Gemini Edibles and Fats IPO out of abeyance
Hyderabad The approval process for the share sale as part of the city-based Gemini Edibles & Fats' upcoming initial public offering has seen progress. According to a recent update on the Sebi's action, the regulator has sought certain clarifications from the Book Running Lead Managers, which is a positive move and indicates that the hold on the IPO sale will be released soon.
The capital market regulator Sebi had kept the city-based Gemini Edibles & Fats' upcoming initial public offering under abeyance According to the processing status issued on August 20, 2021.
A second person requesting anonymity stated, the company plans to hit the capital market this calendar year, probably in the month of November or December.
This comes after the regulator had also kept Adani Wilmar's IPO under abeyance due to the investigation against other Adani Group companies. There is no update on the status of the probe by Sebi and Directorate of Revenue Intelligence
Gemini Edibles and Fats (GEF) had filed its preliminary papers with Sebi in August to raise Rs 2,500 cr via an offer for Sale. The company will not receive any funds from the net proceeds.
The company who owns the edible oil brand, Freedom is one of the market leaders in the sunflower oil category across Telangana, Andhra Pradesh and Odisha. It was ranked among the top 5 cooking oil brands in the country accordingly to India Today "Ipsos Urban Consumer Sentiment Survey 2020."
GEF India, commenced its business in 2010 and as of today stands to be one of the fastest growing edible oils and fats companies in India. The company is engaged in the business of manufacturing, distribution and branding of edible oils and specialty fats in India and holds the third largest market share in the state of Karnataka.