Chandigarh – The Initial Public Offering (IPO) of DSM Fresh Foods Limited, the parent company of the popular fresh meat and ready-to-cook brand Zappfresh, concluded its subscription period today, October 6, 2025, with the issue seeing moderate oversubscription. The ₹59.65 crore public issue, listed on the BSE SME platform, closed its extended bidding window, attracting considerable interest, particularly from institutional and high-net-worth individual (HNI) investors towards the close.
The IPO, which opened on September 26, 2025, and initially had a closing date of September 30, was extended to October 6 to allow for full book-building, following a slow initial uptake. Final subscription data as of the close on October 6, 2025, indicated an overall subscription rate of approximately 1.31 to 1.35 times the shares offered to the public, according to market data aggregated from various platforms.
The Qualified Institutional Buyers (QIB) segment demonstrated a healthy appetite for the shares, reportedly subscribing around 1.45 to 1.53 times their allotted portion. Similarly, the Non-Institutional Investors (NII) category, which includes high-net-worth individuals, saw strong last-day bidding, pushing its subscription rate up to approximately 1.88 to 2.00 times.
However, the Retail Individual Investors (RII) segment, with a significant allocation of 33.08% of the net issue, showed a comparatively softer interest, subscribing approximately 0.88 to 0.94 times, meaning the retail portion remained slightly under-subscribed at the closing bell.
IPO Snapshot and Company Details
DSM Fresh Foods’ IPO was a 100% fresh issue of 59.06 lakh equity shares, aggregating to ₹59.65 crore at the upper price band. The Book Building issue was priced in the band of ₹96 to ₹101 per equity share, with a face value of ₹10. Retail investors were offered a lot size of 1,200 shares. The funds raised are earmarked primarily for capital expenditure towards expanding infrastructure, significant marketing and branding expenditure, and meeting the working capital requirements necessary for the company’s ambitious growth plans.
The company, which operates through its flagship brand Zappfresh, is a key player in India’s rapidly growing online meat and ready-to-eat/cook market, emphasizing a ‘farm-to-fork’ integrated cold chain model for hygiene and quality assurance. This model has been a core competitive strength, underpinning its robust financial performance. For the fiscal year ending March 31, 2025, the company reported a notable increase in its Profit After Tax (PAT) to ₹9.05 crore on a revenue of ₹131.47 crore, showcasing solid growth and margin improvement in a competitive D2C food-tech landscape.
Path to Listing
The timeline for the IPO is now set in motion, with the finalisation of the basis of allotment expected on October 7, 2025. Following this, the initiation of refunds and credit of shares to successful allottees’ Demat accounts are tentatively scheduled for October 8, 2025.
The shares of DSM Fresh Foods Limited are tentatively scheduled to debut on the BSE SME platform on October 9, 2025, marking a pivotal moment in the company’s journey as it seeks to leverage public funds for accelerated scale and geographical expansion. While the Grey Market Premium (GMP) remained largely muted, indicating subdued expectations for immediate listing gains, analysts highlight the company’s strong revenue growth, established brand, and strategic use of IPO proceeds as key factors for long-term investors.
The successful closure, despite the initial slow pace, reflects sustained investor confidence in India’s specialized food-tech and D2C sectors, which continue to benefit from shifting consumer preferences towards quality, hygienic, and convenient food products.
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