Eris Lifesciences raises Rs 779.43 crore from anchor investors ahead of IPO

On Thursday, Ahmedabad-based company Eris Lifesciences has raised Rs 779.43 crore from anchor investors ahead of its Rs 1,800 crore initial public offer (IPO).
 
The IPO issue size stands at 1,59,48,750 shares. Total bids received as of 11:30 am stood at 29,37,720 shares and total bids received at cut off price stood at 17,89,872 shares, as per the data available with the National Stock Exchange (NSE). So far, the issue got subscribed by 18% on the second day of its subscription.
 
Private equity giant ChrysCapital’s investment arm Botticelli would sell its entire 16.25% stake or 22,344,000 shares, in Eris Lifesciences. The company’s existing shareholders will sell 28,875,000 equity shares. 
 
The net revenue of the company from operations for the year ended March 31, 2016, stood at around Rs 623.2 crore, witnessing a rise of around 11% on Y-o-Y basis. The company reported a constant rise in revenue over the past five years. Net profit for the year ended March 31, 2016, stood at approximately Rs 137.97 crore, witnessing a rise of 65% on Y-o-Y basis.