Indore-based spices manufacturer Pushp Brand (India), the parent company behind the popular ‘Pushp Masale’, is gearing up to tap the primary market. According to recent reports, the company is preparing to file its Draft Red Herring Prospectus (DRHP) in the last week of May for an Initial Public Offering (IPO) expected to exceed INR 1,000 crore. Here is a breakdown of what the reports indicate about the upcoming Pushp Brand IPO, the company’s financials, and the broader sector context.
Pushp Brand IPO Details
The proposed public offer of Pushp Masale is expected to be a combination of a fresh issue of shares and an Offer for Sale, providing an exit route or partial liquidity for its existing private equity backers. The company has reportedly tapped ICICI Securities and IIFL Capital Services as the book-running lead managers (BRLMs) to navigate the listing process.
The capital raised from the fresh issue is anticipated to fuel the brand’s expansion plans as it looks to consolidate its dominant position in the packaged spices segment.
Financials and Market Dominance
Founded in 1974, Pushp Brand has evolved from a regional player into a well known name in Indian households. The company currently commands a commanding a 28% market share in its operating segments.
Financially, Pushp Brand has demonstrated steady top-line stability:
- FY25 Annual Revenue: INR 412 crore (reflecting a 3% YoY growth as of March 31, 2025).
- Total Funding to Date: Over USD 28.43 million across venture rounds.
- Key Institutional Backers: The cap table includes notable names like Sixth Sense Ventures (which led the Series B round in December 2023) and A91 Partners.
For investors looking to gauge Pushp Brand’s potential valuation, the closest listed peer is Orkla India — the Norwegian-owned parent company of MTR Masala.
Orkla India hit the primary market in October 2025 with an INR 1,667 crore IPO. However, its post-listing performance offers a cautionary tale for the sector’s current sentiment.
| Peer Company | IPO Size | Listing Date | Current Market Cap | Post-Listing Performance |
| Orkla India (MTR) | INR 1,667 Cr | Nov 2025 | ~INR 8,671 Cr | Down ~10% since listing |
| Pushp Brand | >INR 1,000 Cr | TBD | TBD | TBD |
If Pushp Brand prices its issue aggressively, it will have to convince institutional investors that its 28% market share and brand equity justify a premium over Orkla’s current multiples, especially given Orkla’s recent 10% slide in the secondary market.
For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.
As we await the official DRHP filing, the Pushp Masale IPO is shaping up to be one of the most closely watched consumer goods listings of the quarter.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.
