Eris Lifesciences Up To $270 Million IPO Oversubscribed

Mumbai: Drug maker Eris Lifesciences Ltd's initial public offering of shares to raise up to Rs 1,700 crore was subscribed more than three times on the last day of the sale on Tuesday, stock exchange data showed.

The sale received bids for 52.4 million shares, or 3.29 times the 15.9 million shares on offer to the public, according to data from the National Stock Exchange as of 6.30 pm.

Shareholders in Eris including private equity firm ChrysCapital were selling a total 28.8 million shares in a price range of 600 rupees to 603 rupees each.

Anchor investors including Abu Dhabi Investment Authority bought 12.9 million shares as part of the IPO at Rs 603 apiece.

The stock is scheduled to make its trading debut on or around June 29.

Axis Capital, Citigroup and Credit Suisse were the banks on the IPO.

Central Depository Services (India) Ltd, whose up to $81 million IPO that closes on Wednesday, was subscribed 7.55 times by the second day of the sale.