Rainbow Children's closes 17% below IPO on listing day
Analysts said the listing happened at a discount to the IPO price due to the weak market sentiment. Its leadership in the paediatrics space provides it with an edge and long-term investors can look to buy the stock at lower levels.
By ET Bureau | Updated:
Agencies
Mumbai: Shares of Rainbow Children's Medicare ended down 17% at ₹450.10 on Tuesday after the speciality paediatric hospital chain listed at a 7% discount to its issue price of ₹542 per share.
Analysts said the listing happened at a discount to the IPO price due to the weak market sentiment. Its leadership in the paediatrics space provides it with an edge and long-term investors can look to buy the stock at lower levels.
"The listing disappointed in line with the broader market. However, company fundamentals are strong, given new bed additions recently and superior margin vis-a-vis peers," said Geetanjali Kedia, senior research analyst, SPTulsian.com.
Analysts said the listing happened at a discount to the IPO price due to the weak market sentiment. Its leadership in the paediatrics space provides it with an edge and long-term investors can look to buy the stock at lower levels.
"The listing disappointed in line with the broader market. However, company fundamentals are strong, given new bed additions recently and superior margin vis-a-vis peers," said Geetanjali Kedia, senior research analyst, SPTulsian.com.
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