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DSM Fresh Foods IPO
The IPO of DSM Fresh Foods Limited is expected to raise approximately ₹59.65 crore. The DSM Fresh Foods IPO opened on September 26, 2025, and will close on September 30, 2025. The price band is set between ₹96 and ₹101 per share. The lot size is 1,200 shares, meaning that retail investors need to invest a minimum of ₹1,21,200.
The IPO allotment is expected by October 1, 2025, with shares likely to be credited to investors’ accounts by October 3, 2025. The listing is planned on the BSE SME platform on October 6, 2025. Narnolia Financial Services is the Book Running Lead Manager, and Maashitla Securities is the registrar of the issue.
Company Background
DSM Fresh Foods Limited operates under the brand name Zappfresh. Founded in 2015 and headquartered in New Delhi, the company runs an e-commerce platform focused on selling fresh raw meat, seafood, and ready-to-cook/ready-to-eat non-vegetarian products. It has established itself as a key player in the Delhi-NCR region, running a full-stack supply chain that covers procurement, storage, and delivery of farm-fresh meat directly to consumers.
The company leverages advanced cold chain technology to maintain product freshness while ensuring meat is free from antibiotics and preservatives. Zappfresh holds several certifications, including FSSAI, ISO 9001:2015, ISO 22000:2018, and Halal, reflecting its commitment to quality and safety. The company’s B2C e-commerce model, through its website and mobile app (with over 1 lakh downloads), emphasizes transparency, freshness, and convenience for Indian consumers.
Objectives of the IPO
- • Funding working capital requirements to support growth.
- • Strengthening supply chain and cold storage infrastructure.
- • Technology enhancement for platform scalability.
- • General corporate purposes.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
DSM Fresh Foods IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
DSM Fresh Foods IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 26, 2025 to September 30, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹96 to ₹101 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 59,06,400 shares (aggregating up to ₹59.65 Cr) |
| Reserved for Market Maker | 3,31,200 shares (aggregating up to ₹3.35 Cr) Alacrity Securities Ltd. |
| Net Offered to Public | 55,75,200 shares (aggregating up to ₹56.31 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,63,80,738 shares |
| Share Holding Post Issue | 2,22,87,138 shares |
DSM Fresh Foods IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Sep 26, 2025 |
| IPO Close Date | Tue, Sep 30, 2025 |
| Tentative Allotment | Wed, Oct 1, 2025 |
| Initiation of Refunds | Fri, Oct 3, 2025 |
| Credit of Shares to Demat | Fri, Oct 3, 2025 |
| Tentative Listing Date | Mon, Oct 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Sep 30, 2025 |
DSM Fresh Foods IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,42,400 |
| Individual investors (Retail)(Max) | 2 | 2,400 | ₹2,42,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,63,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,69,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,90,800 |
DSM Fresh Foods IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 38.24% |
| Promoter Holding Post Issue | 28.11% |
Competitive Strength:
- • Manages a fully integrated supply chain under the Zappfresh brand, from sourcing directly from farms to delivering fresh, hygienic meat to customers' doors.
- • Demonstrated strong revenue growth, increasing from ₹56.61 crore in FY23 to ₹131.47 crore in FY25, supported by rising online food retail demand.
- • Uses advanced cold chain technology to ensure product freshness without preservatives or freezing, along with certifications that bolster consumer trust and quality assurance.
DSM Fresh Foods IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 84.04 | 131.47 | 9.05 | 49.09 | - | 31.7 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 50 | 91 | 5 | 38 | - | 7.65 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 22.01 | 56.61 | 2.74 | 16.54 | - | 2.07 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 20.78% |
| ROCE | 24.71% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.53 | 4 |
| P/E (x) | 18.28 | 25 |
Conclusion
The DSM Fresh Foods IPO provides investors with exposure to India’s fast-growing online fresh meat and seafood market. With its integrated cold chain, strong brand positioning under Zappfresh, and increasing consumer demand for hygienic, ready-to-eat products, the company is strategically placed for future growth. For investors looking at opportunities in FMCG, e-commerce, and the online food delivery space, this IPO may present a promising proposition.
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