Pushp Brand Files IPO Papers with Sebi

New Delhi, May 27 (PTI) Indore-based spice maker Pushp Brand (India) has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.

The proposed initial public offering (IPO) is expected to be in the range of Rs 800-1,000 crore, according to sources.

The public issue is entirely an offer-for-sale (OFS) of up to 74.45 lakh equity shares by promoters and investor selling shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.

Under the OFS, promoters -- Mahendra Kumar Surana and Surendra Kumar Surana -- will offload their stakes, while investors -- A91 Emerging Fund I LLP and Sixth Sense India Opportunities III will also sell their shares in the company.

A91 Emerging Fund I LLP is an affiliate of Mumbai-based equity fund A91 Partners, while Sixth Sense India Opportunities III is an arm of venture capital fund Sixth Sense Ventures.

As the issue is completely an OFS, the company will not receive any proceeds from the public offer, and the entire amount will go to the selling shareholders.


Established in 1974, Pushp Brand (India) Ltd is a branded packaged spices and food company.

Its portfolio includes pure spices, blended spices, whole spices and value-added products such as hing, western seasonings, quick-fry mixes, soya products and tea.

As part of its expansion plan, the company is setting up a green manufacturing facility and plans to commission an integrated storage facility by 2028, followed by a grinding and milling line for pure spices by 2029.

Pushp competes with established players in the packaged spices category, including Everest Food Products, Mahashian Di Hatti (MDH), Orkla India, Badshah Masala and Shubham Goldiee Masala.

On the financial front, the company's revenue from operations increased from Rs 398.24 crore in FY24 to Rs 481.94 crore in FY26. Its restated profit rose from Rs 33.33 crore to Rs 58.95 crore during the period.

The company's shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

ICICI Securities Ltd, IIFL Capital Services, and Systematix Corporate Services are the book-running lead managers for the IPO.