Quadria Capital-backed pharmaceutical company Encube Ethicals has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).
The company had filed its draft offer document with the capital markets regulator on August 1, 2026.
SEBI issued its observations on the company's draft papers on November 4, according to the processing status of draft offer documents published by the regulator on November 6.
The issuance of observations allows the company to proceed with its IPO plans by filing the red herring prospectus with the Registrar of Companies (RoC) and subsequently launching the public issue for subscription within the next 12 months.
Mumbai-headquartered Encube Ethicals proposes to raise Rs 3,000 crore through the IPO, comprising entirely an offer for sale (OFS), with no fresh issue component.