NEW DELHI, May 27: Indore-based spice manufacturer Pushp Brand (India) has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering.
The proposed initial public offering (IPO) is expected to be in the range of Rs 800-1,000 crore, according to sources.
The proposed IPO is entirely an offer-for-sale (OFS) of up to 74.45 lakh equity shares by promoters and investor selling shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.
Under the OFS, promoters — Mahendra Kumar Surana and Surendra Kumar Surana –” will offload their stakes, while investors — A91 Emerging Fund I LLP and Sixth Sense
India Opportunities III will also sell their shares in the company.
Pushp Brand (India) Ltd is a branded packaged spices and food company. Its portfolio includes pure spices, blended spices, whole spices and value-added products such as hing, western seasonings, quick-fry mixes, soya products and tea.
The company competes with several established players in the packaged spices category including Everest Food Products, Mahashian Di Hatti (MDH), Orkla India, and Badshah Masala.
The company’s shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).
ICICI Securities Ltd, IIFL Capital Services, and Systematix Corporate Services are the book-running lead managers for the IPO. (PTI)
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