Eris Lifesciences Shares Rise 4% On Stock Market Debut

Shares of branded pharmaceutical product maker Eris Lifesciences rose as much as 4 per cent to hit intraday high of Rs 627.70 on stock market debut. Eris Lifesciences' initial public offer was oversubscribed 3.29 times during June 16-20. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 4.68 times, non-institutional investors 45 per cent and retail investors 3.51 times.

Shareholders in Eris Lifesciences including private equity firm ChrysCapital sold a total 28.8 million shares in a price range of Rs 600-603 rupees each.  

Anchor investors including Abu Dhabi Investment Authority bought 12.9 million shares as part of the IPO at Rs 603 apiece.

The book running lead managers to the offer were Axis Capital, Citigroup Global Markets India and Credit Suisse Securities (India).

Ahmedabad-based Eris Lifesciences was founded in 2007 and it manufactures and markets products which are linked to lifestyle related disorders that are chronic in nature and are treated by super specialist and specialist doctors.

Meanwhile, in the debut trading session on stock exchanges, shares of Eris Lifesciences gave up initial listing gains to trade on a flat note. The stock as of 10:30 am, traded 0.49 per cent higher at Rs 605.