ZappFresh parent DSM Fresh Food fixes IPO price band at ₹96-101; issue to open on Sept 26

DSM Fresh Food Limited, which operates under the brand name ZappFresh, has set a price band of ₹96-101 per share for its upcoming initial public offering (IPO). The omnichannel meat retailer aims to raise ₹59.65 crore via the small and medium enterprises (SME) IPO route, entirely through a fresh issue of equity shares.

The issue will open on Friday, September 26, 2025, and close on Tuesday, September 30, 2025. Anchor investor bidding will take place on September 25. The equity shares of the company are proposed to be listed on the BSE SME platform on October 6, 2025.

The IPO comprises up to 59.06 lakh equity shares with a face value of ₹10 each. Of this, 3.31 lakh shares worth ₹3.34 crore are reserved for the market maker portion, while the net issue of 55.75 lakh shares, aggregating up to ₹56.31 crore, will be available to institutional, non-institutional, and retail investors.

The lot size for the IPO application is fixed at 1,200 shares. For retail investors, the minimum investment required is ₹2,42,400 (for 2 lots or 2,400 shares) at the upper price band. For high-net-worth individuals (HNIs), the minimum application size is 3 lots, or 3,600 shares, worth ₹3,63,600.

As per the IPO document, proceeds from the issue will be used to meet working capital requirements of ₹25 crore, marketing expenses of ₹15 crore, capital expenditure of ₹11 crore, and around ₹3 crore for inorganic growth opportunities, apart from general corporate purposes.

Narnolia Financial Services Limited is the book-running lead manager to the offer.

Founded in 2015, Gurugram-based DSM Fresh Food is among India’s leading omnichannel retailers of fresh meat and ready-to-cook/eat products such as chicken, mutton, and seafood. Operating on a farm-to-fork model under the ZappFresh brand, the company ensures integrated sourcing, processing, cold storage, and distribution. DSM Fresh Food has expanded its footprint in recent years through strategic acquisitions, including Mumbai-based Bonsaro and Bengaluru’s Dr. Meat.

DSM Fresh Food filed its draft red herring prospectus (DRHP) with the BSE on May 1, 2025, and its red herring prospectus (RHP) with the RoC on September 11, 2025.

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