India, Aug. 3 -- image credit- freepik

Mumbai-based Encube Ethicals has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The IPO, with a face value of Re 1, is a complete offer for sale of Rs 3000 crore by promoters - Mehul Madhusudan Shah, and Investor Selling Shareholder - Frontier Investment Holdings Pte. Ltd.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, wherein not more than 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).

Incorporated in 1995, ...