Encube Ethicals has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 3,000 crore through an Initial Public Offering (IPO). The company's maiden IPO is completely an offer for sale by the promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings. Since it's an OFS, the company will not receive any proceeds from the public issue, instead funds will go to selling shareholders. JM Financial, Axis Capital, and Kotak Mahindra Capital Company are the book running lead managers to the issue. The shares are proposed to be listed on the BSE and NSE. Encube Ethicals is a global specialty pharmaceutical formulations platform with deep domain expertise in technically complex topical and transdermal dosage forms.