Pushp Masale parent files IPO papers with SEBI, targets Rs 1,000 crore OFS
Pushp Brand (India), the parent company of spice maker Pushp Masale, has filed draft papers with India’s market regulator for an initial public offering (IPO) expected to raise about Rs 800 crore to Rs 1,000 crore.
According to the DRHP filed with the SEBI, the proposed IPO will consist entirely of an offer for sale (OFS) of up to 7.44 million equity shares, with no fresh issue component. Under the OFS, existing investors A91 Partners and Sixth Sense Ventures will sell part of their holdings, alongside promoters Mahendra Kumar Surana and Surendra Kumar Surana. A91 Partners plans to offload 4.22 million shares, while Sixth Sense Ventures will sell 1.54 million shares. The two promoters will each divest 840,000 shares. Founded in 1974 and based in Indore, Pushp Brand manufactures and sells packaged spices and food products under the “Pushp” label. Its portfolio includes pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products and tea.
The company said it had 312 stock-keeping units (SKUs) across categories, including 129 SKUs in pure spices and 173 in blended spices, reflecting continued expansion of its product range. Its products are distributed through retail outlets, wholesalers and online channels in 24 states and union territories. Pushp Brand has seen investment and secondary transactions totaling about Rs 225 crore involving A91 Partners and Sixth Sense Ventures, including A91 Partners’ investment of around Rs 125 crore in 2020 and Sixth Sense Ventures’ purchase of a stake worth nearly Rs 101 crore in 2023.
At the time of filing, A91 Partners held a 20.14% stake in the company, while Sixth Sense Ventures owned 7.81%. Both investors are partially exiting through the share sale. The company reported operating revenue of Rs 482 crore in FY26, up 19% year-on-year, while profit rose more than 28% to Rs 59 crore.
The company competes with established packaged spice makers including Everest Food Products, Mahashian Di Hatti, Orkla India, Badshah Masala, Shubham Goldiee Masala, Aachi Masala Foods and Sakthi Masala. The company’s shares are proposed to be listed on the BSE and the NSE. ICICI Securities, IIFL Capital Services and Systematix Corporate Services are the book-running lead managers for the issue, while KFin Technologies will act as registrar.
#Tourism#Modernplasticsindia #Pasticsnews #ModernPlasticsIndiaMagazine
#PrintPublication #Moderntourismindia #modernstartupindia
