Pushp Brand (India) Pvt Ltd, parent company of spice brand Pushp Masale has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
According to its DRHP, the proposed IPO will comprise solely an offer for sale (OFS) of 7.44 million shares, with no fresh issue component.
Under the OFS component, existing investors A91 Partners and Sixth Sense Ventures will offload 4.22 million and 1.54 million shares, respectively. Promoters Mahendra Kumar Surana and Surendra Kumar Surana will also sell 8.4 lakh shares each.
Reportedly, the size of the issue is likely to be around Rs 1,000 crore.
ICICI Securities, IIFL Capital and Systematix Group are the issue's merchant bankers, while KFin Technologies is the registrar.
Founded in 1974, Pushp manufactures and sells a wide range of spices and food products under the 'Pushp' brand. Its portfolio includes whole spices, blended spices, hing, and other cooking essentials, which are distributed through retail stores, wholesalers, and online channels across India.
The company's portfolio comprised 312 SKUs across pure spices, blended spices, and other products, including 129 SKUs in pure spices and 173 SKUs in blended spices, reflecting continued portfolio diversification.
The Indore-based company has raised around $28 million (Rs 225 crore) across two funding rounds from A91 Partners and Sixth Sense Ventures. A91, which invested around Rs 125 crore in 2020, held a 20.14% stake as of the DRHP filing date, while Sixth Sense, which invested nearly Rs 101 crore in 2023, owned 7.81%. Both investors are partially divesting their holdings through the OFS.
On the financial front, the spice manufacturer reported a 19% year-on-year growth in operating revenue to Rs 482 crore in FY26, while its profit rose over 28% to Rs 59 crore.
The company competes with established packaged spices brands such as Everest Food Products, Mahashian Di Hatti, Orkla India, Aachi Masala Foods, and Sakthi Masala, among others.