Sector: Pharmaceuticals and Healthcare | Upcoming Mainboard IPO
Encube Ethicals Ltd., a pharmaceutical formulations and contract development and manufacturing services company, has received SEBI’s observations for its proposed initial public offering of approximately Rs. 3,000 crore. The proposed issue will comprise an Offer for Sale by promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings, which is backed by private equity investor Quadria Capital.
The proposed offering is entirely an OFS, with the promoter planning to sell shares worth up to Rs. 2,000 crore and Frontier Investment Holdings proposing to offload shares worth approximately Rs. 1,000 crore. According to the reported FY26 financial performance, the company recorded revenue of Rs. 1,848.7 crore, registering 34.7% growth, while net profit increased 75% to Rs. 436.7 crore. The proposed listing will provide an exit opportunity to existing shareholders, while the company will not receive proceeds from the OFS. The issue opening date and price band are yet to be announced.
Source: The Economic Times | 9 November 2026
