WhatsApp
Call Us

Choose Broker-

IPO Details

  • IPO Date
    [.]
  • Listing Date
    [.]
  • Face Value
    ₹1 per share
  • Price Band
  • Sale Type
    OFS only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Total Issue Size
    [.] shares (agg. up to ₹3,000 Cr)
  • Offer for Sale
    [.] shares of ₹1 (agg. up to ₹3,000 Cr)
  • Share Holding Pre Issue
    30,38,84,790 shares
  • Share Holding Post Issue
    30,38,84,790 shares

IPO DRHP Status

Description Date
Filed with SEBI/Exchange Sat, Aug 1, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Offer
Retail Not less than 35% of the Offer
NII Not less than 15% of the Offer

Investor Category Reservations

Category Limit Cut-off
RII Up to ₹2 Lakhs Yes
sNII ₹2 Lakhs – ₹10 Lakhs No
bNII Above ₹10 Lakhs No
Employee (EMP) Up to ₹5 Lakhs Yes
Employee + RII/NII Up to ₹5Lakhs (EMP) + RII/NII limits Yes (EMP/RII)

About Encube Ethicals Ltd.

Incorporated in September 1995, Encube Ethicals Limited is a global pharmaceutical formulations company specializing in topical and transdermal dosage forms, serving 50 countries, including regulated markets such as the United States, the UK, Europe, and India. The company operates through three integrated business verticals: Global Generics, Global CDMO (Contract Development and Manufacturing Organization), and India Branded Formulations, providing end-to-end capabilities across research & development, formulation development, manufacturing, regulatory compliance, and commercialization. It is one of the fastest-growing players in the US topical generics market and has a strong presence in regulated international markets.

Encube operates large-scale regulatory-approved manufacturing facilities supported by advanced R&D infrastructure, a robust innovation pipeline, and long-standing relationships with leading global pharmaceutical companies. The company also markets branded topical products in India through an established distribution network.

Encube focuses on innovation, quality, regulatory compliance, and customer-centric product development.

 

As of March 31, 2026, the company had 1,695 permanent employees and 982 factory workers across production, R&D, quality, supply chain, finance, IT, and commercial functions.

Strengths

  • Large-scale regulatory-approved manufacturing with a strong compliance record.
  • Strong R&D capabilities driving innovation and product pipeline.
  • Integrated business model across Global Generics, CDMO, and India Branded Formulations.
  • Fast-growing presence in the US topical generics market and strong global customer relationships.
  • Experienced leadership team with a proven track record of business growth and transformation.

 

Company Financials (Restated Consolidated)

Encube Ethicals Ltd.’s revenue increased by 40% and profit after tax (PAT) rose by 75% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 2,792.10 2,300.10 1,871.80
Total Income 1,911.80 1,369.00 1,098.20
Profit After Tax 436.70 249.60 156.10
EBITDA 663.30 452.10 297.60
NET Worth 1,953.60 1,512.80 1,258.40
Reserves and Surplus 1,915.20 1,495.20 1,243.40
Total Borrowing 221.70 230.50 228.10

Recently Listed IPOs in Pharmaceuticals

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Hexagon Nutrition Ltd. Mainboard ₹138.87 Cr ₹45 22.69 ₹53.19 +18.20% ₹64.19
Sai Parenteral’s Ltd. Mainboard ₹408.79 Cr ₹392 72.19 ₹405.70 +3.49% ₹547.50
Corona Remedies Ltd. Mainboard ₹655.37 Cr ₹1062 43.47 ₹1,438.40 +35.44% ₹2,098.80

IPO Objects of the Issue

The Encube Ethicals Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 25.65%
ROCE 32.30%
Debt/Equity 0.13
RoNW 25.21%
PAT Margin 23.62%
EBITDA Margin 35.88%
NAV 64.29

 

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 14.37 14.37
Market Cap at Offer Price ₹ Cr. ₹To be declared Cr.

IPO Stock Quote & Charts

Shareholding Structure

             Category           Pre IPO          Post IPO
Shares % Shares %
Promoter and Promoter Group 24,58,67,400 80.63
Public 5,80,17,390 19.37
Total 30,38,84,790 100 30,38,84,790 100

Company Promoter: Mehul Madhusudan Shah

Offer For Sale – Selling Shareholders

Name Category Estimated Amount (₹ cr.)
Mehul Madhusudan Shah Promoter 2,000.00
Frontier Investment Holdings Pte.Ltd. Corporate 1,000.00
Total 3,000.00

*Estimated Amount (₹ cr.) shown until the actual number of shares offered in OFS is entered.

IPO Registrar

MUFG Intime India Pvt.Ltd.

IPO Lead Manager(s)

  1. JM Financial Ltd.  (Past IPO Performance)
  2. Axis Capital Ltd.  (Past IPO Performance)
  3. Kotak Mahindra Capital Co.Ltd.  (Past IPO Performance)

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Encube Ethicals Ltd. Address
803, B Wing
HDIL Kaledonia, Sahar Road
Andheri East
Mumbai, Maharashtra, 400069
  • 22 62288000
  • compliance.cs@encubeethicals.com
  • Visit Website

IPO FAQs

Encube Ethicals IPO is a main-board IPO of 0 equity shares of the face value of ₹1 aggregating up to ₹3,000 Crores. The issue is priced at To be declared. The minimum order quantity is .

The Encube Ethicals IPO open and close dates are not available as of now.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Encube Ethicals IPO using UPI as a payment gateway. Angel One customers can apply in Encube Ethicals IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Encube Ethicals IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Encube Ethicals IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Encube Ethicals IPO dates are not announced. Please check back again after some time.

Encube Ethicals IPO lot size and the minimum order quantity is not available at this time. Please check again later.

You can apply in Encube Ethicals IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Encube Ethicals IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Encube Ethicals IPO allotment status.

The Encube Ethicals IPO listing date is not yet announced. The tentative date of listing is .

Stock Broker Reviews India

2.34/5
Angel One Limited

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

2.34/5
Angel One Limited

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

2.34/5
Angel One Limited

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

2.34/5
Angel One Limited 2

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

2.34/5
Angel One Limited

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

2.34/5
Angel One Limited

Delivery: Rs 20 per executed order Account Opening: Rs 0 (Free)

Advertisments

Compare India's most trusted brokers side-by-side to find your perfect match.