Pushp Brand IPO: Packaged Spice Maker Files Draft Papers For Public Issue; Should You Apply?

Packaged spices maker Pushp Brand filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering on May 26.

The food product maker plans to tap the primary market to raise capital and plans to conduct its public issue as an offer-for-sale. Here’s a look at some key details of the spice maker’s public issue:

Pushp Brand IPO: Offer Size

Pushp Brand’s issue consists of an offer-for-sale of shares aggregating up to 7.445 million shares. The price band for the public issue has not been announced yet. Promoter shareholders Mahendra Kumar Surana and Surendra Kumar Surana will reduce their stake in the OFS. On the other hand, investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III will reduce their stake by participating in the OFS.

ICICI Securities, IIFL Capital Services and Systematix Corporate will act as the book-running lead managers for the packaged spice maker’s public issue. The registrar for the public issue is KFin Technologies.

Pushp Brand IPO: Key Financials

In the financial year ended March 31, 2026, Pushp Brand’s consolidated revenue from operations stood at Rs 481.94 crore, increasing 19 per cent compared to Rs 404.64 crore in the financial year ended March 31, 2025. The company’s profit after tax climbed 28 per cent to Rs 58.95 crore in fiscal 2026 from Rs 45.85 crore in the previous fiscal.

Pushp Brand: Business Model

Pushp Brand operates as a manufacturing-led business focused on sourcing, processing, and distributing spices. The company has two automated manufacturing facilities in Indore, Madhya Pradesh.

The primary drivers for the company’s revenue include B2C sales across three core product categories: pure spices (such as chilli, coriander, and turmeric),  blended spices, and allied consumer goods like soya and tea.
Geographically, the business model is highly concentrated, generating over 67 per cent of its total revenue from its home market of Madhya Pradesh.

Pushp Brand: Competitors

The spice-maker mentioned in its DRHP that its sector is highly competitive and subject to rapid changes. The company added that it competes with several regional and national players such as Everest Food Products, Mahashian Di Hatti (MDH), Orkla India, Aachi Masala Foods, Sakthi Masala Private, DS Spiceco Private, Shubham Goldiee Masala, Rakesh Masala Ramdev Food Products, Empire Spices and Badshah Masala. However, the company has only two listed peers, Tata Consumer Products and Orkla India.

Pushp Brand IPO: Should You Apply?

Here’s a look at the strengths and risks mentioned by the spice manufacturer in the DRHP, which investors must know:

Pushp Brand IPO: Key Risks

Here are some of the key risks mentioned by the company in its draft papers:

• The company mentioned in its draft papers that both its sales and manufacturing are largely concentrated in Madhya Pradesh, thus adverse developments in this state may adversely affect its business.

• The company added that its business is subject to volatility in the prices and availability of raw materials and packaging materials, thus any adverse changes in prices can affect the cost of production

• The company also mentioned that the inability to expand or effectively manage its distribution network can have an adverse effect on its business.

Pushp Brand IPO: Key Strengths

Here’s a look at some of the key strengths of Pushp Brand according to the company’s DRHP

• The company claims to be a pan-India player with leadership positions in West and Central India.

• The company said it has a diversified and expanding product portfolio with innovative offerings

• The spice maker added that it has an established and scalable distribution network.

Pushp Brand IPO: Objective

Since the public issue of Pushp Brand IPO is an offer-for-sale, the company will not receive the proceeds of the public issue. However, the spice maker seeks to achieve the benefits of listing its shares on the stock exchanges.