Encube Ethicals Files DRHP With SEBI for ₹3,000 Crore Issue

Encube Ethicals Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 1, 2026, for its proposed Initial Public Offering (IPO). 

The proposed public issue comprises an Offer for Sale (OFS) of equity shares worth up to ₹3,000 crore by existing shareholders Mehul Madhusudhan Shah and Frontier Investment Holdings Pte. Limited, with no fresh issue component.

Encube Ethicals IPO - Issue Details

• Issue Type: Book-built Issue (OFS Only)
• Total Issue Size: Up to ₹3,000 crore
• Fresh Issue: Not Applicable
• Offer for Sale (OFS): Up to ₹3,000 crore
• Face Value: ₹1 per equity share
• Listing: BSE, NSE
• Book Building Lead Managers: JM Financial Limited, Axis Capital Limited and Kotak Mahindra Capital Company Limited
• Registrar: MUFG Intime India Private Limited

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About Encube Ethicals Limited

Incorporated in 1995, Encube Ethicals Limited is a pharmaceutical formulations company specialising in technically complex topical and transdermal dosage forms. It operates across three business segments: Global Generics, Global CDMO, and India Branded Formulations and serves customers in over 50 countries, including the US, Europe, the UK, and India.

The company is among the leading players in the US topical generics market by volume and operates two manufacturing facilities supported by a USFDA-approved R&D centre. Its capabilities span the development and manufacturing of creams, gels, lotions, transdermal patches, hormone products, and other complex topical formulations.

Key Financial Information

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