India’s IPO market continues to attract attention from investors in 2025, with companies in niche sectors tapping public markets for growth capital. Among these, DSM Fresh Foods Limited stands out as a leading online retailer of fresh meat and ready-to-cook/eat non-veg products under the Zappfresh brand.
The company is set to open its IPO on September 26, 2025, giving investors an opportunity to participate in the expansion of a company focused on farm-to-fork supply of fresh meat with innovative technology-driven operations.
About DSM Fresh Foods Ltd.
Incorporated in May 2015, DSM Fresh Foods Limited operates as a fresh meat and ready-to-cook/eat products retailer, specialising in online sales via website and mobile app. The company offers a wide range of products, including:
- 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
As of August 13, 2025, DSM Fresh Foods employed 46 people.
Competitive Strengths:
- Experienced and qualified management team
- Efficient farm-to-fork business model
- Hygienically maintained slaughterhouses and advanced processing
- Focus on quality control and consistent customer experience
- Innovative supply chain technologies ensuring freshness and humane practices
DSM Fresh Foods IPO Details
The DSM Fresh Foods IPO is a book building issue of ₹59.65 crore, entirely a fresh issue of 0.59 crore shares. The IPO will be listed on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 26, 2025 |
| IPO Close Date | Sep 30, 2025 |
| Tentative Allotment | Oct 1, 2025 |
| Initiation of Refunds | Oct 3, 2025 |
| Credit of Shares to Demat | Oct 3, 2025 |
| Tentative Listing Date | Oct 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 30, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹96 – ₹101 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 59,06,400 shares (₹59.65 Cr) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| 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 (₹56.31 Cr) |
| Shareholding Pre-Issue | 1,63,80,738 shares |
| Shareholding Post-Issue | 2,22,87,138 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 3,31,200 (5.61%) |
| QIB | 27,82,800 (47.11%) |
| NII (HNI) | 8,38,800 (14.20%) |
| Retail | 19,53,600 (33.08%) |
| Total | 59,06,400 (100%) |
Anchor Investors:
| Bid Date | Shares Offered | Anchor Portion Size | Lock-in 50% | Lock-in Remaining |
| Sep 25, 2025 | 16,66,800 | ₹16.83 Cr | Oct 31, 2025 | Dec 30, 2025 |
Book Running Lead Manager: Narnolia Financial Services Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Alacrity Securities Ltd.
DSM Fresh Foods IPO Lot Size
| 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 |
Promoter Holding:
- Promoters: Deepanshu Manchanda and Mrs. Priya Aggarwal
- Pre-IPO: 38.24%
- Post-IPO: 28.11%
Financials of DSM Fresh Foods Ltd.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 84.04 | 50.00 | 22.01 |
| Total Income | 131.47 | 90.68 | 56.61 |
| Profit After Tax | 9.05 | 4.67 | 2.74 |
| EBITDA | 17.05 | 9.58 | 3.41 |
| Net Worth | 49.09 | 38.04 | 16.54 |
| Reserves & Surplus | 32.70 | 37.95 | 16.46 |
| Total Borrowing | 31.70 | 7.65 | 2.07 |
Amount in ₹ Crore
Key Performance Indicators (KPI):
| KPI | Value |
| Market Cap | ₹225.10 Cr |
| 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 |
EPS & P/E:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.53 | 4.06 |
| P/E (x) | 18.28 | 24.87 |
Objects of the Issue
| S.No | Objects | Amount (₹ Cr) |
| 1 | Capital Expenditure Requirement | 10.68 |
| 2 | Marketing Expenditure | 15.00 |
| 3 | Working Capital Requirement | 25.00 |
| 4 | Unidentified Acquisition & General Corporate Purposes | Balance |
Conclusion
DSM Fresh Foods Ltd. presents an opportunity to invest in India’s fast-growing fresh meat and ready-to-cook foods market. The company benefits from a strong online presence, efficient supply chain, and expanding customer base. Investors should consider growth potential, but also evaluate risks, including competition, dependence on online sales, and operational scalability.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO to stay updated on the latest market offerings.
