Gemini Edibles Fats Refiles India IPO with 41.14M Share Offering

Gemini Edibles Fats India (GEF) refiled its Initial Public Offering (IPO) draft prospectus in India on August 21, proposing to offer up to 41.14 million shares. This move marks a renewed attempt after its 2021 IPO bid was withdrawn last year.

Key IPO & Company Figures

• GEF IPO shares offered: 41.14 million
• Golden Agri-Resources (GAR) stake in GEF: 56.27%
• GAR 1HFY2026 earnings increase: 4.4% to US$167.2 million
• GAR 1HFY2026 revenue: US$6.6 billion
• GAR shares closed August 21: 31 cents

The subsidiary, known for its Freedom Oils brand, is majority-owned by Singapore-listed Golden Agri-Resources (GAR). GAR initially acquired a 75% stake in GEF back in 2014 for US$25.6 million.

Previous Attempt and Market Conditions

GEF’s earlier IPO attempt in 2021 was pulled in 2022. GAR cited “adverse and uncertain market conditions” for that withdrawal.

GAR stated it expects to remain GEF’s largest shareholder post-listing. The company also confirmed GEF’s operations are independently managed, ensuring the IPO will not impact GAR’s other businesses or its Mainboard admission criteria.

GAR Financial Performance

The global vegetable oil market remains volatile, impacted by geopolitical tensions and macroeconomic headwinds. Despite this, GAR reported increased 1HFY2026 earnings and revenue.

GAR’s earnings rose 4.4% to US$167.2 million, with revenue up 7.3% to US$6.6 billion for the half year ending June. Golden Agri-Resources shares closed August 21 at 31 cents, marking a 1.64% daily increase and a 10.71% year-to-date gain.