Zappfresh Parent DSM Fresh Foods IPO Sees 49 Percent Subscription The IPO opened on September 26 with a price band of INR 96 to INR 101 per share and a lot size of 1,200 shares.
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DSM Fresh Foods Limited, the company behind meat and seafood brand Zappfresh, concluded the bookbuilding process for its IPO on Tuesday. The public issue comprised up to 59 lakh equity shares and closed with overall subscription at 0.49 times.
Data from a third-party stock exchange portal showed that qualified institutional buyers subscribed fully to their quota, while the non-institutional investor segment received 0.33 times subscription. The retail investor category saw 0.27 times participation by the end of the bidding period.
The IPO opened on September 26 with a price band of INR 96 to INR 101 per share and a lot size of 1,200 shares. Of the total issue, 3.3 lakh shares were earmarked for the market maker portion, leaving a net issue of 55.7 lakh shares.
Proceeds from the offering are planned to be directed toward several purposes, including INR 25 crore for working capital, INR 15 crore for marketing expenses, INR 11 crore for capital expenditure, and INR 3 crore earmarked for inorganic growth opportunities. The balance will go toward general corporate requirements.
Ahead of the IPO, the company raised INR 16.8 crore through an anchor book allocation of 16.7 lakh shares at INR 101 per share. Eleven institutional investors participated in this round. Craft Emerging Market Fund was the largest investor with an allotment of 4 lakh shares, followed by Viney Growth Fund and Narnolia India Opportunity Fund. Smaller stakes were picked up by others such as Ekamya Pragati Scheme 1, Grobiz SME Opportunity Fund, and Milltrust International.
Narnolia Financial Services acted as the book-running lead manager. The shares are proposed to list on the SME platform of the BSE.
