Ahmedabad-based pharmaceuticals firm 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 offer will open on June 16 and closes on June 20.

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.

Private equity firm ChrysCapital, which holds a 16.25% stake in the company, will sell all of its 22.34 million shares, while founder Amit Bakshi, who holds 39.97%, will sell his 0.5% stake. Other investors including Rakesh Shah, Rajendra Patel, Kausal Shah and Inderjeet Negi too will sell their shares.

“The company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders. Listing will also provide a public market for the equity shares in India,” Eris said in the draft documents.

The book running lead managers (BRLMs) to the offer are Axis Capital Ltd, Citigroup Global Markets India and Credit Suisse Securities (India).

About Company
Eris Lifesciences founded by Mr Amit Bakshi and team in 2007 is one of the fastest growing companies within the chronic and acute categories of the Indian Branded Formulations market such as: cardiovascular; anti–diabetes; vitamins; gastroenterology and gynaecology. Our focus has been on developing, manufacturing and marketing products which are linked to lifestyle related disorders that are chronic in nature and are treated by superspecialist and specialist doctors.

We have a team of over 2287 employees across India as on September 30, 2016. Our specialty field force consists of 1300+ medical representatives and 612 field managers. Our teams at the manufacturing facility and corporate office together comprise of 365 employees.

Eris features amongst the Top 30 companies in the Indian Branded Formulations Market. Eris has outpaced the Indian Pharmaceutical Market (IPM) growth with a CAGR of 33.9% in Chronic and 20.1% in Acute therapy segment.

Chronic category contributes to over 64.2% of our revenues as compared to 33.4% contribution to the IPM. Eris is the fastest growing company in Chronic therapy amongst the top 25 companies.

We are the 2nd fastest growing company in Cardiovascular and Anti Diabetics therapeutic segments amongst the top 25 companies.

Board Members
Mr. Amit Bakshi – Chairman and Managing Director
Mr. Himanshu Shah – Executive Director
Mr. Inderjeet Singh Negi – Executive Director

IPO Issue Detail:

  • Issue Open: The issue opens on Jun 16, 2017 and closes on Jun 20, 2017
  • Issue Type: Book Built Issue IPO
  • Price Band: Rs. 600 – Rs. 603 Per Equity Share
  • Face Value: Rs 1 Per Equity Share
  • Lot Size: 24 equity shares and in multiple thereafter
  • Issue Size: 28,875,000 Equity Shares of Rs 1 aggregating up to Rs 1,741.16 Cr
  • Mode of Payment: ASBA is mandatory (cheques will not be accepted)
  • Listing On: BSE, NSE

Tentative timetable

  1. 16th June – Offer Opens
  2. 20th June – Offer Closes
  3. 23st June – Finalisation of Basis of Allotment
  4. 27nd June – Initiation of refunds
  5. 28rd June – Credit to Demat Accounts
  6. 29th June – Listing on NSE & BSE

Company Contact Information
Eris Lifesciences Limited
7th Floor, Commerce House IV,
Beside Shell Petrol Pump, 100 Feet Road,
Prahladnagar, Ahmedabad 380 015
Phone: +91 79 3045 1111
Fax: +91 79 3017 9404
Email: complianceofficer@erislifesciences.com
Website: http://www.eris.co.in/

Registrar to the IPO
Link Intime India Private Ltd,
C-13 Pannalal Silk Mills Compound,
LBS Marg, Bhandup West, Mumbai 400078
Phone: +91-22-25963838
Fax: +91-22-25946969
Email: tnl.ipo@linkintime.co.in
Website: http://www.linkintime.co.in