Eris Lifesciences IPO subscribed 75% a day before close

The Rs 1,740-crore initial public offering (IPO) of Eris Lifesciences was subscribed 75 per cent on Friday. The 16-million share offering had received bids for around 12 millions shares, data provided by stock exchanges showed. 

Eris Life has already raised Rs 779 crore from 21 anchor investors, which included Goldman Sachs, Morgan Stanley and Birla Sunlife Mutual Fund. 

These investors were allotted shares at the top end of the price band of Rs 600 to Rs 603 per share. 

Eris Lifesciences is an Ahmedabad-based specialty pharma company with special focus on lifestyle-related therapeutic areas, including cardiovascular and anti-diabetics. The IPO entirely comprises of secondary share sale by the promoter group entities.