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Eris Lifesciences IPO oversubscribed 3.29 times on last day

24 Juin 2017

The initial public offer of Eris Lifesciences was oversubscribed 1.14 times till early afternoon trade on the last day of bidding today.

Overall, the offering was subscribed 1.14 times.

The quota set aside for qualified institutional buyers (QIBs) was subscribed 82 per cent till June 19, non institutional investors 3 per cent and retail investors by 168 per cent.

ChrysCapital, which invested about Rs200 crore in Eris in 2011, will make about Rs1,347 crore through its exit, reaping close to seven times return.

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The price band for the share sale has been fixed at Rs 600-603. Anchor investors including Abu Dhabi Investment Authority bought 12.9 million shares as part of the IPO at 603 rupees apiece.

The objects of the issue are to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Eris Lifesciences' consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Eris Lifesciences develops, manufactures and commercialises branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM, such as cardiovascular, anti-diabetics, vitamins, gastroenterology, and anti-infectives.

Eris Lifesciences IPO oversubscribed 3.29 times on last day