Ferns N Petals (FNP), India’s leading omni-channel gifting and floral retailer, is targeting an initial public offering (IPO) by the end of 2028 as it accelerates expansion, pursues acquisitions, and strengthens profitability. Backed by private equity firm Lighthouse, the company aims to sustain 25% annual revenue growth over the next few years while using the planned listing to finance its next phase of domestic and international expansion.
According to Global CEO Pawan Gadia, the IPO proceeds will support business expansion and the acquisition of complementary gifting brands, reflecting FNP’s ambition to consolidate its position in India’s fast-growing gifting market. The company is also sharpening its focus on earnings, expecting its core EBITDA margin to improve significantly as investors increasingly prioritize profitability over rapid revenue growth.
FNP Targets IPO by 2028
The planned public listing forms part of a broader long-term growth strategy.
Key highlights include:
- IPO targeted by the end of 2028.
- Funds to be used for expansion and strategic acquisitions.
- Annual revenue growth target of around 25%.
- Increased emphasis on improving profitability.
IPO Strategy Snapshot
| Item | Details |
|---|---|
| Company | Ferns N Petals (FNP) |
| Planned IPO | By end of 2028 |
| Revenue Growth Target | Around 25% annually |
| Use of IPO Proceeds | Expansion and acquisitions |
| Key Investor | Lighthouse |
Strong Revenue Momentum
FNP continues to post robust growth across its gifting business.
For FY26, the company reported:
- Revenue of ₹1,085 crore.
- 25% year-on-year revenue growth.
- India contributing approximately 55% of total revenue.
Management expects the company to maintain a similar growth trajectory as consumer spending on gifting, celebrations, and personalized products continues to rise.
Financial Performance
| Metric | FY26 |
|---|---|
| Revenue | ₹1,085 crore |
| Revenue Growth | 25% YoY |
| India Revenue Contribution | ~55% |
Expansion Across India and International Markets
FNP currently operates across:
- India.
- United Arab Emirates.
- Saudi Arabia.
- Singapore.
- Qatar.
The company also plans to expand into:
- Malaysia.
- Additional Gulf markets.
Within India, FNP plans to increase its retail footprint to approximately 350 stores by FY28, up from more than 300 stores currently. Growth will be driven through:
- Company-owned outlets in premium urban locations.
- Franchise-led expansion across smaller cities and towns.
Expansion Roadmap
| Area | Plan |
|---|---|
| Store Network | Expand to 350 stores by FY28 |
| Urban Strategy | Company-owned outlets |
| Smaller Cities | Franchise-led growth |
| Overseas Markets | Malaysia and additional Gulf countries |
Profitability Takes Center Stage
Alongside expansion, FNP is shifting its focus toward improving margins.
Management expects:
- Core EBITDA margin to improve to 5%–6% this fiscal year.
- Up from 2.5% in the previous year.
The company believes stronger earnings will make it more attractive to public market investors, who have increasingly favored profitable businesses over companies focused solely on top-line growth.
Positioned to Benefit From India’s Growing Gifting Market
Founded in 1994, Ferns N Petals has evolved from a florist into a diversified gifting platform offering:
- Flowers.
- Cakes.
- Personalized gifts.
- Corporate gifting.
- Wedding and event services.
- Hospitality through Udman Hotels.
The company competes with several organized gifting platforms, including:
- IGP.
- FlowerAura.
- Winni.
- Archies.
Industry forecasts suggest India’s retail and consumer market will continue expanding over the remainder of the decade, providing a favorable backdrop for organized gifting businesses with strong omni-channel capabilities.
Looking Ahead
Ferns N Petals’ plan to launch an IPO by the end of 2028 reflects the company’s confidence in the long-term growth of India’s organized gifting industry. With a target of sustaining 25% annual revenue growth, expanding its retail footprint, entering new international markets, and pursuing strategic acquisitions, the company is positioning itself for its next phase of growth while balancing expansion with stronger profitability.
Looking ahead, the success of FNP’s public market debut will likely depend on its ability to consistently deliver higher margins while maintaining robust revenue growth. If the company achieves its profitability targets and executes its domestic and overseas expansion plans, it could emerge as one of India’s prominent consumer retail IPOs over the next few years, capitalizing on rising discretionary spending and the increasing shift toward organized gifting platforms.
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