Encube Ethicals Limited, MakeMyTrip India Clear SEBI Review

Encube Ethicals Limited and MakeMyTrip (India) Limited can take their proposed IPOs to the next stage after receiving SEBI observations on November 4 and November 6, 2026, respectively, with Encube Ethicals planning a ₹3,000 crore offer for sale. The observations permit the companies to finalise issue terms, including price bands and subscription dates.

Why do SEBI observations matter for these IPOs?

SEBI observations allow Encube Ethicals and MakeMyTrip India to proceed towards launching their proposed public issues, but they do not themselves set the offer price, launch date or final share count. Companies typically finalise those details after receiving the regulator's observations and before opening an issue for subscription.

The two approvals came as part of a broader primary-market pipeline in which several companies across sectors received regulatory clearance. The immediate focus for prospective investors is now on the final offer documents, which should provide the confirmed structure and other issue-specific details.

How is Encube Ethicals' ₹3,000 crore IPO structured?

Encube Ethicals' proposed issue is entirely an offer for sale of up to ₹3,000 crore, meaning the company will not issue fresh shares or receive proceeds from the transaction. The amount raised through the public issue will go to the selling shareholders.

Promoter Mehul Madhusudan Shah plans to sell shares worth up to ₹2,000 crore, while Frontier Investment Holdings Pte Ltd plans to offload shares worth up to ₹1,000 crore. Frontier Investment Holdings is managed by Quadria Capital. Encube Ethicals had filed its draft red herring prospectus with SEBI in October 2023.

Encube Ethicals is an India-based pharmaceutical company focused on developing and manufacturing topical formulations. It operates as a contract development and manufacturing organisation and also has branded generics. The offer structure is therefore a key point: the IPO is a shareholder sale rather than a route for the company to raise new capital.

What is known about MakeMyTrip India's proposed IPO?

MakeMyTrip India filed draft papers with SEBI through the confidential route in July, and the regulator issued its final observations on November 6. The proposed IPO is expected to be an offer for sale by its parent, Nasdaq-listed MakeMyTrip Limited, and the parent's wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd.

The exact size of MakeMyTrip India's offering, the shares to be sold and the final issue terms have not been announced in the available information. Unlike Encube Ethicals, no disclosed rupee value is available for the proposed issue at this stage.

MakeMyTrip Limited has said in a Nasdaq regulatory filing that MakeMyTrip India will remain under its control following the proposed IPO. It also said the India subsidiary's financial results will continue to be consolidated with those of the parent company. This distinguishes the proposed listing from a separation of the India operations from the listed parent.

What details must investors wait for before the issues open?

Investors must wait for the companies to announce final issue details, including price bands, subscription dates and the number of shares to be offered. These terms are not established simply by SEBI's observations, and they will determine the final size and valuation framework of each offering.

For Encube Ethicals, the final documents will confirm the sale by Mehul Madhusudan Shah and Frontier Investment Holdings within the stated ceiling of ₹3,000 crore. For MakeMyTrip India, the key pending disclosures are the final offer structure and size, given that the currently available details describe an expected offer for sale without announced financial terms.

SEBI's observations indicate progress in both processes, but they should not be treated as a completed launch announcement. The companies still need to complete the next formal steps before investors can apply for shares in either issue.

Conclusion

The SEBI observations move both proposed IPOs closer to the market, while their structures differ in the information disclosed so far. Encube Ethicals has outlined a ₹3,000 crore, all-offer-for-sale transaction, with no proceeds going to the company. MakeMyTrip India's planned offering is also expected to be an offer for sale, but its size and final terms remain undisclosed.

The next development to watch is the finalisation of price bands, subscription dates and shares offered. Investors tracking Encube Ethicals should also watch for confirmation of the proposed ₹2,000 crore promoter sale and ₹1,000 crore sale by Frontier Investment Holdings, while MakeMyTrip India's pending issue details remain the principal unresolved matter.