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Eris Lifesciences IPO Details

Issue Open Jun 16, 2017
Issue Close Jun 20, 2017
IPO Price ₹603
Face Value ₹1
IPO Size ₹1,741.16 Cr
Listing At BSE, NSE
IPO Lot Size 24

ERIS LIFESCIENCES LIMITED

Our Company was incorporated as 'Eris Lifescience Private Limited' on January 25, 2007, as a private limited company under the Companies Act 1956, at Ahmedabad,with a certificate of incorporation granted by the Registrar of Companies,Gujarat, dadra and Nagar Haveli. A fresh certificate of incorporation consequent to the change in our Company's name to 'Eris Lifesciences Private Limited' was issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli on February 9, 2007. Further, pursuant to the conversion of our Company to a public limited company, our name was changed to 'Eris Lifesciences Limited' and the Registrar of Companies, Ahmedabad (the 'Roc')  issued a fresh certificate of incorporation on February 2, 2017. For more information on the changes in name and registered office of our Company, see 'History and Certain Corporate Matters' on page 128 of the Prospectus dated June 21,2017 (the 'Prospectus')

Registered Office:
21. New York Tower A, Near Muktidham Temple, Thaltej Cross Road, Thaltej, Ahmedabad 380 054, Gujarat India. Tel: +91 79 4890 3474. Fax: +91 79 4890 3474: Corporate Office: 7th Floor, Commerce House IV, beside Shell Petrol Pump, 100 Feet Road. Pranladnagar, Ahmedabad 380 015. Gujarat India. Tel: +9179 3045 1111; Fax: +91 79 3017 9404; Contact Person: Mr. Milind Tategaonkar, Company Secretary and Compliance Officer Tel: +91 79 3045 1182 Fax: +91 79 3017 9404; Email: complianceofficer@erislifesciences.com ; Website: www.eris.co.in
Corporate Identity Number: U24232GJ2007PLC049867

Our Promoters: Mr. Amit Indubhushan Bakshi and others as disclosed in section 'Our Promoters, Promoter Group And Group Companies' on page 150 of the Prospectus

Our Company Has filed the Prospectus with the RoC and the Equity Shares are proposed to be listed on the BSE Limited (''BSE') and the National Stock Exchange of  India Limited ('NSE') and the trading will commenee on or about June 29,2017.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 28,875.000 EQUITY SHARES (THE 'OFFER') OF FACE VALUE OF RS 1 EACH (THE 'EQUITY SHARES') OF ERIS LIFESCIENCES LIMITED (OUR 'COMPANY' OR THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS 603* PER EQUITY SHARE (THE 'OFFER PRICE') AGGREGATING TO RS 17,411.63 MILLION THROUGH AN OFFER FOR SALE (THE 'OFFER FOR SALE') OF 22,344,000 EQUITY SHARES AGGREGATING TO RS 13,473.43 MILLION BY BOTTICELLI (THE 'INVESTOR SELLING SHAREHOLDER'), 687,500 EQUITY SHARES AGGREGATING TO RS 414.56 MILLION BY MR. AMIT INDUBHUSHAN BAKSHI. 687,500 EQUITY SHARES AGGREGATING TO RS 414.56 MILLION BY MR. HIMANSHU JAYANTBHAI SHAH, 1,031,167 EQUITY SHARES AGGREGATING TO  621.79 MILLION BY MR. INDERJEET SINGH NEGI, 1,031,166 EQUITY SHARES AGGREGATING TO RS 621.79 MILLION BY MR. RAJENDRAKUMAR RAMBHAI PATEL. 1,031,167 EQUITY SHARES AGGREGATING TO RS 621.79 MILLION BY MR. KAUSHAL KAMLESH SHAH (TOGETHER, THE 'PROMOTER SELLING SHAREHOLDERS'). 1,375,000 EQUITY SHARES AGGREGATING TO RS 829.13 MILLION BY MR. BHIKHABHAI CHIMANLAL SHAH AND 687,500 EQUITY SHARES AGGREGATING TO RS 414.56 MILLION BY MR. HETAL RASIKLAL SHAH, (COLLECTIVELY, THE 'OTHER SELLING SHAREHOLDERS'. TOGETHER WITH THE INVESTOR SELLING SHAREHOLDER AND THE PROMOTER SELLING SHAREHOLDERS, THE 'SELLING SHAREHOLDERS'). THE OFFER INCLUDES A RESERVATION OF 150,000 EQUITY SHARES AGGREGATING TO RS 81.45 MILLION, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED HEREINAFTER) (THE 'EMPLOYEE RESERVATION PORTION'). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE 'NET OFFER', AGGREGATING TO 28,725,000 EQUITY SHARES. THE OFFER AND THE NET OFFER CONSTITUTE 21%  AND 20.89%. RESPECTIVELY OF THE POST OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

*Employee Discount of Rs 60 to the offer price was offered to Eligible Employees participating in the employee Reservation Portion.

OFFER PRICE: RS 603 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
ANCHOR INVESTOR OFFER PRICE: RS 603 PER EQUITY SHARE
THE OFFER PRICE IS 603 TIMES THE FACE VALUE

Risks to Investors:

I. The Three (3) BRLM s associated with the Offer have handled 27 public issues in the past three years out of which 6 issues closed below the issue price on listing date,
ii. The price/earnings ratio based on diluted EPS for FY 2017 for the issuer at the upper end of the Price Band is as high as 34.18 on standalone basis and 34.24 on consolidated basis.
iii. The average cost of acquisition of Equity Shares for our Selling Shareholders ranges from negligible to Rs 87.27 and the Offer Price at upper end of the Price Band is 603.

BID/ OFFER PERIOD: OPENED ON: FRIDAY, JUNE 16, 2017
CLOSED ON TUESDAY, JUNE 20, 2017
ANCHOR INVESTOR BIDDING DATE: THURSDAY, JUNE 15, 2017

The Offer is made in terms of Rule I9(2)(b)(iii) of the Secunties Contracts (Regulation) Rules, 1957, as amended(the 'SCRR'), wherein atleast 10% of the post-Offer Equity Shane capital of our Company is offered to the pubic through the Book Building Process and in compliance with Regulation 26(2) of the Securities and Exchange board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the 'SEBI ICDR Regulations'), wherein at least 75% of the Net Offer shall be Allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs') (the'QIB Category'). provided that our Company and the Investor Selling Shareholder, in consultation with the BRLMs. have allocated up to 60% of the QlB Category to Anchor investors .on a discretionary basis (the'Anchor Investor Portion'), of which one-third was reserved for domestic Mutual Funds, subject to valid Bids being received fron domestic Mutual Funds at or above the price at which allocation made to Anchor Investors. Further, 5% of the QlB Category (excluding the Anchor Investor Portion) was- made available for alocalion on a proportionate basis to Mutual Funds only The remainder of the QIB Category was made available ''or allocate on a proportionate, basis io QIBs. subject to valid Bids being received from them at or above the Offer Price. If at leasl 75% of the Offer cannot be Allotted to QIBs, the entire application money Shall be refunded forthwith. Further, not more than 15% of the Net Offer was made available for allocation on a praponionate basis to Non-Institutional Investors and not more than 10% of the Net Offer was made available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject 10 valid Bids being received at or above the Offer Price. All Bidders (except Anchor Investors) were mandatorily required to participate in this Offer only through the Application Supported by Blocked Amount ('ASBA') process by providing details of their respective bank account in which the Bid Amount were blocked by the Self Certified Syndicate Banks (the 'SCSB' ) Anchor Investors were not permitted to participate in the Anchor investor Portion through the ASBA process. For details, see 'Offer Procedure'' on page 292 of the Prospectus.

The Offer received 307.478 applications for 64,825,416 Equity Shares (prior to technical rejections) resulting in 2,2450 times subscription. The details of the applications received in the Offer from various categories are as under: (before technical refections):

Category No. Of
Applications
No. of Equity
Shares applied
Reserved No. of times
Subscribed
Amount (Rs)
A. Retail individual Investors 306,756 9,521,376 2,872,500 3.3147 5747074323.00
B. Non-Institutional Investors 292 1,637,352 4,308,750 0.3800 937337125.00
C. Employees 365 112,800 150,000 0.7520 61335410.00
D. Qualified Institutional Buyers 26 40,363,680 8,617,500 4.6839 2433929040.00
E Anchor Investors 37 13,190,206 12,926,250 1.0204 7953695424.00
Total 307.478 64,825,416 26,875,000 2.2450 39088741322.00

Final Demand
A summary of the final demand as at different Bid prices is as under:

Bid Price No. of
Equity Shares
% to
Total
Cumulative
Total
Cumulative
% of Total
600 52,101 0.10 52,104 0.10
601 23,592 0.04 75,696 0.14
602 26,136 0.05 101,832 0.19
603 43,946,616 83.52 44,048,448 83.72
CUTOFF 8,566,968 16.28 52,615,416 100.00
TOTAL 52,615,416 100.00

The Basis of Allotment was finalized in consultation with the Designated StocK Exchange, being the NSE on June 23,2017

A. Allotment to Retail Individual Investors (after technical rejections) (including ASBA Applications)

The Basts of Allotment to the Retail individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs 603 per Equity Share, was finalised consultation with the NSE. This category has been subscribed to the extent of 2.9837 times. The total number of Equity Shares Allotted in Retail Portion is 3,191,158 Equity Shares to 132,964 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under.

Category No.Of
Applications
Received
% of
Total
Total No.
Of Equity
Shares Applied
Total No.Of
Equity Shares
Allotted
per Bidder
Ratio Total No.
of Equity
Shares Allotted
24 281,881 91.89 6,765,144 71.05 24 114:263 2,932,368
48 10,997 3.58 527,856 5.54 24 114:263 114,384
72 3,650 1.19 262,800 2.76 24 114:263 37,968
96 2,326 0.76 223,296 2.35 24 114:263 24,192
120 1,727 0.56 207,240 2.18 24 114:263 17,976
144 871 0.28 125,424 1.32 24 114:263 9,072
168 932 0.30 156,576 1.64 24 114:263 9,696
192 338 0.11 64,896 0 68 24 114:263 3,504
216 161 0.05 34,776 0.37 24 70:161 1,680
240 625 0.20 150,000 1.58 24 114:263 6,504
264 114 0.04 30,096 0.32 24 49:114 1,176
288 189 0.06 54,432 0.57 24 82:139 1,968
312 2,945 0.96 918,840 9.65 24 114:263 30,648

10782 Allottees from Serial no 2 to 13 Additional 1(one) share

1 11:5391 22
TOTAL 306,756 100.00 9,521,376 100.00 3,191,158

B. Allotment to Non-Institutional investors (After Technical Rejections)

The Basis of Allotment to the Non-institutional investors, who have bid at the offer price of Rs 603 per Equity Share or above, was finalized in consultation with- the NSE. The Non-Institutional Portion has been subscribed to the extent of 0.3800 times. The total number of Equity Shares Allotted in this category is 1,637,352 Equity Shares to 292 successful Non- Institutional Investors. The category-wise details, of the Basis of Allotment are as under:

Category No. Of
Applications
Received
Total Total No. Of
Equity Shares
Applied
% to
Total
No. or
Equity Shares
Allotted
per Bidder
Ratio Total No. of
Equity Shares
Allotted
336 110 37.67 36,960 2.26 336 1:1 36,960
360 18 6.16 6480 0.40 360 1:1 6,480
384 5 1.71 1.920 0.12 384 1:1 1,920
408 8 2.74 3,264 0.20 408 1:1 3,264
432 1 0.34 432 0.03 432 1:1 4.32
480 10 3.42 4.6800 0.29 480 1:1 4,800
504 8 2.74 4.032 0.25 504 1:1 4,032
552 1 0.34 552 0.03 552 1:1 552
576 1 0.68 1,152 0.07 576 1:1 1,152
600 4 1.37 2,400 0.15 600 1:1 2,400
624 3 1.03 1,872 0.11 624 1:1 1,872
648 3 1.03 1,944 0.12 648 1:1 1,944
672 4 1.37 2,688 0.16 672 1:1 2,688
720 7 2.40 5,040 0.31 720 1:1 5,040
768 1 0.34 768 0.05 768 1:1 765
816 5 1.71 4,080 0.25 816 1:1 4,080
840 4 1.37 3,360 0.21 840 1:1 3,360
960 2 0.68 1,920 0.12 960 1:1 1,920
1,008 5 1.71 5,040 0.31 1,008 1:1 5,040
1,032 1 0.34 1,032 0.06 1,032 1:1 1,032
1,176 1 0.34 1,176 0.07 1,176 1:1 1,176
1,200 3 1.03 3,600 0.22 1,200 1:1 3,600
1,320 1 1.34 1,320 0.08 1,320 1:1 1,320
1,344 1 0.34 1,344 0.08 1,344 1:1 1,344
1,416 1 0.34 1,416 0.09 1,416 1:1 1,416
1,488 1 0.34 1,488 0.09 1,488 1:1 1.488
1,512 1 0.34 1515 0.09 1,512 1:1 1,512
1,608 1 0.34 1,608 0.09 1,608 1:1 1,608
1,632 1 0.34 1,632 0.10 1,632 1:1 1,632
1,656 7 2.40 11,592 0.71 1,655 1:1 11,592
1,680 2 0.68 33,360 0.21 1,638 1:1 3,360
1,800 1 0.34 1,800 0.11 1,300 1:1 1,800
2,016 1 0.34 2,016 0.12 2.016 1:1 2,016
2,400 2 0.68 4,800 0.29 2,400 1:1 4,800
2,472 2 0.68 4,944 0.30 2,472 1:1 4,944
2,520 1 0.34 2,520 0.15 2,520 1:1 2,520
2,592 1 0.34 2,592 0.16 2.592 1:1 2,592
3,000 1 0.34 3,000 0.18 3,000 1:1 3,000
3,312 2 0.68 6,624 0.40 3,312 1:1 6,624
3,336 1 0.34 3,336 0.20 3,336 1:1 3,336
3,600 2 0.68 7,200 0.44 3,600 1:1 7,200
4,128 1 0.34 4,128 0.25 4,128 1:1 4,128
4,152 1 0.34 4,152 0.25 4,152 1:1 4,152
4,200 1 0.34 4,200 0.26 4,200 1:1 4,200
4,320 1 0.34 4,320 0.26 4,320 1:1 4,320
4,800 2 0.68 9,600 0.59 4,800 1:1 9,600
4,968 1 0.34 4,968 0.30 4,968 1:1 4,968
4,992 1 0.34 4,992 0.30 4,992 1:1 4,992
5,016 1 0.34 5,016 0.31 5,016 1:1 5,016
5,616 1 0.34 5,616 0.34 5,616 1:1 5,616
5,808 1 0.34 5,808 0.35 5,808 1:1 5,808
6,624 1 0.34 6,624 0.40 6,624 1:1 6,624
7,704 1 0.34 7,704 0.47 7,704 1:1 7,704
7,896 1 0.34 7,896 0.48 7,896 1:1 7,896
8,160 1 .34 8,160 0.50 8,160 1:1 8,160
8,280 3 1.03 24,840 1.52 6.280 1:1 24,840
8,400 1 0.34 8,400 0.51 8,400 1:1 8,400
9,936 1 0.34 9,936 0.61 9,936 1:1 9,936
10,776 2 0.68 21,552 1.32 10,776 1:1 21,552
11,592 1 0.34 11,592 0.71 11,592 1:1 11,592
14,904 1 0.34 14,904 0.91 14,904 1:1 14,904
15,000 3 1.03 45,000 2.75 15,000 1:1 45,000
16,560 3 1.3 49,680 3.03 16,560 1:1 49,680
16,584 2 0.68 33,168 2.03 16,584 1:1 33,168
16,800 1 0.34 16,800 1.03 16,800 1:1 16,800
16,992 1 0.34 16,992 1.04 16,992 1:1 16,992
18,000 2 0.68 36,000 2.20 18,000 1:1 36,000
19,992 1 0.34 19,992 1.22 19,992 1:1 19,992
24,000 2 0.63 48,000 2.93 24,000 1:1 48,000
24,864 1 0.34 24,864 1.52 24,864 1:1 24,864
25,008 5 1.71 125,40 7.64 25,005 1:1 125,040
26,520 1 0.34 26,520 1.62 26,520 1:1 26,520
33,120 1 0.3 33,120 2.02 33,120 1:1 33,120
33,144 1 0.34 33,144 2.02 33,144 1:1 33,144
33,168 1 0.34 33.188 2.03 33,168 1:1 33,168
35,016 1 0.34 35,016 2.14 35,016 1:1 35,016
40,008 1 0.34 40,008 2.44 40,008 1:1 40,008
41,448 1 0.34 41,448 2.53 41,448 1:1 41,448
65,016 1 0.34 65,016 3.97 65,046 1:1 65,016
165,840 1 0.34 165,840 10.13 165,840 1:1 165,840
165,776 1 3 34 166,776 10.19 166,776 1:1 166,776
248,736 1 0.34 248,736 15.19 248,736 1:1 246.736
TOTAL 292 100 1637352 100 1637352

C. Allotment to Eligible Employees

Allotment to Eligible Employees, who have Bid at the Offer Price- (less Employee Discount) of Rs 543 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 0.752 times of the Employee Reservation Portion. The total number of Equity Shares Allotted in the Employee Reservation Portion is 112,800 Equity Shares, which were allotted io 365 successful Eligible Employees.The category-wise details of the Basis of Allotment are as under:

Category No. Of
Applications
Received
% of
Total
Total No. Of
Equity Shares
Applied
% to
Total
No. Of
Equily Shares
Allotted
per Bidder
Ratio Total No. of
Equity Shares
Allotted
24 48 13.15 1,152 1.02 24 1:1 1,152
48 50 13.70 2,400 2.13 48 1:1 2,400
72 16 4.38 1,152 1.02 72 1:1 1,152
96 45 12.33 4,320 3.83 96 1:1 4,320
120 12 3.29 1,440 1.28 120 1:1 1,440
144 11 3.01 1,584 1.40 144 1:1 1,584
168 5 1.37 840 0.74 168 1:1 840
192 21 5.75 4,032 3.57 192 1:1 4,032
216 8 2.19 1,728 1.53 216 1:1 1,728
240 11 3.01 2,640 2.34 240 1:1 2,640
264 6 1.64 1,584 1.40 264 1:1 1,584
288 6 1.64 1,728 1.53 288 1:1 1,728
312 5 1.37 1,560 1.38 312 1:1 1,560
336 3 0.82 1,008 0.89 336 1:1 1,008
360 22 6.03 7,920 7.02 360 1:1 7,920
384 4 1.10 1,536 1.36 384 1:1 1,536
408 1 0.27 408 0.36 408 1:1 408
432 5 1.37 2,160 1.91 432 1:1 2,160
456 1 0.27 456 0.40 456 1:1 456
480 2 0.55 960 0.85 480 1:1 960
552 4 1.10 2,208 1.96 552 1:1 2,208
600 2 0.55 1,200 1.06 600 1:1 1,200
648 1 0.27 648 0.57 648 1:1 648
672 1 0.27 672 0 50 672 1:1 672
744 2 0.55 1,488 1.32 744 1:1 1,488
768 1 0.27 768 0.68 768 1:1 768
792 1 0.27 792 0 70 792 1:1 792
816 2 0.55 1,632 1.45 816 1:1 1,632
864 2 0.55 1,728 1.53 864 1:1 1,728
888 2 0.55 1,776 1.57 888 1:1 1,776
912 65 17.81 59,280 52.55 912 1:1 59,280
TOTAL 365 100 112,800 100.00 112,800

D. Allotment to QIBs

Allotment to QIBs, who have Bid at the Offer Price of Rs 603per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 3.6669 times of QIB Portion. As per the SEBI Regulations. Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e. 550,372 Equily Shares and other QIBs and unsatisfied demand of Mutual Funds were Allied the remaining available Equity Shares i.e. 10,457,068 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 11,007,440 Equity Shares, which were allotted to 26 successful QIB Bidders. The category-wise details of the Basis of Allomienl are as under;

Category FIs/BANKS MF'S IC'S VC'S AIF Fll FPC TOTAL
QIB 261,344 6,560,638 56,664 - 352,753 - 3,776,041 11,007,440

E. Allotment to Anchor Investors

The Compeny and the Selling Shareholders, in consultation with the BRLMs, have allocated 12,926,250 Equity Shares to 21 Anchor investors (through 37 Applications) at the Anchor investor Offer Price of Rs 603 per Equity Share m accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

Category FIs/Banks MPs ICs VCs AIF FII/FPC Others Total
Anchor Investors - 5,432,232 739,080 739,080 6,015.858 - 12,926,250

The IPO Comrniriee of our Company on June 27, 2017 has taken on record the Basis of Allotment of Equity Shares approved by all the Designated Stock Exchange, being NSE and has Allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum-Intimations and /or notices will be dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on June 24, 2017 and payment to non-Syndicate brokers have been issued on June 27, 2017. In case the same is not received within ten days, investors may contact the Registrar to the offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on June 27, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the listing application with NSE and BSE on June 27,2017. The Company is taking steps for completion of the necessary formalities to get the Equity Shares admitted for listing and tradinq on the BSE and NSE within six Working Days from the Bid/offer closing date.
All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer. Link Intime India Private Limited  www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/sole Bidder, Bid cum Application Form number. Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated intermediary at the address given below.

Link Intime India Private Limited
C-101,1st Floor, 247 Park. L.B.S.Marg,Vikhroli (West),
Mumbai 400 083, Maharashtra. India
Tel: +91 22 4918 6200; Fax: +91 22 4918 6195.
E-mail: eris.ipo@linkintime.co.in  
Website: www.linkintime.co.in  
nvestor Grievance Email: www.linkintime.co.in
Contact Person. Ms. Shanti Gopalkrishnan,
SEBI Registration No.- INR000004058

Place: Ahmedabad
Date: June 27, 2017

For ERIS LIFESCIENCES LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary and Compliance Officer

Eris Lifesciences IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in Eris Lifesciences IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The Eris Lifesciences IPO basis of allotment (published above) tells you how shares are allocated to you in Eris Lifesciences IPO and category wise demand of IPO share.

Visit the Eris Lifesciences IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in Eris Lifesciences IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).