Pushp Brand files IPO papers with SEBI for OFS-only issue

Pushp Brand IPO: Spice manufacturer Pushp Brand (India) has filed a draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering.

The proposed initial share sale is solely an offer for sale (OFS) of up to 7,445,000 shares, according to the preliminary papers. There is no fresh issue component.

Under the OFS, promoters Surendra Kumar Surana and Mahendra Kumar Surana and investors A91 Emerging Fund I LLP and Sixth Sense India Opportunities III will offload their stake.

"Our company expects that listing of the equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India. Our company will not receive any proceeds from the offer," the company said in its DRHP.

ICICI Securities, IIFL Capital Services, and Systematix Corporate Services are the issue's book-running lead managers, while KFin Technologies is the registrar.

The company's shares will debut on the National Stock Exchange (NSE) and the BSE.

Pushp Brand (India) is a branded packaged spice and food firm, offering a diversified product portfolio. It is one of the fastest-growing spice companies among the key packaged spice peers on the basis of revenue. It grew at a compound annual growth rate (CAGR) of 21.3% from fiscal year 2021 to fiscal year 2025.

Its products are available in 24 states and union territories, with an established presence in Madhya Pradesh, Rajasthan and Chhattisgarh and a growing scale in markets like Maharashtra, Uttar Pradesh, Jharkhand, Gujarat and Bihar. Over the past five years, it has expanded its footprint to states such as Goa, Telangana and Tamil Nadu.

Pushp Brand's product portfolio consists of pure spices, blended spices and adjacent products like soya products and tea under the ‘Pushp’ and ‘Munimji’ brands.

Its products include mirchi power, Kashmiri mirch, teja mirch, kuti mirch, turmeric powder, green cardamom, cumin, pasta masala, hing, shahi paneer masala, elaichi chai, and soya chunks, among others.