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Gemini Edibles & Fats India (GEFIL), which promotes the ‘Freedom’ brand of edible oil, has filed for a ₹2,500-crore initial public offering (IPO) with the markets regulator. The issue will be offered through an offer-for-sale by the selling shareholders and the company will not receive any funds from the net proceeds.
The 11-year-old firm is engaged in the business of manufacturing, distribution and branding of edible oils and specialty fats in the country. The company, which has a strong presence in Odisha, Andhra Pradesh, Telangana and Karnataka, is planning to expand its presence across Tamil Nadu and Kerala. It is also planning to make a foray into the Northern and Eastern States of India such as Chhattisgarh, Jharkhand, Uttar Pradesh and West Bengal in the next five years.
“We have grown at a CAGR of 19.6 per cent between the financial year 2018-19 and 2020-21 and our gross profit margin has almost doubled,” the company said in a statement on Monday. Its promoter, Golden Agri Resources, is listed on the Singapore Exchange.
Growth forecast
The company said the packaged edible oil segment in the country is projected to grow at a CAGR of 7 per cent during the period 2019-20 to 2024-25. Investment bankers appointed for the issue include Axis Capital, Credit Suisse Securities (India) and Kotak Mahindra Capital Company.
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