Encube Ethicals Eyes $400M IPO, Hires Banks
India-based pharmaceutical specialist Encube Ethicals is said to be proceeding with an initial public offering to raise $400 million. The Mumbai-headquartered company, an expert on topical medicines and creams and ointments, has chosen Goldman Sachs, Morgan Stanley and Kotak Mahindra to run the transactions. This move is designed to take advantage of India’s booming stock market and provide capital for the company’s next phase of growth. The money is likely to be used for building out manufacturing facilities in the United States as well as new research on advanced dermatology treatments for global markets.