DSM Fresh Food Limited to Launch IPO on September 26 The offer will close on Tuesday, September 30, 2025.
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DSM Fresh Food Limited, which operates under the brand name Zappfresh, will open its Initial Public Offering on Friday, September 26, 2025.
The offer will close on Tuesday, September 30, 2025.
The company has fixed the price band at INR 96 to INR 101 per equity share, with a face value of INR 10 each. The floor price is 9.6 times the face value and the cap price is 10.1 times. The issue will open for Anchor Investors a day earlier, on Thursday, September 25, 2025.
The IPO comprises up to 59,06,400 equity shares. Of this, 3,31,200 shares aggregating to INR 334.51 lakh are reserved for the Market Maker. The net issue, therefore, will consist of 55,75,200 shares, aggregating to INR 5,630.95 lakh. Investors may bid for a minimum of two lots of 1,200 equity shares and in multiples of 1,200 shares thereafter.
The issue is being undertaken through the Book Building Process in compliance with SEBI ICDR Regulations. Not more than 50 percent of the net issue will be allocated to Qualified Institutional Buyers. Up to 60 percent of this portion may be allotted to Anchor Investors, of which one-third is reserved for domestic mutual funds.
At least 15 percent will be reserved for Non-Institutional Investors, while 35 percent will be allocated to Retail Individual Investors. Equity shares are also reserved for eligible employees. All categories, other than Anchor Investors, must apply through the ASBA process.
Proceeds from the issue are expected to be used to support the company's growth plans. These include working capital requirements of INR 25 crore, marketing expenditure of INR 15 crore, capital expenditure of INR 11 crore, and INR 3 crore for acquisitions and other strategic initiatives. The remainder will go towards general corporate purposes. Narnolia Financial Services Limited is the Book Running Lead Manager. The shares are proposed to be listed on the BSE SME platform.
Founded in 2015 and headquartered in Gurugram, DSM Fresh Food operates as an omnichannel retailer of fresh meat and ready-to-cook or ready-to-eat products, including chicken, mutton, and seafood.
The company runs on a farm-to-fork model, managing sourcing, processing, cold storage, and distribution to maintain quality standards. Over recent years, it has expanded through acquisitions such as Bonsaro in Mumbai and Dr. Meat in Bangalore. For FY 2025, its revenue was led by chicken at 55 percent, followed by mutton at 21 percent, and seafood at 24 percent.
