Shares of Rainbow Children’s Medicare on Tuesday debuted with a discount and later ended nearly 17 per cent lower 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. During the day, it tanked 22.32 per cent to Rs 421. It settled at Rs 450.10 apiece, lower by 16.95 per cent.
On the NSE, the stock closed at Rs 450 apiece, a discount of 16.97 per cent.
In traded volume terms, 9.19 lakh shares were traded on the BSE and over 1.73 crore shares on the NSE during the day.
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. PTI SUM SHW SHW
