DSM Fresh Foods IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 26 Sept. 2025 |
| IPO Closes on | 30 Sept. 2025 |
| Allotment on | 1 Oct 2025 |
| Credit of shares on | 3 Oct 2025 |
| Tentative Listing on | 6 Oct 2025 |
DSM Fresh Foods IPO Concise Verdict
DSM Fresh Foods Ltd. (brand Zappfresh) is an online retailer of fresh meat and ready-to-cook/eat products. The company has shown consistent growth with revenue rising from Rs. 56.61 crore (FY23) to Rs. 131.47 crore (FY25) and PAT improving from Rs. 2.74 crore to Rs. 9.05 crore. Margins have strengthened (EBITDA Rs. 17.05 crore in FY25 vs Rs. 3.41 crore in FY23). However, borrowings increased sharply to Rs. 31.70 crore (FY25) from Rs. 7.65 crore a year earlier, indicating higher leverage. Overall, the company shows strong growth momentum with brand visibility, but rising debt levels remain a key monitorable.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
||||
About DSM Fresh Foods
DSM Fresh Foods Ltd., incorporated in May 2015, operates under the brand Zappfresh, a leading online retailer of fresh meat and ready-to-cook/eat non-veg products. The company focuses on delivering hygienically sourced poultry, seafood, mutton, pork, and exotic meats directly to consumers, ensuring freshness and quality.
The brand has established a strong digital presence with a user-friendly website and mobile app (Android & iOS), boasting over 1,00,000 downloads on the Play Store.
Product Portfolio
-
Fresh Meats: Chicken, mutton, pork, seafood, and specialty meats
-
Ready-to-Cook/Eat: Items like 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 13 August 2025, the company employed 46 people.
DSM Fresh Foods IPO Details
|
Sector: Online retailer of fresh meat and ready-to-cook/eat non-veg products. |
|
| IPO opens on | 26 September 2025 |
| IPO closes on | 30 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 56,06,400 Shares / Rs 59.65 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 3,31,200 Shares |
| Net offer to Public | 55,75,200 Shares Rs. 56.31 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 96-101 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,31,200 (5.61%) |
| QIB Shares Offered | 27,82,800 (47.11%) |
| NII (HNI) Shares Offered | 8,38,800 (14.20%) |
| Retail Shares Offered | 19,53,600 (33.08%) |
| Total Shares Offered | 59,06,400 (100.00%) |
| 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 |
Who are the Promoters of DSM Fresh Foods IPO?
The promoters hold 38.24% of the pre-IPO capital
What are the Objects of DSM Fresh Foods IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital Expenditure -Rs.10.28 Crore
+Marketing Expenditure-Rs.15.00 Crore
+Working Capital-Rs.25.00 Crore
+General Corporate purposes
| Registered Office of the Company |
| DSM Fresh Foods Ltd. 115-116, First Floor Vishal Tower, District Centre Janakpuri, Janakpuri B-1, West Delhi, New Delhi, 110058 |
| Email: compliance@zappfresh.com |
| Lead Manager of the IPO |
| Narnolia Financial Services ltd |
| Who is the Registrar to the IPO?
Maashitla Securite Pvt. ltd |
DSM Fresh Foods Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 84.04 | 50 | 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 and Surplus | 32.7 | 37.95 | 16.46 |
| Total Borrowing | 31.7 | 7.65 | 2.07 |
| Amount in Rs Crore | |||
Key Financial Indicators
| KPI | Values |
| 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 | 5.53 |
| PER | 18.28 |
How DSM Fresh Foods IPO compares with the Peers?
| Company Name | P/E (x) |
| DSM Fresh Foods Limited | |
| Chatha Foods Ltd | 37.08 |
| Tasty Bite Eatables Ltd. | 94.72 |
| HMA Agro Industries | 25.5 |
DSM Fresh Foods IPO Review
by Paresh Gordhandas, Chartered Accountant & Research Analyst
-
Business Model
-
Incorporated in 2015, operates as an online-first retailer under Zappfresh.
-
Offers fresh meats (chicken, mutton, pork, seafood), ready-to-cook items (seekh kebabs, nuggets, fish fingers), cold cuts (salami, ham, sausages), and marinated meats.
-
Strong consumer connect with mobile app & website (1 lakh+ downloads).
Financial Performance
-
Revenue: Rs. 56.61 cr (FY23) → Rs. 90.68 cr (FY24) → Rs. 131.47 cr (FY25).
-
PAT: Rs. 2.74 cr (FY23) → Rs. 4.67 cr (FY24) → Rs. 9.05 cr (FY25).
-
EBITDA: Rs. 3.41 cr (FY23) → Rs. 9.58 cr (FY24) → Rs. 17.05 cr (FY25).
-
Net Worth: Rs. 16.54 cr (FY23) → Rs. 38.04 cr (FY24) → Rs. 49.09 cr (FY25).
Balance Sheet
-
Borrowings: Rs. 31.70 cr (FY25) vs Rs. 7.65 cr (FY24), showing heavy increase in debt to support expansion.
-
Reserves: Rs. 32.70 cr (FY25).
-
Assets: Expanded to Rs. 84.04 cr (FY25), indicating infrastructure build-up.
Strengths
-
Niche positioning in branded fresh meat and ready-to-cook space.
-
Strong revenue growth and improving profitability.
-
Established online retail brand with growing consumer reach.
Risks
-
Sharp rise in debt (leveraged structure).
-
Business is perishable-goods dependent – logistics & supply chain critical.
-
Competitive sector with low entry barriers.
Primarily trading/distribution model, with lower entry barriers.
-
DSM Fresh Foods, under the brand Zappfresh, sells fresh meat, cold cuts, marinated products, and ready-to-cook/eat items through its website and mobile app.
Revenue has grown from Rs. 56.61 crore (FY23) to Rs. 131.47 crore (FY25), with PAT rising from Rs. 2.74 crore to Rs. 9.05 crore.
Yes. Borrowings increased to Rs. 31.70 crore in FY25 from Rs. 7.65 crore in FY24, reflecting high leverage to fund growth.
Strengths include strong brand visibility, growing digital reach, and rising profitability. Risks include high debt, supply chain sensitivities, and competitive pressures in the meat retail space.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
