals in the form of high growth visibility with healthy margins, at reasonable valuation, makes the IPO attractive for the long term, and hence a ‘subscribe’.”