Zappfresh Files Preliminary Papers For IPO With SEBI
The IPO will consist of a fresh issue of 59.06 lakh equity shares, with a face value of Rs 10, and will not include an offer-for-sale component, according to the filed DRHP.
Meat delivery startup Zappfresh filed its preliminary papers with the Securities and Exchange Board of India to launch its initial public offering. The company has filed the Draft Red Herring Prospectus with SEBI to list on the BSE SME platform.
The IPO will consist of a fresh issue of 59.06 lakh equity shares, with a face value of Rs 10, and will not include an offer-for-sale component, according to the filed DRHP.
Narnolia Financial Services Ltd. is the book-running lead manager of the issue, while Maashitla Securities Pvt. Ltd. is the registrar of the issue.
Proceeds from the issue will be allocated to drive growth initiatives, including unidentified acquisitions, marketing and capital expenditure enhancements, working capital optimisation, and general corporate purposes.
Zappfresh, the meat brand of DSM Fresh Foods Ltd., headquartered in Delhi, has been delivering fresh meat via its online e-commerce platform in the Delhi-NCR region. Recently, the company has expanded its footprint into new territories, including Mumbai and Bangalore. As part of its growth strategy, Zappfresh has acquired Bonsaro and Dr. Meat to bolster its offerings and strengthen its market presence.
The company is also in the advanced stages of launching operations in the Middle East, with plans for further acquisitions to drive inorganic growth.
The company is backed by several prominent investors, including SIDBI (19%), Amit Burman Family Office (10%), Hindustan Times, Unity Bank, Lets Venture, Ah! Ventures, Keiretsu Forum, and Heifer Impact, among others. The promoters hold a 40% stake in the company.
In fiscal 2023-24, Zappfresh achieved an impressive Ebidta of Rs 7.6 crore and revenue of Rs 90 crore.
