Madhya Pradesh Indore-based spice maker Karni Pushp Brand (India) is going to launch an IPO soon. Pushp Brands (India) has filed preliminary documents with the Securities and Exchange Board of India (SEBI) to raise funds through an IPO. According to sources, the size of the proposed IPO is likely to be between Rs 800 crore and Rs 1000 crore. According to the IPO documents (DRHP) filed on Tuesday, this IPO will be entirely based on offer for sale (OFS), in which the promoters of the company will sell 74.45 lakh equity shares of their share.
Company promoters and existing investors will sell their stake
The promoters of Pushp brand include the names of Mahendra Kumar Surana and Surendra Kumar Surana, who will sell their stake and raise funds through this IPO. Apart from these, investors A91 Emerging Fund I LLP and Sixth Sense India Opportunities III will also sell their shares. A91 Emerging Fund I LLP had invested in the company in the year 2020. It holds 19.90 percent stake in the company, while Sixth Sense holds 7.73 percent stake in the company, which had invested in the company in the year 2023. Both of them will sell part of their stake in the IPO of Pushp brand through OFS.
Company manufactures packaged spices and food products
Let us tell you that Pushp Brand (India) Limited is a company manufacturing packaged spices and food products. The company’s product portfolio includes pure spices, mixed spices, whole spices, asafoetida, quick-fry mix, soya products and tea. The company competes with established players like Everest Food Products, MDH, Orkla India and Badshah Masala in the packaged spices category.
Company will be listed on BSE and NSE
The IPO of Pushp brand will be a mainboard IPO and the shares of the company will be listed on BSE and NSE. Pushp Brands (India) has appointed ICICI Securities, IIFL Capital Services and Systematics Corporate Services as book running lead managers for its IPO.
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