NEW DELHI: The initial public offer of Eris Lifesciences was subscribed 75 per cent on the second day of bidding till 05.00 pm (IST).The IPO , to raise Rs 1,741 crore, received bids for 1,20,33,096 shares against the total issue size of 1,59,48,750 shares, as per data available with the NSE.The portion set aside for qualified institutional buyers (QIBs) was subscribed 7 per cent on Friday, non-institutional investors 2 per cent and retail investors 41 per cent.The price band for the share sale has been fixed at Rs 600-603.The company had already raised Rs 779 crore from 21 anchor investors, including Abu Dhabi Investment Authority and Goldman Sachs Eris is a developer, manufacturer and commercialiser of branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM.Brokerage firm Choice Broking has given ‘Avoid’ rating to the issue. “At the higher price band of Rs 603 per share, Eris Life’s share is valued at a P/E multiple of 34.3x (to its restated FY17 EPS of Rs 17.6), which is at a premium when compared to its peer average of 31.1x (excluding GlaxoSmithKline).”On the other hand, Shrikant Akolkar, senior research analyst, Angel Broking said, “We believe that Eris is likely to continue growing faster than its competitors owing to its marketing capability, higher operating leverage and growing market share of its mother brands. While most pharma companies are currently facing issues on several fronts, this business model looks attractive with no USFDA concerns and pricing pressure. Considering the company’s superior growth, better margin profile and high return ratios, we rate this IPO as ‘Subscribe’.”