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.
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.