Pushp Brand (India) Ltd, a prominent manufacturer of packaged spices and food products, has secured approval from the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The announcement, made on August 27, 2026, paves the way for the Indore-based company to list on the stock exchanges.
Pushp Brand IPO Details Emerge
The proposed IPO will consist entirely of an Offer for Sale (OFS) of up to 74.45 lakh equity shares. This means no new shares will be issued by the company; instead, existing shareholders will sell their stakes. Among the selling shareholders are the company's promoters, Surendra Kumar Surana and Mahendra Kumar Surana.
Key Investors and Offer for Sale
Significant investor shareholders also participating in the OFS include A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. A91 Emerging Fund I, which invested approximately Rs 125 crore in Pushp Brand in 2020, currently holds a 20.14 percent stake and intends to divest only a portion of its holding. Similarly, Sixth Sense India, having invested around Rs 101 crore in 2023 for a 7.81 percent stake, will also undertake a partial stake sale.
Strong Financial Growth Fuels IPO
Pushp Brand has demonstrated robust financial performance leading up to its IPO. The company's revenue from operations increased from Rs 398.24 crore in fiscal year 2024 to Rs 481.94 crore in fiscal year 2026. During the same period, restated profit for the year grew significantly from Rs 33.33 crore to Rs 58.95 crore. EBITDA also saw a healthy rise, from Rs 49.50 crore in FY24 to Rs 84.19 crore in FY26.
From Regional Spice to National Brand
Founded in 1974 in Indore, Madhya Pradesh, as Munimji & Sons, Pushp Brand has evolved from a regional spice business into a diverse packaged food products company. Its extensive portfolio includes pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products, and tea, marketed under both the Pushp and Munimji brands. As of March 31, 2026, the company boasted 312 Stock Keeping Units (SKUs), comprising 129 pure spices, 173 blended spices, and 10 other products.
Future Expansion and Distribution Reach
Looking ahead, Pushp Brand plans to launch "Pushp Kadak Chai" in the second quarter of fiscal year 2027, further diversifying its product offerings. The company maintains a strong distribution network across 24 states and union territories, supported by 1,016 distributors and reaching over 3.68 lakh retail touchpoints as of fiscal year 2026. Its products are sold through various channels, including general trade, modern trade, e-commerce, and quick-commerce platforms.
ICICI Securities, IIFL Capital Services, and Systematix Corporate Services have been appointed as the book-running lead managers for the issue.