The initial public offer of Eris Lifesciences was subscribed 12 per cent on the first day of bidding today. The IPO, to raise Rs 1,741 crore, received bids for 18,55,728 shares against the total issue size of 1,59,48,750 shares, as per data available with the NSE till 1815 hours. The portion set aside for qualified institutional buyers (QIBs) was subscribed 7 per cent, non-institutional investors 2 per cent and retail investors 41 per cent.
Eris Lifesciences yesterday mopped up Rs 779 crore from 21 anchor investors. The price band for the share sale has been fixed at Rs 600-603. The offer, which closes on June 20, comprises sale of 2.89 crore shares. The book Running Lead Managers to the offer are Axis Capital, Citigroup Global Markets India and Credit Suisse Securities (India). Eris Lifesciences is into manufacturing of branded pharmaceutical products in select therapeutic areas.