Freedom Oils Owner Gemini Edibles & Fats Files for IPO

Gemini Edibles & Fats India Limited (GEFL), the owner of the popular “Freedom” edible oil brand and headquartered in Hyderabad, has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO). The proposed public issue comprises an Offer for Sale (OFS) of up to 41.15 million equity shares by existing shareholders.

Key Highlights of the IPO & Business Profile
Selling Shareholders: The OFS includes shares offered by Alka Chowdhry, Golden Agri International Enterprises Pte. Ltd. (GAIE), Black River Food 2 Pte. Ltd., and Investment & Commercial Enterprise Pte. Ltd. (ICE).

Leadership & Reach: Led by industry veteran Pradeep Kumar Chowdhry, GEFL operates a robust distribution network spanning over 1,600 distributors, 300,000 retail outlets, and more than 60 warehouses across Telangana, Andhra Pradesh, Odisha, Karnataka, Chhattisgarh, and Tamil Nadu.

Manufacturing Capacity: The company operates three port-based manufacturing plants in Andhra Pradesh (two in Kakinada and one in Krishnapatnam) with a combined annual refining capacity of 1,222,500 metric tons as of March 31, 2026.

Financial Performance: Revenue from operations grew at an 18.2% CAGR from ₹90,538.44 million in Fiscal 2024 to ₹126,500.16 million in FY26, while EBITDA surged at a 30.97% CAGR to reach ₹7,939.25 million. Furthermore, the company reported nil net effective debt alongside strong cash reserves as of March 31, 2026.

Diversification & Expansion: Beyond its flagship edible oils (sold under brands like Freedom, Be-Rite, and First Klass), GEFL is evolving into an integrated consumer brand platform. It recently acquired the Annapoorna brand to enter the spices and convenience foods segment.

Book Running Lead Managers: Motilal Oswal and IIFL Capital are managing the issue as the book-running lead managers.