Encube Ethicals files DRHP with SEBI for ₹3,000 crore IPO

Pharmaceutical player Encube Ethicals Ltd has filed preliminary papers with the market's regulator, the Securities and Exchange Board of India (SEBI), to raise ₹3,000 crore through an initial public offering (IPO).

The proposed initial share sale is solely an offer for sale (OFS) of ₹3,000 crore by promoters Mehul Madhusudan Shah and Frontier Investment Holdings, with no fresh issuance of shares, according to the draft red herring prospectus (DRHP).

The company will not get funds from the IPO and all the offer proceeds will go to selling shareholders.

"Our company expects that listing of the equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India," Encube Ethicals said.

Half of the net offer will be reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).

JM Financial, Kotak Mahindra Capital Company and Axis Capital are the issue's book-running lead managers, while MUFG Intime India Pvt Ltd is the registrar.

Shares of the company will be listed on the National Stock Exchange (NSE) and the BSE (formerly Bombay Stock Exchange).

Encube Ethicals is a global pharmaceutical formulations platform with in-depth domain expertise in technically complex topical and transdermal dosage forms, serving 50 nations, including regulated markets like the United States, the United Kingdom and Europe, and India as of March 2026.

It operates through three business verticals: global generics business, global contract development and manufacturing organisation business, and India-branded formulations business.

It is among the few global companies with a comprehensive suite of development and manufacturing abilities across non-sterile topical dosage forms, including lotions, gels, creams, pastes, non-aerosol sprays, solutions, transdermal patches and hormone products.

Its manufacturing facilities have accreditations from 11 regulatory authorities, including the USFDA, EAEU, EU GMP, Japan PMDA, Brazil ANVISA, Health Canada and TGA Australia.