Upcoming ₹3,000 Crore IPO: Encube Ethicals Gets SEBI Approval for Public Issue

Encube Ethicals Ltd. has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹3,000 crore IPO. The approval was granted on November 4, 2026, and is valid for 12 months. The company will proceed with the issue subject to market conditions and other required approvals.

The IPO will be entirely an Offer for Sale (OFS), with shares proposed to be listed on the BSE and NSE. IPO dates, price band and lot size are yet to be announced.

Encube Ethicals IPO Details

Particulars	Details
Issue Size	₹3,000 crore
Issue Type	Book Building IPO
Sale Type	100% Offer for Sale
Face Value	₹1 per share
Listing	BSE, NSE
Lead Managers	JM Financial, Axis Capital, Kotak Mahindra Capital
Registrar	MUFG Intime India
SEBI Approval	November 4, 2026
IPO Dates	To be announced

About Encube Ethicals

Incorporated in 1995, Encube Ethicals is a pharmaceutical formulations company specialising in topical and transdermal products. It serves customers across 50 countries, including the US, UK, Europe and India.

Its business operates across three segments: global generics, contract development and manufacturing (CDMO), and branded formulations in India.

Financial Performance

<text color="secondary" size="xs">₹ crore</text>

Particulars	FY26	FY25
Total Income	1,911.80	1,369.00
Profit After Tax	436.70	249.60
EBITDA	663.30	452.10
Total Assets	2,792.10	2,300.10

In FY26, total income increased by around 40%, while profit after tax rose by approximately 75% year-on-year.

IPO Objectives and Selling Shareholders

The IPO is a complete OFS, meaning Encube Ethicals will not receive any proceeds. The entire amount will go to the selling shareholders.

Selling Shareholder	Estimated Sale Value
Mehul Madhusudan Shah	₹2,000 crore
Frontier Investment Holdings	₹1,000 crore
Total	₹3,000 crore

Key Takeaway: Encube Ethicals has secured SEBI approval for its proposed ₹3,000 crore IPO. Its strong FY26 profit growth and international pharmaceutical presence will be key factors for investors to watch ahead of the issue.

When did Encube Ethicals receive SEBI approval for its IPO?

Encube Ethicals Ltd. received SEBI approval for its IPO on November 4, 2026.

What is the proposed issue size of the Encube Ethicals IPO?

The company is planning to raise ₹3,000 crore through its IPO.

Is the Encube Ethicals IPO a fresh issue or an OFS?

The IPO is entirely an offer for sale (OFS), with no fresh issue of shares.

What is the face value of Encube Ethicals shares?

The face value of each equity share is ₹1.

On which stock exchanges will Encube Ethicals list?

The company's shares are proposed to be listed on the BSE and NSE.

Have the Encube Ethicals IPO dates been announced?

No. The IPO opening and closing dates are yet to be announced.

What is the price band for the Encube Ethicals IPO?

The price band has not yet been announced.

How long is the SEBI approval for the Encube Ethicals IPO valid?

The SEBI approval is valid for 12 months from November 4, 2026.

Who are the lead managers for the Encube Ethicals IPO?

JM Financial, Axis Capital and Kotak Mahindra Capital are the lead managers.

Who is the registrar of the Encube Ethicals IPO?

MUFG Intime India has been appointed as the IPO registrar.

What does Encube Ethicals do?

Encube Ethicals is a pharmaceutical formulations company specialising in topical and transdermal products.

When was Encube Ethicals incorporated?

The company was incorporated in 1995.

In how many countries does Encube Ethicals operate?

The company serves customers across 50 countries, including the US, UK, Europe and India.

What are the main business segments of Encube Ethicals?

Its business operates across global generics, contract development and manufacturing (CDMO), and branded formulations in India.

What was Encube Ethicals' total income in FY26?

The company reported total income of ₹1,911.80 crore in FY26, compared with ₹1,369 crore in FY25.

What was its net profit in FY26?

Its profit after tax stood at ₹436.70 crore in FY26, compared with ₹249.60 crore in FY25.

How much did Encube Ethicals' profit increase in FY26?

Profit after tax increased by approximately 75% year-on-year.

Who are the selling shareholders in the Encube Ethicals IPO?

Mehul Madhusudan Shah and Frontier Investment Holdings are the selling shareholders, with estimated sale values of ₹2,000 crore and ₹1,000 crore, respectively.

Will Encube Ethicals receive money from the IPO?

No. Since the IPO is entirely an OFS, the proceeds will go to the selling shareholders rather than the company.

Should investors consider the Encube Ethicals IPO?

Investors should evaluate the company's financial performance, valuation, business risks, international exposure and final offer documents before making an investment decision.