DSM Fresh Foods IPO Day 2: Tepid Subscription; QIBs Remain Key Bidders

New Delhi, September 29, 2025: The initial public offering (IPO) of DSM Fresh Foods Limited is witnessing tepid demand across investor categories on its second day of bidding. As of 1:15 PM, the issue was subscribed overall 0.23 times, receiving bids for 9,09,600 shares, against 39,08,400 shares on offer.

DSM Fresh Foods Ltd IPO is an Indian company that operates under the brand name Zappfresh. It is an online retailer of fresh meat, seafood, and a variety of ready-to-cook and ready-to-eat non-vegetarian products. The company was established in 2015 and is headquartered in New Delhi.

DSM Fresh Foods IPO Subscription Led By QIBs

As of 1:15 PM, the subscription was led by QIBs who have subscribed to the issue 0.44 times, bidding for 4,94,400 shares, against 11,16,000 shares on offer. QIBs were followed by NIIs at 0.21 times, receiving bids for 1,77,600 shares, against 8,38,800 shares on offer. Within the NII segment, the bNII (bids above ₹10L) segment was subscribed 0.31 times, while the sNII (bids below ₹10L) segment was subscribed 0.01 times. Next were retail investors at 0.12 times, receiving bids for 2,37,600 shares, against 19,53,600 shares on offer.

DSM Fresh Foods IPO Raised ₹16.83 Crore From Anchor Investors

Ahead of the IPO, the company raised ₹16.83 crore from anchor investors by allocating 6,66,800 equity shares at ₹101 each. Key investors included Viney Growth Fund, Craft Emerging Market Fund PCC – Elite Capital, Craft Emerging Market Fund PCC – Citadel Capital, J4S Venture Fund – 1, Narnolia India Opportunity Fund, and 6 other funds.

DSM Fresh Foods IPO Book Build Issue of ₹59.65 Crore

The issue size for the IPO is ₹59.65 crore, including a fresh issue of ₹59.65 crore of, with no offer for sale element. The company has set ₹96.00 to ₹101.00 per share as the price band. The lot size is 1,200 shares, equalling a minimum investment of ₹2,42,400 by a retail investor at the upper price band. The IPO opened on September 26 and will close on September 30. The shares are expected to list on the BSE SME on October 1. Narnolia Financial Services Ltd. is the book-running lead manager, while Maashitla Securities Pvt.Ltd is the registrar of the issue. Alacrity Securities Ltd. is the market maker of the company.

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