# Spice Maker Pushp Brand Moves Toward Stock Exchanges With DRHP Filing for Proposed IPO > Indore-based spice producer Pushp Brand (India) has submitted preliminary draft papers to market regulator SEBI. The proposed share offering is estimated to raise between 800 crore rupees and 1000 crore rupees. **Type:** article · **Category:** Market · **Published:** 2026-09-22 · **Source:** TrendKia **Canonical:** https://trendkia.com/en/market/masala-knpani-pushp-brand-ka-sheyara-bajara-men-kadama-ipo-ke-lie-sebi-men-dakhila-kiya-draphta-36071 · **Language:** English **Tags:** Pushp Brand, IPO, SEBI, Spice Industry, BSE, NSE, Indore Indore-headquartered packaged spice manufacturer Pushp Brand (India) Limited has initiated the process of tapping public equity markets. Taking a concrete step toward floating its initial public offering, the Madhya Pradesh based enterprise has lodged its draft red herring prospectus with the capital markets regulator, the Securities and Exchange Board of India. According to the preliminary documents submitted on Tuesday, the expected issue size will hover in the range of 800 crore rupees to 1000 crore rupees. The entire public issue is structured as an offer for sale, meaning the company itself will not issue fresh shares or receive proceeds from the float, as only existing stakeholders will be offloading equity. ## Promoters and Institutional Backers to Liquidate Shareholding Under the proposed offer for sale mechanism, a total of 74.45 lakh equity shares will be offered to prospective market participants. Among the selling shareholders are company promoters Mahendra Kumar Surana and Surendra Kumar Surana, who will dilute part of their holdings to raise capital. Alongside the family leadership, external institutional investment funds that backed the company in earlier financing rounds are also set to reduce their exposure through the issue. The institutional sellers comprise A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. Looking at their investment timelines, A91 Emerging Fund entered the company's cap table in 2020 and currently controls a 19.90 percent equity stake in the spice enterprise. Meanwhile, Sixth Sense India Opportunities III acquired its interest later in 2023 and holds a 7.73 percent shareholding. Both entities plan to divest a fraction of their respective equity positions through the secondary offering route. ## Product Offerings and Competitive Landscape Pushp Brand (India) Limited operates across the fast-moving consumer foods landscape, specializing in packaged spices and culinary goods. Its product catalog spans everyday pure spices, blended ground seasonings, and whole spices, alongside specialized kitchen items such as asafoetida, quick-fry mix varieties, multiple soy-based grocery items, and packaged tea. In the packaged spice segment, the company operates in a crowded marketplace where it faces direct rivalry from well-entrenched household brand names. Its primary market competitors include established players like Everest Food Products, MDH, Orkla India, and Badshah Masala. The listing will grant the regional player higher corporate visibility within this fiercely contested food products vertical. ## Mainboard Listing Venue and Issue Managers The upcoming share sale will be conducted on the mainboard platform rather than an SME exchange. Following the culmination of the subscription and allotment phases, the company's shares are slated to trade on both premier bourses, the BSE and the NSE. To steer the entire transaction, regulatory filings, and book-building process, the company has mandated three financial institutions as its book running lead managers: ICICI Securities, IIFL Capital Services, and Systematix Corporate Services. ## What this means for you The upcoming public issue opens up a fresh equity avenue for investors keen on India's packaged food and spice vertical. - **For retail investors:** The issue is structured strictly as an offer for sale, meaning no capital flows directly to company operations. Investors will need to evaluate pricing and private equity exit valuations carefully before bidding. - **For Madhya Pradesh and Indore:** The public listing of an Indore-grown consumer brand shines a spotlight on regional enterprise. It validates the expansion potential of localized FMCG manufacturers reaching national capital markets. - **Market competition:** Gaining a presence on premier bourses gives the brand elevated stature against longstanding giants. This public profile could intensify competition among established packaged spice brands on retail shelves. - **Trading liquidity:** The dual listing on both the BSE and NSE ensures accessible market infrastructure. Institutional and retail participants will have access to standardized exchange-traded liquidity. ## Why this happened Pushp Brand filed its draft red herring prospectus primarily to facilitate an orderly secondary sale for its promoters and financial backers. - **Private equity monetization:** Institutional backers A91 Emerging Fund and Sixth Sense entered the company in 2020 and 2023 respectively. Such investment funds rely on initial public offerings to unlock returns and return capital to their limited partners. - **Promoter secondary share sale:** The founding promoters Mahendra Kumar Surana and Surendra Kumar Surana seek to monetize a portion of their holdings. Liquidating 74.45 lakh shares enables personal liquidity without issuing dilutive fresh stock. - **Brand visibility and stature:** Shifting to a publicly traded mainboard structure elevates a regional brand in national commerce. Gaining corporate visibility helps FMCG companies stand taller against deeply rooted nationwide competitors. ## Questions & Answers ### 1. What is the expected size of the Pushp Brand IPO? The proposed public issue is estimated to raise between 800 crore rupees and 1000 crore rupees. ### 2. Will fresh equity shares be issued in this IPO? No, the offering is entirely an offer for sale consisting of 74.45 lakh equity shares sold by promoters and investors. ### 3. Which institutional investors are selling their stakes in the offering? A91 Emerging Fund I LLP (holding 19.90%) and Sixth Sense India Opportunities III (holding 7.73%) will be selling partial stakes. ### 4. On which stock exchanges will the company list its shares? The company's shares are slated to list on the mainboard platforms of both the BSE and the NSE. ### 5. What products does Pushp Brand manufacture? The company produces pure spices, blended spices, whole spices, asafoetida, quick-fry mix varieties, soya products, and tea. ### 6. Who are Pushp Brand's primary competitors in the packaged spices industry? Its established competitors include Everest Food Products, MDH, Orkla India, and Badshah Masala. --- _TrendKia — Har trend, sabse pehle.. Machine-readable view; canonical HTML at the URL above._