Zappfresh Hits Upper Circuit For Second Consecutive Day After Market Debut

After closing its debut session locked in at the upper circuit, shares of D2C meat delivery company Zappfresh surged 5% to INR 132.3 today as well to hit the upper circuit for the second consecutive session. 

The stock opened the day’s trade at the upper circuit against the previous close of INR 126. The company’s market capitalisation stood at INR 294.86 Cr (around $33.2 Mn) at the time, while its trade volume was 2.8 Lakh.

Shares of Zappfresh, which received a lukewarm response in terms of IPO subscription, got listed 20% above the issue price at INR 120 apiece yesterday. 

The IPO was undersubscribed at 52% on the last day of bidding on September 30. Following this, Zappfresh extended the offer till October 6 and trimmed its price band to INR 95-100 from INR 96-101 earlier. 

The public issue closed on October 6 with 1.3X oversubscription, receiving bids for 53.12 Lakh shares against 39.08 Lakh shares on offer. Zappfresh raised INR 59.04 Cr from the IPO, which consisted solely of a fresh issue. Following the IPO, promoters and the promoter group together hold a 28.11% stake in Zappfresh. 

Founded in 2015 by Deepanshu Manchanda, Zappfresh sources fresh meat directly from farms and promises delivery to customers within 90 minutes. 

On the financial front, Zappfresh’s profit nearly doubled to INR 9.1 Cr in FY25 from INR 4.7 Cr in the previous year. Revenue zoomed 45% YoY to INR 130.7 Cr. After long operating as a consumer-facing brand, Zappfresh expanded into the B2B space in FY24. This vertical contributed INR 36.7 Cr to its top line in FY25.

Following its listing, Zappfresh joined new-age tech companies like Ather Energy, Bluestone, Urban Company, IndiQube Spaces, Smartworks, DevX, and ArisInfra Solutions among those which went public in 2025. 

Meanwhile, coworking major WeWork India made its debut on the bourses today, listing almost flat at INR 646.5 on the BSE as against the issue price of INR 648.