Eris Lifesciences fixes price band of Rs 600-603 for IPO

Eris Lifesciences Ltd today announced that it has fixed price band of Rs 600 to Rs 603 per equity share for its proposed initial public offer (IPO).
The company's initial public offering of equity shares of face value of Re 1 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 June 16 and closes on June 20.
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 per cent in Fiscal 2012 to 33.4 per cent in fiscal 2016.
The IPM is expected to grow at a CAGR of 11.6 per cent 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.