DSM Fresh Food Limited (“Company”), established in 2015, operates under the brand name Zappfresh and is one of the leading omnichannel retailer (Online B2C and offline B2B) of fresh meat and ready to cook/eat products.(chicken, mutton and seafood).
Zappfresh was founded with a vision to transform India’s highly fragmented meat retail sector and operates on an integrated supply chain model encompassing sourcing, processing, cold storage, and distribution. This ensures high-quality, hygienic, and fresh meat delivery to both retail consumers and HoReCa (Hotel, Restaurant, Catering) partners.
The Company proposes to launch its Initial Public Offering (“IPO” or the “Offer”), scheduled to open on Friday, September 26, 2025, and close on Tuesday, September 30, 2025, with a price band of Rs. 96 – Rs. 101 per equity share of face value Rs. 10 each (“Equity Shares”). The Anchor Investor Bid/Issue Period will be held on Thursday, September 25, 2025, one working day prior to the Issue opening date.
Initial Public Offering up to 59,06,400 Equity shares of Rs. 10/- each (“Equity Shares”) DSM Fresh Foods Limited (“DSM” or the “Company”) at issue price band of Rs. 96- Rs. 101/- per equity share (“The Issue”). Out of the issue, 3,31,200 Equity Shares aggregating to Rs. 334.51 Lakhs will be reserved for subscription by Market Maker (“Market Maker Reservation Portion”). The Issue less the Market Maker Reservation Portion i.e Issue of 55,75,200 Equity shares of Face Value of Rs. 10 each at an Issue price band of Rs. 96 – Rs. 101/- per equity share aggregating to Rs. 5630.95 Lakhs is hereinafter referred to as the “Net Issue”, respectively of the Post Issue Paid up Equity Share Capital of the Company.
This Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 229 (2) of the SEBI ICDR Regulations and in compliance with Regulation 253 of the SEBI ICDR Regulations, wherein not more than 50.00% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company may, in consultation with the BRLM Book Running Lead Manager, may allocate up to 60.00% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”). One-third”), of the Anchor Investor which one-third Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (“Net QIB Portion”). Further, 5.00% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5.00% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15.00% of the Net Offer Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors, wherein (a) one third of the portion available to Non-Institutional Investors shall be reserved for Applicants with Application size of more than two lots and up to such lots equivalent to not more than ₹10 lakhs; (b) two third of the portion available to Non-Institutional Investors shall be reserved for Applicants with Application size of more than ₹10 lakhs; and (c) any unsubscribed portion in either of the sub-categories specified in clauses (a) or (b), may be allocated to Applicants in the other sub-category of Non-Institutional Investors; and not less than 35.00% of the Net Offer Issue shall be available for allocation to Retail Individual Investors who applies for minimum application size in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Issue Price. All Bidders, other than Anchor Investors, are required to participate in the Offer Issue by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer Issue through the ASBA process. For details, see “Issue Procedure” on page no. 264 of this Red Herring Prospectus.
All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process, and shall provide details of their respective bank account in which the Bid Amount will be blocked by the SCSBs. Anchor Investors are not permitted to participate in this Offer through the ASBA process.
The net proceeds from the Issue are proposed to be utilized towards funding the Company’s strategic growth initiatives, including working capital requirements of ₹ 25 crore, marketing expenditure of ₹15 crore, capital expenditure requirements of ₹11 crore and, and ₹3 crore towards inorganic growth opportunities through acquisitions and other strategic initiatives, as well as for general corporate purposes.
Narnolia Financial Services Limited is the Book Running Lead Manager (“BRLM”) to the Offer. The Equity Shares of DSM Fresh Food Limited are proposed to be listed on SME platform of BSE (BSESME)
