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Eris Lifesciences IPO to be launched on 16 June, price band set at Rs600-603 per share

LiveMint logoLiveMint 09-06-2017 PTI

Mumbai: Eris Lifesciences Ltd on Friday announced that it has fixed price band of Rs600 to Rs603 per equity share for its proposed initial public offer (IPO). The company’s initial public offering of equity shares of face value of Re1 each comprising of offer for sale of equity shares aggregating up to 28,875,000 equity shares by selling shareholders.

The offer will open on 16 June and closes on 20 June. Eris Lifesciences own and operates from its manufacturing facility at Gawahati in Assam. It is engaged in developing, manufacture and commercializing branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM), such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives.

Our focus has been on developing products in the chronic and acute category which are linked to lifestyle related disorders, a company statement said. Rising demand for drugs that treat chronic illness, driven by a growing incidence of lifestyle disorders has led to an increase in the share of the chronic category in the IPM from 30.5% in Fiscal 2012 to 33.4% in fiscal 2016.

The IPM is expected to grow at a CAGR of 11.6% between calendar years 2016 and 2021. Overall healthcare spending in India is also expected to rise due to a high real GDP growth rate, improving GDP per capita, rising affordability, improving healthcare infrastructure the increasing awareness of diseases and therapies, and a greater penetration of diagnostics, the company said.

The book running lead managers (BRLMs) to the offer are Axis Capital Ltd, Citigroup Global Markets India and Credit Suisse Securities (India). The equity shares offered through the RHP are proposed to be listed on BSE and National Stock Exchange of India.

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