DSM Fresh Food, which operates the omnichannel meat retailer ZappFresh, has announced that its initial public offering (IPO) will open on September 26, 2025, with a price range set between ₹96 and ₹101 per equity share. The IPO will close on September 30, 2025.
The company aims to raise up to ₹56.31 crore through the offering of 59.06 lakh equity shares, each with a face value of ₹10. Within this offering, 3.31 lakh shares, valued at approximately ₹3.35 crore, will be allocated to market makers. The remaining 55.75 lakh shares will make up the net issue size. Bidding for anchor investors will commence on September 25, 2025.
Founded in 2015 and based in Gurugram, ZappFresh operates a farm-to-fork integrated supply chain model that includes sourcing, processing, cold storage, and distribution of fresh meat and ready-to-cook products like chicken, mutton, and seafood. The company serves retail consumers via its digital platform, as well as business clients in the hotel, restaurant, and catering sectors.
The proceeds from the IPO are earmarked for various purposes, including ₹25 crore for working capital requirements, ₹15 crore for marketing expenses, ₹11 crore for capital expenditures, and ₹3 crore for potential acquisitions aimed at inorganic growth. Notably, ZappFresh has successfully turned around two previously loss-making entities, Bonsaro in Mumbai and Dr. Meat in Bangalore.
The company’s equity shares will be listed on the SME platform of the Bombay Stock Exchange (BSE), with Narnolia Financial Services serving as the book-running lead manager.
Published on September 16, 2025.
