Zappfresh IPO Opens Strong with 20% Listing Gain and Upper Circuit

DSM Fresh Foods, the parent company of online meat delivery platform Zappfresh, made a notable debut on the BSE SME today. The shares opened at ₹120, reflecting a 20% premium over the issue price of ₹100. This marks the company’s first public listing and sets the tone for its entry into India’s capital markets.

IPO Subscription and Allocation

Zappfresh’s IPO was open for subscription from September 26 to October 6, 2025, with a price band of ₹95–100 and a minimum investment requirement of ₹1.2 lakh. The company had extended the closing date from September 30 due to subdued demand, as the issue was only 52% subscribed at that point. 

By the end of the subscription period, the IPO was oversubscribed 1.36 times, with the retail portion at 0.96x, QIBs (excluding anchors) at 1.53x, and NIIs at 2.06x.

Zappfresh’s Market Performance

Following the listing, Zappfresh shares hit the upper circuit at ₹126 per share, trading 26% above the issue price, with a total market capitalisation of ₹280.8 crore. As of 03:47 PM IST on October 09, 2025, DSM Fresh Foods share price stood at ₹126.00, up ₹26.00 or 26% from the previous close of ₹100. 

The stock opened at ₹120.00 and moved within a day’s range of ₹120.00 to ₹126.00, with trading volume reaching 29,98,800 shares.

Use of IPO Proceeds

The IPO comprised a fresh issue of up to 59.06 lakh shares, raising approximately ₹59.06 crore. The net proceeds from the issue are planned for capital expenditure of ₹10.68 crore, marketing activities of ₹15 crore, working capital of ₹25 crore, and the remaining funds will be utilised for potential acquisitions and general corporate purposes.

Company Overview and Growth

Founded in 2015, Zappfresh sells fresh meat, seafood, and ready-to-cook products via its app and website. The company sources meat and fish from local farms, processes them at plants, and delivers customised portions to customers. 

The latest filings indicate the company’s operating scale grew by over 44% to ₹130.73 crore for the fiscal year ending March 2025, while profits nearly doubled to ₹9.05 crore. DSM Fresh Foods has also raised around $13 million in funding to date, supporting its expansion plans.

Read more: Gaudium IVF refiles IPO papers with Sebi; ups OFS portion to 9.49 million

Conclusion

Zappfresh’s strong listing reflects investor interest in the growing online meat and FMCG delivery market. The DSM Fresh Foods share price has started its market journey with positive momentum, signalling confidence in the company’s growth and business model.

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