Mumbai-based spice manufacturer Pushp Brand (India), known for its ‘Pushp Masale’ brand, is set to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) of over ₹1,000 crore in the last week of May, according to sources cited by the Economic Times. The proposed IPO is expected to comprise a mix of fresh issue and an offer for sale. ICICI Securities and IIFL Capital Services have been appointed as the book-running lead managers for the issue. Emails seeking confirmation from the company and the lead managers remained unanswered at the time of reporting. Pushp Brand’s closest listed peer is Orkla India, the Norwegian-owned parent of MTR Masala, which had launched a ₹1,667 crore IPO in October 2025. Since its listing in November 2025, Orkla India’s shares have declined nearly 10%, with a current market capitalisation of ₹8,671 crore.
In a separate development, the Enforcement Directorate (ED) has arrested Nowhera Shaik, the mastermind behind a ₹6,000 crore Ponzi scheme that specifically targeted Muslims who follow Sharia law, which prohibits earning interest on investments. According to the Times of India, Shaik, who is based in Hyderabad, was arrested last week at a hotel in Gurgaon after evading arrest for over a month following the Supreme Court’s order to cancel her bail and direct her surrender. Shaik had previously attempted to mislead both the Supreme Court and enforcement agencies by falsely claiming she had surrendered to Hyderabad police, who allegedly refused to take her into custody.
The ED has stated that Shaik, along with her family members and associates, lured lakhs of people into investing in their Ponzi schemes by promising annual returns of up to 36%. To build credibility, early investors were paid profits using funds collected from new investors, a classic Ponzi scheme model. However, approximately 1.7 lakh investors ultimately lost their deposits. The Supreme Court had ordered a probe into the scam, leading to the attachment of all assets linked to Shaik and her associates. These assets, valued at over ₹400 crore, are now being confiscated and are in the process of being restituted to the victims.
Investigations revealed that Shaik and her associates went to extreme lengths to obstruct legal proceedings. One of her associates, who impersonated a Prime Minister’s Office (PMO) official under the name ‘Kalyan Banerjee’, was arrested in January for attempting to derail the Supreme Court’s order on the sale of assets and their restitution. The ED had previously conducted searches at Shaik’s residence in 2024, seizing 12 vehicles, including luxury cars such as a BMW, a Mercedes-Benz, a Mahindra Scorpio, and multiple Toyota Fortuners, along with cash amounting to ₹92 lakh.
The scam’s victims, many of whom were devout Muslims seeking Sharia-compliant investment avenues, were reportedly drawn in by the promise of high returns without interest, which aligned with their religious beliefs. However, the scheme collapsed when the flow of new investments dried up, leaving the majority of investors with significant financial losses. The ED’s actions in confiscating and restituting assets mark a significant step toward compensating the victims, though the process is expected to be complex and time-consuming due to the involvement of multiple parties and legal challenges.
Pushp Brand’s upcoming IPO, valued at over ₹1,000 crore, represents a major milestone for the Indore-based company, which operates under the ‘Pushp Masale’ brand. The firm’s decision to go public comes amid a cautious market environment, particularly in the FMCG sector, where consumer staples companies have seen varying degrees of investor interest. The company’s choice of ICICI Securities and IIFL Capital Services as lead managers suggests a strategic approach to navigating the public offering process, with a focus on attracting institutional and retail investors.
The contrasting developments—Pushp Brand’s IPO plans and the ED’s crackdown on Shaik’s Ponzi scheme—highlight the contrasting facets of India’s financial landscape. While legitimate businesses like Pushp Brand seek to expand through public markets, regulatory agencies continue to combat financial frauds that exploit religious sentiments and economic vulnerabilities. The outcomes of both these developments will be closely watched by investors, industry observers, and policymakers alike.
