What the business is
A D2C meat delivery company that sources fresh meat directly from farms and promises delivery within 90 minutes, run by DSM Fresh Foods Ltd.
The bet
That a profitable direct-to-consumer meat delivery business can raise public capital on an exchange for small companies even after a weak first close.
Starting capital
₹59.04 Cr raised in a fresh-issue IPO at ₹100 a share; promoters hold 28.11%.
How it started
Deepanshu Manchanda founded Zappfresh in 2015. It began only in the B2C segment, entered B2B in FY24, and in FY25 posted a 94% profit rise to ₹9.1 Cr on operating revenue of ₹130.7 Cr, up 45%.
What happened
The IPO was a fresh issue of up to 59.06 lakh shares. It was only 52% subscribed when it closed on 30 September, so the company extended it to 6 October and revised the price band to ₹95-100 from ₹96-101. It finally drew bids for 53.12 lakh shares against 39.08 lakh on offer, 1.36x. Shares listed on 9 October at ₹120, then hit the 5% upper circuit at ₹126, a market cap of about ₹267.45 Cr.
What has to be true
The company wanted public-market capital for a business that was growing and profitable in FY25.
The first subscription fell short, so it extended the offer period and lowered the price band slightly.
A B2B segment added in FY24 contributed ₹36.7 crore of revenue, strengthening the story for investors.
What can be applied
A weak first close need not sink a small-cap IPO: extending the offer and trimming the band got Zappfresh over the line, though trading in SME stocks can swing sharply.
Aftermath
As of 2025-10-09 Zappfresh was listed on BSE SME with a market cap near ₹267 crore; its share price was at the upper circuit on listing day and the article says it joined Inc42's coverage of listed new-age tech companies.
FOLLOW THE EVIDENCE