Specialty pharmaceutical company Encube Ethicals has received SEBI’s observations for its proposed Rs.3,000 crore IPO. The issue is entirely an offer for sale by promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings, which plans to sell shares worth up to Rs.1,000 crore.
As the proposed issue consists entirely of an OFS, the company will not receive proceeds from the share sale. Encube Ethicals reported FY26 revenue of Rs.1,848.7 crore, up 34.7% YoY, while net profit rose 75% to Rs.436.7 crore. The company operates in pharmaceutical formulations, global generics and contract development and manufacturing services.
Source: Economic Times, Upstox, 9 November 2026
