Encube Ethicals Pvt. , backed by private equity firm Quadria Capital, is preparing for an initial public offering in Mumbai as soon as this month that could raise about 30 billion rupees ($317 million), according to people familiar with the matter.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-11-04/encube-ethicals-said-to-plan-317-million-india-ipo-this-month)