On the last day of bid, Eris Lifesciences IPO oversubscribed by 3.29 times
DSIJ Intelligence / 21 Jun 2017
On June20,2017, the initial public offer of Eris Lifesciences Ltd, a pharmaceutical company, oversubscribed more than three times (3.29 times) on the last day of the share sale.
On June20,2017, the initial public offer of Eris Lifesciences Ltd, a pharmaceutical company, oversubscribed more than three times i.e. 3.29 times on the last day of the share sale.
The company received the bids for 5.2 crore shares against the total issue size of 1.59 crore shares, and the total bids received at cut-off price was 85.57 lakh as per the data released by the stock exchanges.
In the last week only, Eris Lifesciences Ltd had collected Rs 779 crore from 21 anchor investors. The price band for Eris IPO was Rs 600-603 per share.
The portion subscribed by the Qualified Institutional Buyers(QIBs) on ERIS bid was 1.15 times against the bid for 98,70,072 shares while the Non-Institutional Investors and Retail Individual Investors subscribed 0.21 times and 1.18 times respectively, as per information available on NSE.
On February 8, 2017, Eris had filed its red herring prospectus and on May 8, 2017 received the approval from SEBI for its IPO. Axis Capital, Citigroup Global Markets India and Credit Suisses Securities are the book running lead managers to the offer.
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