Pushp Masale Owner Set To Join IPO Market With Over ₹1,000 Crore Issue

Indore-based spices maker Pushp Brand (India) is preparing to enter the capital markets with an initial public offering (IPO) worth more than ₹1,000 crore, according to people aware of the matter. The company, known for its ‘Pushp Masale’ brand, is expected to file its draft red herring prospectus (DRHP) in the last week of May.

The proposed issue is likely to include a mix of fresh issue and offer for sale (OFS). Investment banking firms ICICI Securities and IIFL Capital Services are understood to be the book-running lead managers for the public issue. Emails sent to the company and the bankers did not receive a response.

What Could The IPO Mean For Pushp Brand?

The planned IPO comes at a time when investor interest in consumer-facing businesses remains steady, especially in the packaged foods and staples category. The Pushp Brand owes its success to its packed spices and distribution infrastructure in the central and western parts of India.

Market sources opine that the fresh issue part of the equity issue may be useful for the company in terms of funding its expansion plans. The OFS portion, meanwhile, may allow existing shareholders to partially monetise their holdings.

The company has not yet disclosed the exact size split between the fresh issue and OFS portions.

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How Does It Compare With Listed Peers?

Pushp Brand’s closest listed comparable is Orkla India, the Indian arm of Norwegian consumer goods group Orkla and parent company of the MTR Masala business. Orkla India launched its ₹1,667 crore IPO in October 2025.

Orkla India shares are trading nearly 10% below their listing levels since debuting on the exchanges in November last year. The performance of Orkla India is likely to be watched closely by investors evaluating Pushp Brand’s upcoming issue. Analysts say the spices and packaged foods segment continues to attract attention due to rising branded food consumption and increasing demand for organised kitchen staples in India.

Sources:

The Economic Times

Indian Express

Business World