New IPOs Alert: Gemini Edibles & Fats, MP Steel India file DRHPs with SEBI

Edible oil player Gemini Edibles & Fats and stainless-steel products manufacturer MP Steel India have filed draft red herring prospectuses (DRHPs) with market regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offerings.

Shares of the two companies will be listed on the National Stock Exchange (NSE) and the BSE.

Gemini Edibles & Fats IPO

The proposed IPO of Gemini Edibles & Fats India is solely an offer-for-sale of up to 4.11 crore shares by promoters and investors, according to the DRHP filed on August 21.

Under the OFS, promoters Golden Agri International Enterprises Pte Ltd and Alka Chowdhry, along with investors Investment and Commercial Enterprise Pte Ltd and Black River Food 2 Pte Ltd, will divest their shares.

Since the IPO has no fresh issue component, the firm will not get any proceeds from the offering. The money raised will go to the selling shareholders.

Golden Agri International Enterprises Pte Ltd is an affiliate of Golden Agri-Resources (GAR), one of the world's largest, integrated palm oil agribusinesses.

Gemini Edibles & Fats is involved in the trading, processing, manufacturing and marketing of edible oils and speciality fats. It is also expanding into spices and convenience foods. The company's consumer brands include Be-Rite, Freedom and First Klass.

MP Steel India IPO

The initial share sale is a mix of fresh issuance of shares valued at ₹95 crore and an offer for sale (OFS) of 2,307,290 shares by promoters Kushalkumar V Bhansali, Vansraj Rikhabchand Bhansali, Madhu Kushalkumar Bhansali, Mainasundari Santosh Bhansali and Samveg Bhansali.

The fresh issue proceeds will be used for capital expenditure needs for establishing a manufacturing unit, incremental working capital needs and general corporate purposes.

It is involved in the business of manufacturing stainless-steel products comprising black stainless-steel products and bright stainless-steel products. It primarily offers its products in grades 17.4PH, 304, 316, and other grades in the 200, 300, and 400 series of stainless steel.

It majorly operates in the B2B segment, supplying primarily to traders and manufacturers. Its products are used in end-user industries, including pharmaceuticals, infrastructure, defence, automotive, shipbuilding, ports, hardware, power plants and refineries.