Eris Lifesciences' initial public offering (IPO) received bids for 5.25 crore shares compared with 1.59 crore shares, data on NSE showed. The IPO was subscribed 3.29 times.

Category wise, the qualified institutional buyers (QIBs) category was subscribed 4.68 times. The non institutional investors (NIIs) category was subscribed 0.45 times. The retail individual investors (RIIs) category was subscribed 3.51 times.

The price band of the IPO was fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO opened for subscription on 16 June 2017 and closed yesterday, 20 June 2017.

The IPO comprised of an offer for sale of 2.89 crore shares by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital.

The objects of the issue are to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Ahead of the bidding, IPO committee of the board of directors allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore.

Eris Lifesciences' consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007, Gujarat-based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.