Zappfresh Parent DSM Fresh Food Sets Price Band at ₹96-101 for ₹59.65 Crore SME IPO

New Delhi, Sep 16, 2025: DSM Fresh Food Ltd, the operator of meat delivery startup Zappfresh will launch its IPO on September 26. The company has set a price band of ₹96-101 for the IPO, which will conclude on September 30. The ₹59.65 issue is an entirely fresh issue of ₹59.65 crore, aggregating to 0.59 crore shares. The allotment of shares is expected on October 1, with the listing scheduled on October 6 on BSE SME tentatively. The lot size is 1,200 shares, amounting to a minimum investment of ₹2,42,400 (2,400 shares) at the upper price band. Narnolia Financial Services Ltd. is the book running lead manager while Maashitla Securities Pvt.Ltd. is the registrar of the issue.

DSM Fresh Foods is India’s leading retailer of fresh meats and ready-to-cook and ready-to-eat products. Its product range includes chicken, mutton, and seafood. The company was founded in 2015, and its flagship brand Zappfresh has expanded significantly in the last few years.

Fund Utilisation For Working Capital Requirements

The company will utilise ₹25 crore from the proceeds for working capital requirements and ₹15 crore for marketing expenses. ₹11 crore will be used for capital expenditure, while ₹3 crore for inorganic growth opportunities through acquisitions and strategic initiatives. The company plans to use the remaining amount for general corporate purposes.

Strong Financial Performance

DSM Fresh Foods Ltd. reported strong financial performance for the year ending March 31, 2025. The company’s revenue rose by 45% to ₹131.47 crore, compared to ₹90.68 crore in FY24 and ₹56.61 crore in FY23. Profit after tax nearly doubled, jumping 94% to ₹9.05 crore in FY25, from ₹4.67 crore in FY24 and ₹2.74 crore in FY23. EBITDA also improved to ₹17.05 crore in FY25, against ₹9.58 crore in FY24 and ₹3.41 crore in FY23.

Assets increased to ₹84.04 crore in FY25, up from ₹50 crore in FY24 and ₹22.01 crore in FY23. Net worth stood at ₹49.09 crore, while reserves and surplus were at ₹32.70 crore in FY25. The company’s borrowings rose to ₹31.70 crore in FY25, compared to ₹7.65 crore in FY24 and ₹2.07 crore in FY23.

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