Eris Lifesciences IPO

Eris Lifesciences develops, manufactures and commercializes branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM, such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives. Its focus has been on developing products in the chronic and acute category which are linked to lifestyle related disorders. The chronic category of the IPM contributed 64.2% of its revenues in Fiscal 2016 and 65.4% of its revenues for the six months ended September 30, 2016.

The company was ranked 21st out of 353 domestic and multinational companies present in the chronic category of the IPM, in terms of revenues for Fiscal 2016. It was the fastest growing company, in the chronic category, among the top 25 companies in terms of revenues, with revenue growth at CAGR of 33.9%, between Fiscals 2012 and 2016. The company generated 35.8% in Fiscal 2016 and 34.6% for the six months ended September 30, 2016, of its revenues from the acute category of the IPM. Its revenues from the acute category grew at a CAGR of 20.1% between Fiscals 2012 and 2016.

Eris Lifesciences’ product portfolio comprised of 56 mother brand groups as of March 31, 2016, not including its acquisitions. The product portfolio is primarily focused on therapeutic areas which require the intervention of specialists and super specialists such as cardiologists, diabetologists, endocrinologists and gastroenterologists.

Sales in metro cities and class 1 towns, together accounted for 75.7% of its revenues in Fiscal 2016 and 77.6% for the six months ended September 30, 2016, as a majority of specialists and super specialists are based in these metro cities and class 1 towns. Between Fiscals 2012 and 2016, there has been an increase in the number of doctors prescribing its products from 24,606 (constituting 9.3% of doctors in metro cities and class 1 towns in India) to 49,476 (constituting 16.0% of doctors in metro cities and class 1 towns in India) and also increase its share in prescriptions from 0.9% to 1.2% over the same period.

Promoters of Eris Lifesciences: Amit Indubhushan Bakshi, Himanshu Jayantbhai Shah, Inderjeet Singh Negi, Rajendrakumar Rambhai Patel and Kaushal Kamlesh Shah

Eris Lifesciences IPO details
Subscription Dates	16 – 20 June 2017
Price Band	INR600 – 603 per share
Fresh issue	Nil
Offer For Sale	28,875,000 shares (INR1,741.16 crore at the upper band)
Total IPO size	28,875,000 shares (INR1,741.16 crore at the upper band)
Minimum bid (lot size)	24 shares
Face Value	INR1 per share
Retail Allocation	10%
Listing On	NSE, BSE

Eris Lifesciences’ consolidated financial performance (in INR crore)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017
Total revenue	273.9	393.0	508.8	545.5	597.0	724.9
Total expenses	215.4	307.2	409.9	424.1	425.5	456.3
Profit after tax	36.9	58.2	70.8	89.2	133.6	242.0

Eris Lifesciences Ltd
21, New York Tower A, Thaltej Cross Road,
Ahmedabad – 380 054

Phone: +91 79 4890 3474
Fax: +91 79 4890 3474
Email: [email protected]
Website: www.eris.co.in

Link Intime India Private Limited
C-13 Pannalal Silk Mills Compound,
LBS Marg, Bhandup (W), Mumbai – 400 078
Maharashtra, India

Phone: +91 22 2596 3838
Fax: +91 22 2594 6969
Email: [email protected]
Website: http://www.linkintime.co.in

Earnings Per Share (EPS): INR17.61

Price/Earnings (P/E) ratio: 34.07 – 34.24

Return on Net Worth (RONW): 44.84%

Net Asset Value (NAV): INR39.27 per share