Encube Ethicals Pvt Ltd, the contract development and manufacturing firm for topical drugs backed by Quadria Capital, has promoted a key official to chief executive as the company reportedly considers a public listing.
Encube said in a social media post that it has elevated Pratik Kamani to chief executive from his previous role as chief business officer, effective April 1. Meanwhile, Encube's founder Mehul Shah has transitioned to the role of chairman and managing director, the company said.
The leadership rejig comes amid recent media reports that Encube has paused plans for a stake sale and appointed investment bankers for a $400 million (around Rs 3,714 crore) initial public offering (IPO). In November, VCCircle reported that Encube was eyeing a fresh private funding round to facilitate an exit for some of its early backers, including the healthcare-focussed PE firm Quadria Capital.
Kamani joined Encube over 15 years ago as an executive assistant to the managing director, serving as a strategic aid. Following his first stint with the company, which lasted more than three years, Kamani moved to Shalina Healthcare, where he worked for 10 months as a senior manager for the long-term commercial strategy of the company's pharmaceutical operations.
He rejoined Encube in 2015 as a senior manager overseeing business strategy and commercial operations, and has since climbed ranks.
Kamani started his career as a management trainee at the life sciences and healthcare services firm Indegene and holds a management degree from SVKM's Narsee Monjee Institute of Management Studies (NMIMS).
In June 2021, Quadria Capital, along with co-investors including Gulf Islamic Investments, invested up to $120 million in Encube Ethicals, acquiring nearly a quarter of the company at an $800 million post-money valuation. The investment also facilitated a full exit for the Renuka Ramnath-led PE firm Multiples Alternate Asset Management, which had acquired over one-tenth of the company in 2016 for about $45.5 million.
Last month, a Bloomberg report stated that Encube was considering an IPO in Mumbai that could raise about $400 million. According to the report, Encube appointed JM Financial and JPMorgan Chase as advisers and plans to hire more banks for the proposed share sale. A separate report in The Economic Times noted that Encube Ethicals paused plans to sell a majority stake over a valuation mismatch and was instead exploring the possibility of an IPO by 2027.
