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Wednesday, June 14, 2017

Eris Lifesciences Limited (ELL) IPO at a Glance



Issue Highlights

Issue Period
16/6/17-20/6/17
Price Band (Rs.)
600-603
Issue Size(shares)
2,88,75,100
Issue Size (Rs. crore)
1741.16
Issue Type
100% Book Built
Face Value (Rs.)
1
Listing
BSE, NSE
Industry
Pharmaceutical
Registrar
Link Intime India Pvt. Ltd.
Minimum Bid Quantity
24
Maximum Retail Subscription (Rs.)
1,88,136
BRLM
Axis Cap, City, Credit Suisse

Issue Details


Offer for Sale:  2,88,75,100
Fresh Issue:   Nil
Equity Shares Outstanding Prior to the Issue:  13,75,00,000
Equity Shares Outstanding After the Issue:  13,75,00,000

Objects of the Issue

The Issue being a pure offer for sale company shall not receive any proceeds from the offer.

(1)    To avail the listing benefits
(2)    Providing an exit route to selling share holders
(3)    Offer related expenses

Company Profile

With an emphasis on developing products linked to life style diseases, ELL
operates in both chronic and acute categories of the Indian pharmaceutical market like Cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. Round 64 % of the total revenue comes from the chronic categories. In terms of revenue, ELL is ranked 21st out of the 353 domestic and multi-national companies catering the chronic categories.

Risks & Threats

(1)    Around 52 of the revenue garnered is attributed to the Assam facility and the state of Assam being prone to manmade disruption- is a major concern
(2)    Around 20 % of the revenue comes from the products made by the third-party manufacturer
(3)    Around 76% of the revenue comes from metro and class 1 towns making the company prone to the risk of shift in demand




Financial Profile

Parameter
FY 2016
FY 17 Annu.
PEG Ratio
1.64
.61
P/B
27.67

Profit CAGR % (4 year)
37.89

ROCE (%)
46.04

ROE (%)
44.58

ROESharp  %
31.61

NPM (%)
22.37

EBITDA MARGIN (%)
28.73

OCF/Sales
.22

AR Collection Period
14.99

Inventory Days
32.17

Total Liability/Net worth
.32



Comparison with the listed Peers #


NPM (%)
ROCE (%)
ROE (%)
PEG
GlaxoSmithKline
15.94
25.59
28.08
1.92
Abbott India Ltd
9.87
22.54
23.43
1.53
Sanofi India ltd
12.53
15.86
17.11
2.43
Pfizer Ltd
11.04
10.34
10.51
4.79
Eris life Sciences
22.37
46.04
44.58
1.64






# moneycontrol data




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