IPO Alert: A91 Partners-Backed Pushp Masale Files DRHP with SEBI to Raise Funds

Pushp Brand (India) Pvt Ltd, the parent company of Pushp Masale, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO) consisting solely of an offer for sale (OFS) of 7.44 million shares. 

Details of the Offer for Sale 

The OFS will see existing investors A91 Partners and Sixth Sense Ventures selling 4.22 million and 1.54 million shares, respectively.  

Additionally, promoters Mahendra Kumar Surana and Surendra Kumar Surana will each sell 8.4 lakh shares. The total size of the issue is expected to be around ₹1,000 crore. 

Company Background and Product Portfolio 

Founded in 1974, Pushp Masale manufactures and sells a variety of spices and food products under the 'Pushp' brand.  

The company's portfolio includes 312 SKUs across pure spices, blended spices, and other products.  

This includes 129 SKUs in pure spices and 173 SKUs in blended spices, showcasing its diverse product range. 

Read More: Matangi Rubber Files DRHP For IPO To Fund Expansion And Debt Repayment! 

Financial Performance and Market Position 

Pushp Masale reported a 19% year-on-year growth in operating revenue, reaching ₹482 crore in FY26. The company's profit also increased by over 28% to ₹59 crore.  

Competing with established brands like Everest Food Products and Mahashian Di Hatti, Pushp Masale has carved a niche in the Indian spice market. 

Investment and Shareholding Details 

The company has raised approximately $28 million (₹225 crore) in funding from A91 Partners and Sixth Sense Ventures.  

As of the DRHP filing date, A91 Partners held a 20.14% stake, while Sixth Sense Ventures owned 7.81%. Both investors are partially divesting their holdings through the OFS. 

Conclusion 

Pushp Masale's filing for an OFS-only IPO marks a significant step for the company, aiming to raise approximately ₹1,000 crore. With a strong product portfolio and a growing financial performance, the company is poised to make a notable entry into the public market. 

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