MUMBAI: When the meat is this fresh, even the markets want a bite. DSM Fresh Food Limited, better known by its consumer brand Zappfresh, is sharpening its knives for a stock market debut with a Rs 59.06 crore IPO on the BSE SME platform.
The issue opens on Friday, 26 September 2025, and closes on Tuesday, 30 September 2025, with a price band of Rs 96–Rs 101 per share. Anchor investors will get first dibs on 25 September, a day ahead of the public opening.
The offering comprises 59,06,400 equity shares of face value Rs 10 each. Out of these, 3,31,200 shares (Rs 3.34 crore) are reserved for the market maker, leaving a net issue of 55,75,200 shares (Rs 56.3 crore). The allocation structure follows SEBI’s book-building rules:
. Up to 50 per cent for Qualified Institutional Buyers (QIBs), with up to 60 per cent of this portion available to anchor investors.
. At least 15 per cent for Non-Institutional Investors (NIIs), with sub-categories for bids above and below Rs 10 lakh.
. Not less than 35 per cent for Retail Individual Investors.
Founded in 2015, Zappfresh has carved out a niche in India’s fragmented meat market with an integrated supply chain spanning sourcing, processing, cold storage and distribution. Its omnichannel model serves both B2C consumers and B2B Horeca clients across chicken, mutton, seafood, and ready-to-cook/eat products.
Proceeds from the IPO will fund growth and expansion, including Rs 25 crore for working capital, Rs 15 crore for marketing, Rs 11 crore for capex, and Rs 3 crore for acquisitions. The balance will go toward general corporate purposes.
Narnolia Financial Services Limited is the sole book running lead manager.
With its promise of “fresh, hygienic, worry-free meat”, Zappfresh is looking to slice into India’s equity appetite just as it has cut through the clutter of the butcher’s market. The question is: will investors find the flavour worth savouring?
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