Eris Lifesciences shares rise 4% on stock market debut


Mumbai: Shares of Eris Lifesciences Ltd rose 4% on debut on Thursday after its Rs1741.1 crore initial public offer (IPO) received a subscription of more than three times when it closed earlier this month.

Eris Lifesciences shares opened 1.5% higher on the BSE at Rs612 apiece compared to the issue price of Rs603, the upper end of the price band of Rs600-603 per share.

At 10.05am, they were up 4% at Rs626, while the benchmark Sensex index traded 0.74% higher at 31,063.40 points. Intra-day, the shares touched a high of Rs627.70 and a low of Rs610, respectively.

The Ahmedabad-based pharmaceuticals company raised Rs1,741.1 crore through the issue which closed on 20 June, and was subscribed 3.29 times.

Ahead of the IPO, the company raised Rs779.43 crore by selling shares to anchor investors, including Abu Dhabi Investment Authority, Goldman Sachs India Ltd and Morgan Stanley India Investment Fund Inc.

Eris Life sciences develops, manufactures and commercializes branded pharmaceutical products in select therapeutic areas within chronic and acute categories like cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives.