MAM
Zappfresh serves up IPO feast with Rs 59 crore issue on BSE SME platform
MUMBAI: When the meat is this fresh, even the markets want a bite. DSM Fresh Food Limited, better known by its consumer brand Zappfresh, is sharpening its knives for a stock market debut with a Rs 59.06 crore IPO on the BSE SME platform.
The issue opens on Friday, 26 September 2025, and closes on Tuesday, 30 September 2025, with a price band of Rs 96–Rs 101 per share. Anchor investors will get first dibs on 25 September, a day ahead of the public opening.
The offering comprises 59,06,400 equity shares of face value Rs 10 each. Out of these, 3,31,200 shares (Rs 3.34 crore) are reserved for the market maker, leaving a net issue of 55,75,200 shares (Rs 56.3 crore). The allocation structure follows SEBI’s book-building rules:
. Up to 50 per cent for Qualified Institutional Buyers (QIBs), with up to 60 per cent of this portion available to anchor investors.
. At least 15 per cent for Non-Institutional Investors (NIIs), with sub-categories for bids above and below Rs 10 lakh.
. Not less than 35 per cent for Retail Individual Investors.
Founded in 2015, Zappfresh has carved out a niche in India’s fragmented meat market with an integrated supply chain spanning sourcing, processing, cold storage and distribution. Its omnichannel model serves both B2C consumers and B2B Horeca clients across chicken, mutton, seafood, and ready-to-cook/eat products.
Proceeds from the IPO will fund growth and expansion, including Rs 25 crore for working capital, Rs 15 crore for marketing, Rs 11 crore for capex, and Rs 3 crore for acquisitions. The balance will go toward general corporate purposes.
Narnolia Financial Services Limited is the sole book running lead manager.
With its promise of “fresh, hygienic, worry-free meat”, Zappfresh is looking to slice into India’s equity appetite just as it has cut through the clutter of the butcher’s market. The question is: will investors find the flavour worth savouring?
Brands
Tata Consumer Products faces Rs 98 crore tax demand
Income tax authorities raise significant demand for the 2022-23 financial year
MUMBAI: Tata Consumer Products Limited has received an assessment order from the income tax department involving a substantial financial demand. The order, issued by the assistant commissioner of income tax in Kolkata, was received by the company on 13 March 2026. It follows an audit of the income tax returns filed for the 2022-23 financial year, during which the assessing officer made specific additions and disallowances to the company’s reported income.
The total demand raised by the authorities amounts to Rs 98,03,33,930, a figure that includes both the principal tax amount and accrued interest. This disclosure was made by the company’s company secretary & compliance officer, delnaz dara harda, in a formal filing to the National Stock Exchange and BSE Limited on 14 March 2026. The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In response to the order, Tata Consumer Products has stated that it believes the demand is not maintainable under current law. The management has confirmed that the company is currently in the process of filing an appeal against the assessment. Furthermore, the company clarified that there is no immediate impact on its current financial standing, operations, or other corporate activities resulting from this specific order.
