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Eris Lifesciences up to $270 million IPO oversubscribed | Reuters

MUMBAI Indian drug maker Eris Lifesciences Ltd's initial public offering of shares to raise up to 17 billion rupees ($270 million) 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 0100 GMT.

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 603 rupees 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. (Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jun 20, 2017 20:10 PM

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