After a modest IPO, investor appetite for Zappfresh heats up as strong financials and growth in B2B drive bullish sentiment
A Red-Hot Market Debut Gains Momentum
Zappfresh, the direct-to-consumer (D2C) meat delivery brand, is on a tear post-listing. For the second consecutive session, the company’s stock hit the upper circuit, rising 5% to INR 132.3 on the BSE.
- The stock opened at the day’s upper limit, up from its previous close of INR 126.
- Market cap stood at INR 294.86 Cr (~$33.2 Mn).
- Trade volume touched 2.8 Lakh shares, reflecting sustained investor interest.
From Tepid IPO to Two-Day Rally
Despite its strong debut—20% above issue price at INR 120—Zappfresh’s IPO journey began with muted traction.
- The IPO was undersubscribed (52%) as of the original closing date, September 30.
- The company extended the offer to October 6 and trimmed the price band from INR 96–101 to INR 95–100.
- It ultimately closed at 1.3X oversubscription, raising INR 59.04 Cr through a fresh issue.
Following the IPO, the promoter and promoter group retained a 28.11% stake in the company.
What’s Driving the Investor Optimism?
Zappfresh’s surge on the bourses is underpinned by solid financial performance and expanding business horizons.
Financials (FY25):
- Net profit: INR 9.1 Cr, nearly 2X YoY from INR 4.7 Cr
- Revenue: INR 130.7 Cr, up 45% YoY
- B2B segment contribution: INR 36.7 Cr, launched in FY24
Business Model:
- Founded in 2015 by Deepanshu Manchanda
- Sources fresh meat directly from farms
- Promises 90-minute delivery, a key differentiator in urban markets
- Operates both D2C and B2B channels, expanding reach and revenue streams
Zappfresh Joins 2025’s IPO Cohort
With its listing, Zappfresh enters the growing list of new-age Indian tech companies going public in 2025, including:
- Ather Energy
- Bluestone
- Urban Company
- IndiQube Spaces
- Smartworks
- DevX
- ArisInfra Solutions
Meanwhile, WeWork India also made its market debut today with a flat listing, in contrast to Zappfresh’s market enthusiasm.
