215  Total SME IPOs listed in 2025

9,882.61 Crs.  Total funds raised in 2025

145  SME IPOs listed with Gain in 2025

70  SME IPOs listed with loss in 2025

215  Total SME IPOs listed in 2025

9,882.61 Crs.  Total funds raised in 2025

145  SME IPOs listed with Gain in 2025

70  SME IPOs listed with loss in 2025

215  Total SME IPOs listed in 2025

9,882.61 Crs.  Total funds raised in 2025

145  SME IPOs listed with Gain in 2025

70  SME IPOs listed with loss in 2025

215  Total SME IPOs listed in 2025

9882.61 Crs.  Total funds raised in 2,025.00

145  SME IPOs listed with Gain in 2025

70  SME IPOs listed with loss in 2025

DSM Fresh Foods IPO Review

Image
DSM Fresh IPO Date
  • IPO Open Date:
    26 Sep 2025
  • IPO Close Date:
    6 Oct 2025
  • IPO Allotment Date:
    7 Oct 2025
  • Tentative Refund Date:
    8 Oct 2025
  • IPO Listing:
    9 Oct 2025
Check DSM Fresh IPO GMP

DSM Fresh IPO Overview

Sector Update

Operates in the FMCG sector, which is expected to grow at a 6.1% CAGR, and from $1613.94 billion in Fiscal 2024 to $1712.35 billion in Fiscal 2025.

Growth drivers

Growth is driven by expansion of production capacity, strengthening its distribution network, diversification into new product lines, and leveraging increasing demand for quality fresh food products supported by consumer trends and market opportunities.

Financial Update:
(comparison of FY24 FY25 )
Revenue ₹90.43 cr ₹130.73 cr (+44.56%)
PAT ₹4.66 cr ₹9.05 cr (+94.21%)
PAT Margin 5.15 % 6.92 % (+34.37%)
EBITDA ₹9.57 cr ₹17.04 cr (+78.06%)
EBITDA Margin 10.58 % 13.03 % (+23.16%)
ROE 12.26 % 18.44 % (+50.41%)
ROCE 0.19 % 24.71 % (+12,905.26%)
D/E 0.20 0.65 (+225.00%)
Business Diversification

Diversify by expanding into new, fresh food product lines and entering additional regional markets, aiming to reduce dependence on existing products and tap into emerging consumer demand.

IPO Valuation

PE Ratio: 24.87x Average Sector PE Ratio: 17.35x

DSM Fresh IPO Reservation

DSM Fresh IPO Share Allocation
QIB Shares Offered: 2782800
- Anchor Investor Shares Offered: 1666800
− QIB (Ex. Anchor) Shares Offered : 1116000
NII (HNI) Shares Offered: 838800
- bNII > ₹10L: 561600
- sNII < ₹10L: 277200
Retail Shares Offered: 1953600
Total Shares Offered: 5575200
DSM Fresh IPO Lot Size
Application Lot Shares Amount
Individual investors (Retail) (Max) 2 2400 ₹242400
S-HNI (Min) 3 3600 ₹363600
S-HNI (Max) 8 9600 ₹969600
B-HNI (Min) 9 10800 ₹1090800

Interesting facts about IPO

IPO Size: ₹ 59.65 Cr.

Avg IPO Size (Sector Based):

₹ 23.99 cr.

Sector: FMCG

SME IPO so far in this sector:

25

Merchant Banker: Narnolia Financial

SME IPO by BRLM so far:

26


SME IPO so far in this city:

180

PE Ratio: 24.87

Average Sector PE Ratio:

17.35 X

Price Band (Upper): ₹ 101.00

Listing Price:

₹ 120.00

Business Profile

DSM Fresh Foods is a fresh meat and ready-to-cook/eat non-veg products retailer. DSM Fresh Foods are an online meat delivery company committed to revolutionise the way customers experience and enjoy quality non-veg food. Established in 2015, their has swiftly risen to prominence by blending convenience, unpreserved products, with a commitment to customer satisfaction. With a user-friendly website and mobile application that offers a diverse selection of fresh and hygienically sourced meats, ranging from succulent cuts of mutton, poultry and seafood to exotic options. Company's aim is to ensure that all the produce reaching the end consumer is fresh. The platform allows customers to tailor their orders according to their preferences. Emphasizing transparency and encourages customer reviews and provides detailed product descriptions. Timely and efficient deliveries, bolstered by tracking systems, to further enhance the customer experience. With a focus on quality, convenience and innovation, the company is on the path of its growth trajectory, shaping the future of online meat delivery
 

Strengths and Challenges as per DRHP

Strengths Image
  • Established presence in the fresh food industry.
  • Strong distribution network and supply chain.
  • Focus on quality and sustainable products.
  • Capacity for scaling operations to meet growing demand.
Strengths Image
WEAKNESSES Image
  • Dependence on key suppliers and contract manufacturers.
  • High working capital requirements affecting liquidity.
  • Risk of spoilage and wastage due to perishable products.
  • Operations concentrated in limited geographic regions.
  • Intense competition from organized and unorganized players.
Strengths Image
S
W

Comparison of DSM Fresh IPO with some Listed peers/Listing Gains in the Similar sector

Select Listed IPO for Comparison:
Basis
DSM Fresh IPO
vs
vs
vs

IPO Date
9th Oct 2025


IPO Size
₹ 59.65 Cr.

Total Assets
₹ 84.04 Cr.

Revenue
₹ 130.73 Cr.

PAT
₹ 9.05 Cr.

PAT Margin
6.92 %

Leverage Ratio
0.65 x

PE Multiple
24.87 x

EV/EBITDA
15.02 x

Notes:
1) All the above data is at the time of IPO
2) Revenue and Pat is taken on annualised basis

DSM Fresh IPO Objectives (Objects of Offer) and expected Utilisation

Capital Expenditure Requirement
10.68

Marketing Expenditure
15.00

Working Capital Requirement
25.00

Unidentified Acquisition and General Corporate Purposes
[●]

Track Record of (Merchant Banker)/merchant Banker Report

Narnolia Financial Services Limited, based in Kolkata is the Lead Manager (BRLM) of DSM Fresh IPO. Narnolia Financial Services Limited has handled (17) SME IPOs till date of which (76%) of the SME IPOs have been listed with listing gains. Read full review of Narnolia Financial Services Limited .

Read more details of this IPO

Peer Companies Of This Sector

FAQs

DSM Fresh Foods IPO may offer opportunites, depending on your investment strategy. For in-depth analysis, risk factors, and KPIs, check our detailed report on DSM Fresh Foods Financial Review Page

DSM Fresh Foods IPO subscription was 1.36 X. IPO subscription refers to applications received in an IPO by each quota, i.e., QIB, Retail, and NII. In some IPOs, Eligible employee quota and shareholder’s quota are also present. Learn more about IPO subscriptions here.

DSM Fresh Foods IPO listed at a listing price of 120.00 against the offer price of 101.00.

The current market price of DSM Fresh Foods is 126.00.

Services

IPO Advisory
IPO Advisory
In-depth, experienced and seamless execution throughout the IPO Process.
IPO Readiness
IPO Readiness
IPO Roadmap by improving Business Efficiencies, Financial Parameters and Corporate Structure to become IPO ready.
Fund Raising
Fund Raising
Fuelling a company's growth through Pre IPO Fund Raise, Private Equity, and Angel Investing.
SME : Business Scaling
SME Business Upscaling
Provide support to build a scalable SME business by unleashing the SME potential.
Post IPO Montoring
Post IPO Mentoring
Assisting with post IPO regulatory requirements and Performance Monitoring to achieve the milestone of Mainboard migration.

Thinking of
Listing Your Business through SME IPO?

We can help! Contact Us

Why Us?

  • Leading portal for IPOs
  • End to End Solutions
  • Known for Transparency