DSM Fresh Foods IPO

DSM Fresh Foods IPO is a book-built issue worth ₹59.65 crore. The issue is entirely a fresh issue of 0.59 crore shares, raising the total issue size. The IPO will open for subscription on September 26, 2025, and close on September 30, 2025.

The basis of allotment is expected to be finalised on October 01, 2025, with tentative listing scheduled on BSE SME for October 06, 2025. The price band for the DSM Fresh Foods IPO has been fixed between ₹96 to ₹101 per share.

Investors can bid for DSM Fresh Foods IPO with a minimum of 2 lot, with each lot having 1,200 shares. For retail investors, the minimum investment required is ₹2,42,400. For small non-institutional investors (sNII), the lot size stands at 3 lots, equal to 3,600 shares, amounting to ₹3,63,600. For big non-institutional investors (bNII), the lot size is 9 lots, which translates to 10,800 shares, requiring an investment of ₹10,90,800.

Narnolia Financial Services Ltd is the book running lead manager (BRLM) and Maashitla Securities Pvt Ltd is the registrar of the issue. Detailed information is available in the DSM Fresh Foods IPO RHP.

DSM Fresh Foods IPO Objectives

The company will deploy the funds from the public issue towards following:

• Capital Expenditure Requirement
• Marketing Expenditure
• Funding working capital requirements of the company&nbsp
• General Corporate Purposes

About DSM Fresh Foods Limited

Incorporated in 2015, DSM Fresh Foods Limited has established itself as a leading player in the retail of fresh meat and ready-to-cook/eat non-vegetarian products. Operating under its flagship brand Zappfresh, the company has redefined the online meat delivery experience by prioritizing quality, hygiene, and customer convenience.

Since its inception, DSM Fresh Foods has focused on delivering unpreserved, hygienically sourced meats—ranging from premium cuts of mutton, poultry, and seafood to more exotic offerings. Through a user-friendly website and mobile application (available on both Android and iOS platforms with over 100,000 downloads on the Play Store), customers are empowered to customize their orders and enjoy a seamless shopping experience. The platform emphasizes transparency, offering detailed product descriptions and encouraging customer feedback to continually enhance service standards.

Zappfresh emerged in response to the challenges posed by unhygienic local wet markets and the unappealing alternative of frozen meat—both of which failed to meet the evolving expectations of Indian consumers. Recognizing a significant market gap, Manchanda envisioned a brand that delivers high-quality fresh meat directly to consumers’ doorsteps.

Zappfresh currently operates across the Delhi-NCR region. The company follows a full-stack model, overseeing the entire supply chain—from procurement and processing to storage and delivery—ensuring complete quality control at every stage.

With a steadfast commitment to innovation, efficiency, and customer satisfaction, DSM Fresh Foods Limited continues on a strong growth trajectory, setting new benchmarks in the online fresh meat delivery industry.

Industry Outlook

1. The global meat, poultry, and seafood market is experiencing robust expansion, projected to grow from $1,613.94 billion in 2024 to $1,712.35 billion in 2025 at a CAGR of 6.1%, driven by rising disposable incomes, emerging markets, and increased seafood consumption.
2. Rising awareness around protein-rich diets is significantly fueling demand for meat and seafood products, as consumers prioritize health, muscle growth, and nutrition—making protein a key driver of market expansion.
3. India's meat market is expected to grow at a CAGR of 8.5%, reaching USD 114.4 billion by 2033. Although 90% of the market remains unorganized, packaged meat demand is growing ~25% YoY, signaling a strong shift toward quality, hygiene, and convenience.
4. Tier-II cities now contribute ~40% of online meat orders, showcasing significant untapped potential outside metro regions. Simultaneously, modern retail formats like Lulu Hypermarket are expanding aggressively, indicating a broader shift toward organized retail and digital platforms.

How To Apply for the DSM Fresh Foods IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the DSM Fresh Foods IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of DSM Fresh Foods IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of DSM Fresh Foods IPO

115-116, First Floor, Vishal Tower, District Centre, Janakpuri, Janakpuri B-1, West Delhi– 110058, India.

Phone: +91 70422 88558

E-mail: compliance@zappfresh.com

DSM Fresh Foods IPO Reservation

DSM Fresh Foods IPO Lot Size Details

DSM Fresh Foods IPO Promoter Holding

Mr. Deepanshu Manchanda and Mrs. Priya Aggarwal are the promoters of the company.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for DSM Fresh Foods IPO

DSM Fresh Foods IPO Prospectus

• DSM Fresh Foods IPO DRHP
• DSM Fresh Foods IPO RHP

DSM Fresh Foods IPO Registrar and Lead Managers

DSM Fresh Foods IPO Lead Managers

• Narnolia Financial Services Ltd

Registrar for DSM Fresh Foods IPO

Maashitla Securities Pvt Ltd

• Contact Number: 011-45121795
• Email Address: ipo@maashitla.com

Financial Performance of DSM Fresh Foods Limited

Know before investing

Strengths

1. Led by a qualified and seasoned management team driving consistent growth and operational efficiency.

2. Backed by strong corporate governance and a well-structured management system.

3. Direct sourcing from farms ensures traceability, freshness, and cost efficiency.

4. Meat sourced from farms using innovative technologies, antibiotic-free practices, and vegetarian-fed animals.

5. Strong focus on product quality to maintain customer trust and brand goodwill.

6. Preservative-free freshness maintained through air-chilling and zero water absorption post-slaughter.

7. Plans to scale operations beyond Delhi-NCR and Bangalore into new regional markets.

8. Strategic shift towards transforming traditional meat shops into branded “Zappfresh Stores” for direct consumer access.

Risks

1. The Company has experienced negative cash flows in the past, including in FY 2023 due to increased working capital investments, and may continue to face similar challenges in the future.

2. Certain past non-compliances with provisions of the Companies Act, 2013 may lead to penalties or legal actions, potentially impacting the Company's financials and reputation.

3. The Company has made defaults in refunding excess application monies from multiple past allotments, which may result in regulatory scrutiny or liabilities.

4. Exposure to counterfeit, cloned, or misrepresented products may harm brand credibility, reduce consumer trust, and negatively impact sales.

5. The business is susceptible to outbreaks like avian influenza, which can lead to large-scale livestock culling, trade disruptions, and a decline in consumer demand.

6. The Company’s operations are subject to seasonal variations, which may lead to temporary disruptions or reduced business activity during certain periods.

7. Growing emphasis on animal welfare may lead to stricter regulations, increased compliance costs, and changes in production practices, affecting operational efficiency and market competitiveness.

8. A significant portion of the Company’s revenue is derived from chicken sales, making the business vulnerable to fluctuations in demand, supply, or pricing within this category.