Freedom Oils brand owner Gemini Edibles & Fats India files DRHP with Sebi for IPO

Hyderabad-based Gemini Edibles & Fats India Ltd (GEF) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), comprising an Offer for Sale (OFS) of up to 41.15 million equity shares by existing shareholders.

Headquartered in Hyderabad, Gemini Edibles & Fats is engaged in the trading, processing, manufacturing and marketing of edible oils and specialty fats. The company is also expanding into spices and convenience foods.

Gemini Edibles & Fats’ consumer brands include Freedom, Be-Rite and First Klass. The company has more than 1,600 distributors, 300,000 retail outlets and over 60 warehouses and stock points across key markets.

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For financial year 2025-26 (FY26), GEF reported revenue from operations of ₹12,650 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at approximately ₹794 crore.

The company’s branded revenue grew at a compound annual growth rate (CAGR) of 20.5% between FY20 and FY25, compared with 10.1% growth for the overall branded edible oil market.

The selling shareholders include Alka Chowdhry, Golden Agri International Enterprises Pte. Ltd., Black River Food 2 Pte. Ltd. and Investment and Commercial Enterprise Pte. Ltd. Black River Food 2 will offer up to 3.09 crore shares, followed by Investment and Commercial Enterprise with up to 61.73 lakh shares, while Alka Chowdhry and Golden Agri International Enterprises will each offer up to 20.58 lakh shares.

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Gemini Edibles & Fats operates across four business verticals covering branded retail consumer, industrial consumer, bulk merchandising, and spices and convenience foods. Its edible oil portfolio includes sunflower, rice bran, mustard, groundnut, soybean and palm oils, while it also manufactures and markets specialty fats. The company recently expanded into spices and convenience foods.

The company has three refineries in Andhra Pradesh—one in Krishnapatnam and two in Kakinada—and a packaging facility in Cuttack, Odisha. As of March 31, 2026, its distribution network comprised 62 warehouses and more than 1,600 distributors and wholesalers, reaching retail outlets across more than 1,000 cities and towns. Its spices business had 270 distributors, a presence in around 370 towns and two sales locations.

Motilal Oswal Investment Advisors Limited and IIFL Capital Services Limited are the book-running lead managers, while KFin Technologies Limited is the registrar to the offer.

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