Encube Ethicals Pvt., backed by private equity firm Quadria Capital, is preparing for an initial public offering in Mumbai as soon as this month that could raise about 30 billion rupees ($317 million), according to people familiar with the matter. The contract-drug manufacturer has begun investor meetings and is looking to kick off the share sale as soon as in the second half of November, the people said, asking not to be identified because the information is private.
Deliberations are ongoing, and details including the size and timing of the offering could still change, the people said. A representative for Encube Ethicals didn't immediately respond to requests for comment. The IPO will consist entirely of shares sold by founder Mehul Madhusudan Shah and an entity owned by Quadria Capital, with no fresh issuance, according to the draft prospectus filed with the Securities and Exchange Board of India. JM Financial Ltd., Axis Capital Ltd. and Kotak Mahindra Capital Co. are advising on the offering.
Encube could be among a number of companies tapping India's buoyant IPO market in the final months of the year. Companies have raised about $18.5 billion through IPOs in India so far in 2026, putting the market within reach of the record $22.4 billion raised last year.
Founded in 1995, Encube is a pharmaceutical formulations company specializing in topical and transdermal products. It serves 50 countries, including regulated markets such as the US, UK and Europe, as well as India, according to its prospectus. The company also owns the topical antimicrobial brand Soframycin.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing