Encube Ethicals Files Papers With Sebi For ₹3,000-Crore IPO

New Delhi: Specialty pharmaceutical company Encube Ethicals has filed preliminary papers with capital markets regulator Sebi for an Initial Public Offering (IPO) worth Rs 3,000 crore.

The Mumbai-based company's maiden public offering is completely an offer for sale by the promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings Pte. Ltd, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.

Since it's an OFS, the company will not receive any proceeds from the public issue, instead funds will go to selling shareholders.

Founded in 1995, the company is a global specialty pharmaceutical formulations platform with deep domain expertise in technically complex topical and transdermal dosage forms, serving 50 countries, including regulated markets such as the United States, UK and Europe, and India as of March 31, 2026.

The company's manufacturing facilities have accreditations from 11 regulatory authorities, including the US Food and Drug Administration (USFDA), EU GMP, Japan PMDA, Health Canada, Brazil ANVISA and TGA Australia. Its operations are supported by a workforce of 1,684 employees as of March 31, 2026 The company offers end-to-end development and manufacturing services to over 160 pharmaceutical firms across 50 countries.

On the financial front, its revenue from operations was at Rs 1,848.7 crore and its net profit at Rs 436.7 crore during FY26.

JM Financial, Axis Capital, and Kotak Mahindra Capital Company are the book running lead managers, and MUFG Intime India is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE. 

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