Issue opens / closes on
16-06 / 20-06-2017
2.88 cr equity shares plus OFS 2.23 cr shares
A I Bakshi / others
Mfrs of pharmaceutical products
Axis Capital, Citigroup and Credit Suisse Securities
Eris Lifesciences manufactures pharmaceutical products in select therapeutic areas within the chronic and acute categories, such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives.
OFS of 28,875,000 Equity Shares.
Objects of the offer:
To achieve the benefits of listing the Equity Shares on the Stock Exchanges
Financials ( Rs in crores)
Equity (fv rs1)
(## fv Rs 10)
Valuation and recommendations:
The company has achieved a CAGR of 22% in revenues, between Fiscals 2013 and 2017 has outperformed overall Industry growth, which is at of 12%, during the same period. In the chronic pharmaceutical products category, the company is one of the fastest growing enterprise. The average RONW in the last 3 years is above 43%. Since the entire IPO is an OFS, there won't be any expansion of capital post IPO.
For fy 18 the company is likely to report EPS in excess of Rs 20. The offer is made around 30PE, which is reasonable.
Invest for listing gains and as well as for long term appreciation.