DSM Fresh Food Limited to launch ₹59 crore IPO on September 26
DSM Fresh Food Limited, operating under the popular meat retail brand Zappfresh, will open its Initial Public Offering (IPO) on Friday, September 26, 2025, with the issue closing on Tuesday, September 30, 2025.
Bengaluru: DSM Fresh Food Limited, operating under the popular meat retail brand Zappfresh, will open its Initial Public Offering (IPO) on Friday, September 26, 2025, with the issue closing on Tuesday, September 30, 2025. The company has fixed a price band of ₹96–₹101 per equity share of face value ₹10 each. Anchor investor bidding will open a day earlier on September 25, 2025.
The IPO will comprise up to 59,06,400 equity shares, including a market maker reservation of 3,31,200 shares aggregating to ₹3.34 crore. The net issue of 55,75,200 shares, valued at around ₹56.3 crore, will be available for Qualified Institutional Buyers (QIBs), non-institutional investors, and retail individual investors. The minimum application size is two bid lots of 1,200 shares and in multiples of 1,200 thereafter. The floor price represents 9.6 times the face value, while the cap price is 10.1 times.
The issue will be conducted through the Book Building Process in accordance with SEBI regulations. Not more than 50% of the net issue will be allocated to QIBs, with up to 60% of this reserved for Anchor Investors. Of the Anchor Investor portion, one-third will be earmarked for domestic mutual funds. At least 15% of the issue will go to non-institutional investors and 35% to retail individual investors. Eligible employees will also have a reservation portion.
Founded in 2015, DSM Fresh Food Limited has positioned itself as a leading omnichannel fresh meat and seafood retailer, selling through online (B2C) and offline (B2B) channels. Its integrated supply chain spans sourcing, processing, cold storage, and distribution, ensuring hygienic, high-quality meat for both households and institutional buyers such as hotels, restaurants, and catering services.
The IPO proceeds will be directed towards strategic growth plans. The company has earmarked ₹25 crore for working capital, ₹15 crore for marketing, ₹11 crore for capital expenditure, and ₹3 crore for inorganic growth opportunities through acquisitions and partnerships. The balance will be used for general corporate purposes.
Industry experts note that DSM Fresh Food’s entry into the public markets comes at a time when India’s organized meat retail industry is undergoing rapid formalization. Traditionally fragmented and dominated by unorganized players, the sector is seeing increasing demand for quality, hygiene, and traceability, factors that Zappfresh has built its model around.
The IPO is being managed by Narnolia Financial Services Limited, acting as the Book Running Lead Manager (BRLM). Post-issue, the equity shares of DSM Fresh Food Limited will be listed on the BSE SME platform.
With its unique supply chain approach and strong brand presence in urban markets, DSM Fresh Food Limited aims to leverage the fresh capital to expand its footprint, strengthen customer engagement, and scale its operations across India. Investors will be closely watching whether the IPO can replicate the company’s growth story in one of India’s fastest-evolving food retail segments.
