The initial public offering (IPO) of Eris Lifesciences was subscribed 3.29 times on Tuesday, the third day of its offering, with investors bidding for 5.24 crore shares against 1.59 crore shares reserved. Qualified institutional buyers bid for 4.03 crore shares of the 86.17 lakh shares reserved for them. High net-worth individuals (HNIs) bid for 19.37 lakh shares against 43.08 lakh shares reserved for them, retail investors bid for 100,59,816 shares against 28.72 lakh shares reserved for them and employees bid 1.29 lakh shares against 1.5 lakh shares reserved for them. Eris Lifesciences allotted 1.29 crore equity shares at Rs603 per share, aggregating to Rs779.43 crore, to 21 anchor investors on Thursday. The IPO comprises an offer for sale (OFS) of 2.88 crore equity shares by shareholders. Axis Capital, Citigroup Global Markets, and Credit Suisse Securities India are the book running lead managers to the offer.
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.