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Gemini Edibles files draft papers for IPO, no fresh issue proceeds
The planned IPO is structured as a complete offer-for-sale of up to 4.11 crore equity shares, so selling shareholders would receive all proceeds.
Hyderabad-based Gemini Edibles & Fats India has filed draft papers with India’s securities regulator, SEBI, to raise capital through an initial public offering, according to a draft red herring prospectus filed on August 21.
The proposed IPO would consist of a complete offer-for-sale, covering up to 4.11 crore equity shares sold by the company’s promoters and existing investors. Because it is not a fresh issue, the company would not receive any IPO proceeds.
As part of the offer-for-sale, promoters Alka Chowdhry and Golden Agri International Enterprises Pte Ltd, along with investors Black River Food 2 Pte Ltd and Investment and Commercial Enterprise Pte Ltd, will sell shares, with all sale proceeds going to the respective selling shareholders.
Motilal Oswal Investment Advisors and IIFL Capital Services have been appointed as book-running lead managers for the issue. Gemini Edibles operates in trading, processing, manufacturing, and marketing of edible oils and specialty fats, and it is also expanding in spices and convenience foods.