Moneycontrol
May 08, 2017 10:08 PM IST | Source: PTI

Eris Lifesciences get Sebi's go-ahead for Rs 2,000-crore IPO

The company had filed draft paper with Sebi in February for the proposed IPO and received regualtor's observation on April 28, which is necessary for any company to launch public offer, as per the latest update.

Eris Lifesciences get Sebi's go-ahead for Rs 2,000-crore IPO

Pharmaceutical firm Eris Lifesciences has received capital market regulator Sebi's approval to raise an estimated Rs 2,000 crore through an initial public offering.

The company had filed draft paper with Sebi in February for the proposed IPO and received regualtor's observation on April 28, which is necessary for any company to launch public offer, as per the latest update.

The initial public offer (IPO) will see sale of 28,875,000 equity shares by the existing shareholders. Private equity giant ChrysCapital's investment arm Botticelli would sell its entire 16.25 per cent stake, or 22,344,000 shares, in Eris Lifesciences.

"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.

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

The equity shares are proposed to be listed on the BSE and the NSE.

In recent times, healthcare services firms investors Alkem Laboratories, Dr Lal Pathlabs Ltd, Narayana Hrudayalaya Ltd and Thyrocare Ltd have tapped the primary market through IPO route.

Founded in 2007, Eris is engaged in manufacturing, marketing and selling of branded generics within chronic and acute categories. The company has a team of over 2,287 employees across India as on September 30, 2016, as per the company's website.
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