DSM Fresh Foods Limited, operating under the popular brand Zappfresh, is a leading retailer of fresh meat and ready-to-cook/eat non-vegetarian products in India. Founded in 2015, the company has transformed the meat retail segment by focusing on quality, freshness, and convenience through its strong online presence.
With a user-friendly website and mobile app (available on Android and iOS with over 100,000 downloads), Zappfresh offers consumers a seamless way to order hygienically sourced, preservative-free meat products delivered directly to their homes.
Zappfresh provides a diverse range of products catering to urban consumer demand:
- Fresh Meats: Chicken, mutton, pork, seafood, and specialty meats
- Ready-to-Cook/Eat Items: Mutton Seekh Kebab, Chicken Cheese Nuggets, Masala Fish Fingers
- Cold Cuts: Chicken Salami, Chicken Ham, sausages
- Marinated Meats: Chicken Methi Tikka, Masala Wings, Chicken Tikka
The company’s focus on farm-to-fork traceability, strict hygiene standards, and efficient supply chain management has positioned Zappfresh as a trusted name in the rapidly growing online meat delivery market.
As of August 13, 2025, DSM Fresh Foods employed 46 people, supporting its operations across sourcing, processing, and last-mile delivery.
DSM Fresh Foods IPO – Details
| IPO Opening Date | 26 September 2025 |
| IPO Closing Date | 06 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 59,06,400 Shares Worth ₹59.65 Crore Fresh Issue: 59,06,400 Shares Worth ₹59.65 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹96– ₹101 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
DSM Fresh Foods IPO – Date Schedule
| IPO Open Date | 26 September 2025 |
| IPO Close Date | 06 October 2025 |
| Basis of Allotment | 07 October 2025 |
| Initiation of Refund | 08 October 2025 |
| Credit of Shares to Demat | 08 October 2025 |
| IPO Listing Date | 09 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 06, 2025 |
DSM Fresh Foods IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,42,400 |
| 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 |
Competitive Strengths
- Experienced and Qualified management team.
- Well organized organisational structure,
- Efficient business model (Farm to Fork Model).
- Products come from farms with innovative technologies for healthy animal growth.
- Improving quality builds its reputation with fewer complaints.
- Hygienically and humanely well-maintained slaughterhouses.
Company Promoters
- Mr. Deepanshu Manchanda
- Mrs. Priya Aggarwal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹56.61 Cr | ₹53.80 Cr | ₹2.74 Cr | ₹2.07 Cr |
| 31 March 2024 | ₹90.68 Cr | ₹83.05 Cr | ₹4.67 Cr | ₹7.65 Cr |
| 31 March 2025 | ₹131.47 Cr | ₹119.82 Cr | ₹9.05 Cr | ₹31.70 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 20.78% |
| ROCE | 24.71% |
| Debt/Equity | 0.65 |
| RoNW | 20.78% |
| PAT Margin | 5.16% |
| EBITDA Margin | 13.04% |
| Price to Book Value | 3.37 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.53 | 4.06 |
| P/E (x) | 18.28 | 24.87 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure Requirement. | ₹10.68 |
| Marketing Expenditure. | ₹15.00 |
| Working Capital Requirement. | ₹25.00 |
| General Corporate Purposes. | – |
✅Strengths
- Popular brand Zappfresh with strong recall.
- Wide product range – fresh meats, cold cuts, marinated & ready-to-cook.
- Tech-driven app & website (100k+ downloads).
- Focus on hygiene, freshness & customer trust.
- Operates in a growing meat & seafood market.
⚠️Risks
- First-time IPO, no prior listing track record.
- Changing food habits (vegan/veg shift) may impact demand.
- Strong competition from online/offline players.
- Heavy reliance on supply chain & quality control.
- Sensitive to economic, regulatory & pandemic-related risks.
DSM Fresh Foods IPO Promoter Holding
| Pre Issue Share Holding | 38.24% |
| Post Issue Share Holding | 28.11% |
DSM Fresh Foods IPO Prospectus
Company Contact Information
| DSM Fresh Foods Ltd. 115-116, First Floor Vishal Tower, District Centre Janakpuri, Janakpuri B-1, West Delhi, New Delhi, 110058 Phone: + 91 70422 88558 Email: compliance@zappfresh.com Website: https://www.zappfresh.com/ |
DSM Fresh Foods IPO Registrar
| Maashitla Securities Pvt.Ltd. Phone: +91-11-45121795-96 Email: ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
DSM Fresh Foods IPO Lead Manager(s)
| 1. Narnolia Financial Services Ltd. |
DSM Fresh Foods IPO FAQ
| What is DSM Fresh Foods IPO? DSM Fresh Foods IPO is an SME IPO. The issue is priced at ₹96 – ₹101 per equity share. The IPO is to be listed on BSE SME. |
| When DSM Fresh Foods IPO will open? The IPO is to open on 26 September 2025 for QIB, NII, and Retail Investors. |
| What is DSM Fresh Foods IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the DSM Fresh Foods IPO Size? DSM Fresh Foods IPO size is ₹59.65 Crore. |
| What is DSM Fresh Foods IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2400 Shares with ₹2,42,400 amount, while the maximum bid is 2400 Shares with ₹2,42,400. |
| What is the DSM Fresh Foods IPO Allotment Date? DSM Fresh Foods IPO allotment date is 07 October 2025. |
| What is the DSM Fresh Foods IPO Listing Date? DSM Fresh Foods IPO listing date is 09 October 2025. The IPO is to be listed on the BSE SME. |
