Today, shares of DSM Fresh Foods Ltd., the parent company of D2C meat delivery business Zappfresh, made a respectable debut on the BSE SME, trading at INR 120 per share, 20% above the issue price.

After the public offering had to be prolonged because of undersubscription, Zappfresh’s IPO finished with a 1.36X oversubscription.  Investors bid 53.12 lakh shares against the 39.08 lakh shares available at the end of the initial public offering (IPO).

At INR 126, 26% above the issue price of INR 100, shares of Zappfresh were locked in at a 5% upper circuit at 10:08.  The market value of the company was INR 267.45 Cr, or roughly $30 million.

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Zappfresh, which was founded in 2015 by Deepanshu Manchanda, buys fresh meat straight from farms and guarantees 90-minute delivery to customers.  Together, promoters and promoter groups own 28.11% of Zappfresh.

The only new issue of shares up to 59.06 lakh was part of Zappfresh’s IPO.  By the end of its closing day on September 30, only 52% of the public issue had been subscribed.  After then, the company changed the pricing range from INR 96-101 to INR 95-100 and prolonged the IPO till October 6.

Through the IPO, the firm raised INR 59.04 Cr at an issue price of INR 100.

Regarding finances, Zappfresh reported a 94% increase in profit from INR 4.7 Cr in the prior fiscal year to INR 9.1 Cr in FY25.  In the meantime, its top line surpassed INR 100 Cr.  Operating revenue increased by 45% to INR 130.7 Cr from FY24’s INR 90.4 Cr.

At first, the business exclusively catered to business-to-consumer customers.  After entering the B2B market in FY24, its revenue increased to INR 36.7 Cr in FY25.

As a result, Zappfresh has joined Inc42’s list of listed new-age IT companies as the newest entry.  Another such business is WeWork India, which offers coworking spaces. Its stock is anticipated to go public on stock exchanges tomorrow.