Encube Ethicals Is Said to Hire Banks for $400 Million India IPO

Encube Ethicals Pvt., backed by private equity firm Quadria Capital, is considering an initial public offering in Mumbai that could raise about $400 million, according to people familiar with the matter.

The contract drug manufacturer has appointed JM Financial Ltd. and JPMorgan Chase & Co. as advisers and plans to hire more banks for the proposed share sale, the people said, asking not to be identified because the information is private.