Pharmaceutical company Eris Lifesciences has priced its initial public offering (IPO) between Rs 600 and Rs 603 per equity share. The IPO comprises an offer for sale (OFS) of 2.88 crore equity shares by the shareholders. The shares have a face value of `1. The IPO is scheduled to open on June 16 and close on June 20. Anchor investors can bid for the shares on June 15. Bids can be made for a minimum of 24 equity shares and in multiples of 24 shares thereof. The company has posted a profit of Rs 289.4 crore for the March 2017 quarter compared with a profit of Rs 173.5 crore a year ago. Axis Capital, Citigroup Global Markets, Edelweiss Financial Services and Credit Suisse Securities India are the book running lead managers to the offer. The pharma company had received capital market regulator Sebi’s approval for the IPO in May. It filed draft paper with Sebi in February and received regulator’s observation on April 28, which is necessary for any company to launch a public 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. The company’s focus has been on developing products in the chronic and acute category which are linked to lifestyle related disorders.