Freedom Oils IPO: GEF Files DRHP for 4.11 Cr Share OFS

Gemini Edibles & Fats India Ltd. (GEF), known for its Freedom Oils brand, submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). This offering is entirely an offer for sale of up to 4.11 crore equity shares by existing shareholders, with no fresh capital being raised by the company.

GEF’s Business Scope

The Hyderabad-based company operates in edible oils and specialty fats, recently expanding into convenience foods and spices. Its consumer brands include First Klass, Be-Rite, and Freedom.

GEF’s distribution network is extensive:

• Over 60 warehouses
• 300,000 retail locations
• More than 1,600 distributors

Financial Snapshot

For the fiscal year 2025–2026, GEF reported solid operational figures.

• Operating revenue: ₹12,650 crore
• Earnings before interest, taxes, depreciation, and amortisation (EBITDA): ₹794 crore

Between FY20 and FY25, the company’s branded revenue grew at a compound annual growth rate (CAGR) of 20.5%. This significantly outpaced the overall branded edible oil market’s 10.1% growth.

Key Stakeholders

The IPO’s selling shareholders include:

• Alka Chowdhry
• Golden Agri International Enterprises Pte. Ltd.
• Black River Food 2 Pte. Ltd. (offering the largest share)
• Investment and Commercial Enterprise Pte. Ltd.

GEF’s diverse edible oil portfolio features sunflower, rice bran, mustard, peanut, soybean, and palm oils. The company manages three refineries in Andhra Pradesh and a packaging factory in Odisha.

KFin Technologies Limited serves as the registrar for the offer, with Motilal Oswal Investment Advisors Limited and IIFL Capital Services Limited acting as the book-running lead managers.