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DSM Fresh Foods IPO
₹1,15,200/1200 shares
Minimum Investment
IPO Details
26 Sep 25
30 Sep 25
₹1,15,200
1200
₹96 to ₹101
BSE
₹59.65 Cr
06 Oct 25
Open Free Demat Account
Open Free Demat Account
DSM Fresh Foods IPO Timeline
Bidding Start
26 Sep 25
Bidding Ends
30 Sep 25
Allotment Finalisation
01 Oct 25
Refund Initiation
03 Oct 25
Demat Transfer
03 Oct 25
Listing
06 Oct 25
DSM Fresh Foods Ltd
Incorporated in May 2015, DSM Fresh Foods Limited, operating under the brand Zappfresh, specialises in retailing fresh meat and ready-to-cook/eat non-vegetarian products online. Its user-friendly website and mobile app, available on Android and iOS, provide hygienically sourced poultry, seafood, exotic meats, and specialty products. Zappfresh ensures all orders reach consumers fresh and maintains high quality across offerings such as fresh meats, cold cuts, marinated items, and ready-to-cook dishes. As of 13 August 2025, the company employed 46 people and has over 100,000 app downloads.
DSM Fresh Foods Ltd IPO Details
DSM Fresh Foods IPO is a book-built issue worth ₹59.65 crore, comprising entirely a fresh issue of 0.59 crore shares. The IPO opens for subscription on 26 September 2025 and closes on 30 September 2025, with allotment expected to be finalized on 1 October 2025. It is slated to list on BSE SME tentatively on 6 October 2025. The price band is ₹96 to ₹101 per share, with a lot size of 1,200 shares. Retail investors must invest a minimum of ₹2,42,400 (2,400 shares), while HNIs can apply for a minimum of 3 lots (3,600 shares) totaling ₹3,63,600. Narnolia Financial Services Ltd. is the book-running lead manager, Maashitla Securities Pvt. Ltd. is the registrar, and Alacrity Securities Ltd. is the market maker.
DSM Fresh Foods Ltd IPO Details
| Particulars | Details |
| IPO Date | 26 September 2025 to 30 September 2025 |
| Listing Date | 6 October 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹96 to ₹101 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 59,06,400 shares (aggregating up to ₹59.65 Cr) |
| Fresh Issue | 59,06,400 shares (aggregating up to ₹59.65 Cr) |
| Offer for Sale | NA |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,63,80,738 shares |
| Share Holding Post Issue | 2,22,87,138 shares |
| Market Maker Portion | 3,31,200 shares |
DSM Fresh Foods Ltd IPO 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%) |
DSM Fresh Foods Ltd IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,42,400 |
| Retail (Max) | 2 | 2,400 | ₹2,42,400 |
| HNI (Min) | 3 | 3,600 | ₹3,63,600 |
| HNI (Max) | 8 | 9,600 | ₹9,69,600 |
DSM Fresh Foods Ltd IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 38.24% |
| Post-Issue | 28.11% |
DSM Fresh Foods Ltd IPO Valuation Overview
| KPI | Value |
| EPS | 5.53 |
| Price/Earnings (P/E) Ratio | 24.87 (Post IPO) |
| Return on Net Worth (RoNW) | 20.78% |
| Net Asset Value (NAV) | ₹49.09 Cr |
| Return on Equity | 20.78% |
| Return on Capital Employed (ROCE) | 24.71% |
| EBITDA Margin | 13.04% |
| PAT Margin | 5.16% |
| Debt to Equity Ratio | 0.65 |
Objectives of the Proceeds
- Capital expenditure requirement: ₹10.68 Cr for infrastructure expansion
- Marketing and brand promotion: ₹15.00 Cr across digital and offline channels
- Working capital requirement: ₹25.00 Cr for inventory and operational needs
- Unidentified acquisitions and general corporate purposes
Key Financials (in ₹ Crore)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 84.04 | 50.00 | 22.01 |
| Revenue | 131.47 | 90.68 | 56.61 |
| Profit After Tax | 9.05 | 4.67 | 2.74 |
| Reserves and Surplus | 32.70 | 37.95 | 16.46 |
| Total Borrowings | 31.70 | 7.65 | 2.07 |
SWOT Analysis of DSM Fresh Foods IPO
Strength and Opportunities
- Experienced management ensures strategic growth and operational efficiency
- Strong farm-to-fork model improves product quality and supply chain control
- High-quality, hygienically sourced products boost customer trust
- Expanding e-commerce market increases potential consumer base
- Innovative ready-to-cook products can drive brand differentiation
Risks and Threats
- Dependence on online platform limits reach in non-digital regions
- Rising input costs could impact margins and profitability
- Regulatory compliance in food safety is strict and evolving
- Competition from established meat retailers and local vendors
- Logistics challenges may affect timely delivery in distant regions
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About DSM Fresh Foods Ltd
DSM Fresh Foods IPO Strengths
- Experienced and qualified management team ensures strategic decision-making and efficient operations.
- Well-organised organisational structure supports smooth coordination and operational scalability.
- Efficient farm-to-fork business model enhances quality control and supply chain management.
- Products sourced from farms using innovative technologies ensure healthy and hygienic meat.
- Strong brand reputation with improving quality leads to fewer customer complaints.
- Hygienically and humanely maintained slaughterhouses improve product safety and compliance
Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | P/E (x) |
| DSM Fresh Foods Ltd. | 5.53 | 5.53 | 24.87 |
| Peer Group | |||
| Chatha Foods Ltd | 2.67 | 2.67 | 37.08 |
| Tasty Bite Eatables Ltd. | 99.80 | 99.80 | 94.72 |
| HMA Agro Industries Ltd. | 1.20 | 1.20 | 25.50 |
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
- 1Login to your HDFC SKY Account
- 2Select Issue
- 3Enter Number of Lots and your Price.
- 4Enter UPI ID
- 5Complete Transaction on Your UPI App
FAQs On DSM Fresh Foods IPO
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