Eris Lifesciences closes 0.32% down on stock market debut

MUMBAI: Shares of Eris Lifesciences Ltd rose as much as 4% on debut on Thursday, after its ₹1,741.1 crore initial public offer (IPO) received a subscription of more than three times when it closed earlier this month.

Eris Lifesciences shares opened 1.5% higher on the BSE at ₹612 apiece, as compared to the issue price of ₹603, the upper end of the price band of ₹600-603 per share.

The scrip closed down 0.32% at ₹601.05, while the benchmark Sensex index closed up 0.08% at 30,858 points. Intra-day, the shares touched a high of ₹627.70 and a low of ₹592.30, respectively.

The Ahmedabad-based pharmaceuticals company raised ₹1,741.1 crore through the issue that closed on June 20, and was subscribed 3.29 times.

Ahead of the IPO, the company raised ₹779.43 crore by selling shares to anchor investors, including Abu Dhabi Investment Authority, Goldman Sachs India Ltd and Morgan Stanley India Investment Fund Inc.