DSM Fresh Foods Limited
Bookbuilding IPO · BSE
- Price band
- ₹95 - ₹100
- Lot size
- 1,200 shares
- Issue amount
- ₹59.65 cr
- Total subscription
- 1.36×
- Opens
- 26 Sept 2025
- Closes
- 6 Oct 2025
- Allotment
- 7 Oct 2025
- Listing
- 9 Oct 2025
Offer at a glance
Issue overview
- Issue size
- 59,06,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,14,000
- Fresh issue
- ₹59.65 cr
- Offer for sale
- ₹0 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,20,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,63,80,738
- Shares after issue
- 2,22,87,138
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,40,000 |
| sHNI | 3 | 3,600 | ₹3,60,000 |
| bHNI | 9 | 10,800 | ₹10,80,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 6 Oct 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 5 |
| NIB | 0 | 82 |
| RETAIL | 814 | 783 |
| HNIs(10L +) | 156 | 31 |
| HNIs (2-10L) | 77 | 51 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 11.27 | 17.22 |
| FIIs | 0 | 10.27 |
| Others | 0 | 6.96 |
| RETAIL | 19.73 | 18.88 |
| HNIs 2+ | 2.8 | 2.07 |
| HNIs 10+ | 5.67 | 15.38 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 5.53 | 4.54 | 2.69 |
| ROE | 20.78 | 17.1 | 19.42 |
| ROCE | 24.71 | 0.19 | 0.16 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 18.28 | 0 | 0 |
| POST IPO(PE) | 24.87 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Chatha Foods Ltd | 37.08 | 99.00 | 10.00 | 7.34 | NA | 2.67 |
| DSM Fresh Foods Limited | NA | NA | 10.00 | 20.78 | NA | 5.53 |
| Tasty Bite Eatables Ltd. | 94.72 | 9453.00 | 10.00 | 8.23 | NA | 99.8 |
| HMA Agro Industries Limited | 25.5 | 30.60 | 1.00 | 7.71 | NA | 1.2 |
Company information
Company profile
DSM Fresh Foods Limited, incorporated in May 2015, is a retailer of fresh meat and ready-to-cook or ready-to-eat non-vegetarian products, operating under the brand name Zappfresh. The company specializes in online sales, offering a variety of fresh and hygienically sourced meats, including poultry, seafood, and exotic options, ensuring that all products reach customers in optimal freshness. Through its website and mobile app, available on Android and iOS, Zappfresh provides a convenient shopping experience, with over 100,000 downloads on the Play Store. Its product portfolio includes fresh meats like chicken, mutton, pork, and seafood, ready-to-cook and ready-to-eat items such as mutton seekh kebab and chicken cheese nuggets, cold cuts including chicken salami and sausages, and marinated meats like chicken methi tikka and masala wings. As of August 13, 2025, the company employed 46 people.
Strengths
- Experienced Leadership – Promoters and professionals with 15+ years in online retail drive growth and ensure customer satisfaction.
- Robust Organizational Structure – Strong setup across SCM, logistics, sales & marketing, HR, and IT supports efficiency and scalability.
- Farm-to-Fork Advantage – Direct sourcing from farms ensures sustainability, traceability, and delivery of fresher, healthier products.
Risk factors
- Brand Perception Risk – Recognition mainly under “Zappfresh” links the brand to fresh meat, limiting visibility for ready-to-cook and ready-to-eat products and potentially restricting diversification.
- Low Promoter Holding – Post-IPO shareholding of 28.11% may dilute promoter control and affect alignment in strategic decision-making.
- Lease Dependency – Reliance on rented premises for offices and branches exposes operations to risks of non-renewal or lease termination.
Promoters
Mr. Deepanshu Manchanda
Mrs. Priya Aggarwal
Registrar & documents
Lead manager
Narnolia Financial Services Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
115-116, First Floor Vishal Tower, District Centre Janakpuri, Janakpuri B-1, West Delhi, New Delhi, 110058
+ 91 70422 88558
[email protected]Company website ↗Understanding ZAPPFRESH IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.