A91 Emerging, Sixth Sense-backed Pushp Brand receives Sebi nod for IPO

Pushp Brand (India) Ltd, a packaged spices and food products company, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).

The initial share sale will comprise an offer for sale (OFS) of up to 74.45 lakh equity shares by existing shareholders. The selling shareholders include promoters Surendra Kumar Surana and Mahendra Kumar Surana, along with investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.

A91 Emerging Fund I, which invested around Rs 125 crore in Pushp Brand in 2020, holds a 20.14 per cent stake in the company and plans to sell only part of its holding through the OFS. Sixth Sense India, which invested around Rs 101 crore in 2023, holds a 7.81 per cent stake and will also undertake a partial stake sale.

Financially, revenue from operations rose from Rs 398.24 crore in FY24 to Rs 481.94 crore in FY26. Restated profit for the year increased from Rs 33.33 crore to Rs 58.95 crore during the same period. EBITDA rose from Rs 49.50 crore in FY24 to Rs 84.19 crore in FY26.

ICICI Securities, IIFL Capital Services and Systematix Corporate Services are the book-running lead managers to the issue.

Founded in 1974 in Indore, Madhya Pradesh, Pushp Brand began as Munimji & Sons and has expanded from a regional spices business into packaged spices and food products. Its portfolio spans pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products and tea under the Pushp and Munimji brands.

As of March 31, 2026, the company had 312 SKUs, comprising 129 pure spices, 173 blended spices and 10 other products. It plans to launch Pushp Kadak Chai in the second quarter of fiscal 2027.

The company has a distribution network spanning 24 states and union territories, with 1,016 distributors and more than 3.68 lakh retail touchpoints as of fiscal 2026. Its products are sold through general trade, modern trade, e-commerce and quick-commerce channels.