Zappfresh IPO lists at 20% premium; shares hit upper circuit

DSM Fresh Foods, the parent company of online meat delivery platform Zappfresh, made a strong debut on the BSE SME today, listing at Rs 120 per share, a 20% premium over its issue price of Rs 100.

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

In the end the Zappfresh’s IPO was oversubscribed 1.36 times, with the retail portion at 0.96x, QIBs (ex-anchors) at 1.53x, and NIIs at 2.06x.

Zappfresh’s IPO comprised only a fresh issue of up to 59.06 lakh shares, raising about Rs 59.06 crore.

According to the company, the net proceeds from the fresh issue will be utilized for capital expenditure of Rs 10.68 crore, marketing activities worth Rs 15 crore, working capital of Rs 25 crore, and the remaining amount for unidentified acquisitions and general corporate purposes.

Zappfresh’s shares hit the upper circuit at Rs 126 apiece as of 1:20 PM today, trading 26% above the issue price, with a total market capitalization of Rs 280.8 crore ($32 million).

Founded in 2015 by Deepanshu Manchanda, ZappFresh sells fresh meat, seafood, and ready-to-cook items through its app and website. The company obtains its meat and fish from local farms, processes them at plants and customizes pieces before delivering them to the customers. As on the date of RHP, founder Deepanshu Manchanda holds a 27.66% stake in the company.

According to TheKredible, the SIDBI-backed company has raised around $13 million to date, with its most recent funding of $4.3 million (Rs 30 crore) coming in November 2023 from Ah! Ventures, HT Media, and others.

For the fiscal year ended March 2025, Zappfresh’s operating scale grew by over 44% to RS 130.73 crore, while its profit nearly doubled to Rs 9.05 crore.