Encube Ethicals, MakeMyTrip (India) Receive SEBI Approval for IPOs
Encube Ethicals Limited and MakeMyTrip (India) Limited have received observations from the Securities and Exchange Board of India (SEBI) for their proposed initial public offerings (IPOs).
SEBI issued its observation letter to Encube Ethicals on November 4, 2026, followed by MakeMyTrip (India) on November 6, 2026. The observations allow both companies to proceed with the next stages of their IPO processes, including finalising the issue details, price bands and subscription dates.
|
Company |
Issue Type |
Fresh Issue |
Offer for Sale (OFS) |
|
Encube Ethicals Limited |
OFS only |
Not Applicable |
Up to ₹3,000 crore |
|
MakeMyTrip (India) Limited |
To be announced |
To be announced |
To be announced |
Encube Ethicals IPO - Issue Details
- Issue Type: Book-Built Issue (Offer for Sale)
- 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, Kotak Mahindra Capital Company Limited
- Registrar: KFin Technologies Limited
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
|
Particulars |
FY26 (in ₹ Cr.) |
FY25 (in ₹ Cr.) |
FY24 (in ₹ Cr.) |
|
Revenue from Operations |
1,848.71 |
1,344.8 |
1,085.9 |
|
Profit After Tax (PAT) |
436.70 |
249.60 |
156.10 |
|
EBITDA |
663.30 |
452.10 |
297.60 |
MakeMyTrip (India) IPO - Issue Details
- Issue Type: Book Built Issue (Confidential Pre-Filing)
- Total Issue Size: To be announced
- Fresh Issue: To be announced
- Offer for Sale (OFS): To be announced
- Listing: BSE, NSE
- Book Running Lead Managers: Axis Capital Limited
- Registrar: To be announced
About MakeMyTrip (India) Limited
Founded in 2000, MakeMyTrip Limited is an online travel company offering flight, hotel, holiday package, bus, rail and cab bookings through its brands MakeMyTrip, Goibibo and redBus. It operates a digital marketplace connecting travellers with airlines, hotels and transport service providers across India and select international markets.
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