Packaged spices company Pushp Brand (India) has received approval from Sebi to float an initial public offering (IPO), according to the company. The IPO is structured as an Offer for Sale (OFS) of up to 74.45 lakh equity shares by existing shareholders, with no fresh issue component meaning none of the capital raised will land on the company's balance sheet. The company obtained 'final observation' from the regulator on August 27, which is a key step in the IPO process following which the company can proceed with further preparations for the public issue, subject to applicable regulatory requirements. As per the company, the company filed preliminary IPO papers in June 2026 and received the regulatory approval on Thursday.
The OFS will include shares held by promoters Surendra Kumar Surana and Mahendra Kumar Surana, as well as investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. According to the company, A91 Emerging Fund I, which invested about ₹125 crore in the company in 2020, holds a 20.14 per cent stake and will sell only part of its holding through the OFS. Sixth Sense India Opportunities III, which invested around ₹101 crore in 2023, owns a 7.81 per cent stake and will also undertake a partial stake sale. As there is no fresh issuance of shares, the company will not receive any funds from the issue. ICICI Securities Ltd, IIFL Capital Services Ltd, and Systematix Corporate Services Ltd are the book-running lead managers to the issue.
The company has demonstrated exceptional financial growth with revenue from operations rising to ₹482 crore in FY26 from ₹405 crore in FY25, representing a 19% increase from the previous year. Restated profit for the year increased to ₹58.95 crore from ₹45.85 crore during the same period, representing a profit growth of roughly 29%, meaningfully outpacing revenue growth and pointing to improving margins alongside the company's top-line expansion. Product margin improved from 31.91% in FY24 to 37.76% in FY26, representing a CAGR of 19.67%. EBITDA rose at a CAGR of 30.42% to ₹84.19 crore in FY26 from ₹49.50 crore in FY24, supported by the company's focus on efficiency, productivity and cost rationalisation. The company has reserved 50% of the net offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
Established in Indore in 1974 by late Kishanlal Surana as M/s Munimji & Sons, Pushp Brand has transformed from a regional spices business into a packaged food player operating under the Pushp and Munimji brands. As reported by the company, the company has expanded beyond pure spices into blended spices, hing, and other adjacent categories, while building a regional franchise and distribution network across West and Central India. It has also expanded beyond Madhya Pradesh into markets such as Maharashtra, Rajasthan, Uttar Pradesh, and Bihar. The company's regional strength is particularly notable, with Pushp holding a 20.7% market share by value in Madhya Pradesh in FY25, making it the leading spices brand in the state. It is also the state's largest packaged hing brand, commanding approximately 58% market share. Customer loyalty remains strong with repeat purchases exceeding 95% in the spices category in FY26 and more than 83% across other products. The company's product portfolio includes 312 SKUs as of March 2026, comprising 129 SKUs in pure spices, 173 in blended spices and 10 in other products. The company plans to launch Pushp Kadak Chai under the Pushp brand in the second quarter of FY27 and has a distribution network spanning 24 states and Union Territories, with 1,016 distributors and over 3.68 lakh retail touchpoints.
