Liquidity Events
Pharma co. Encube Ethicals files papers for Rs.3,000-Cr IPO
Mumbai-based Encube Ethicals has filed for an IPO valued at Rs.3,000-Cr. The transaction is structured entirely as an offer for sale (OFS) by promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings Pte. Ltd. JM Financial, Axis Capital, and Kotak Mahindra Capital Company are acting as the book running lead managers for the transaction.Founded in 1995, Encube Ethicals is a specialty pharmaceutical formulations platform specializing in complex topical and transdermal dosage forms. The firm provides end-to-end development and manufacturing services to over 160 pharmaceutical companies and maintains manufacturing facilities with accreditations from 11 global regulatory authorities.The company reported revenue from operations of INR 1,848.7 Cr and a net profit of INR 436.7 Cr for the fiscal year 2026.
Between Jul 2016 and Jul 2016, Encube Ethicals had attracted about $165-M from Gulf Islamic Investments, Quadria, Others.
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