Intimation and submission of Monitoring Agency Report for the half year ended March 31, 2026
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, the monitoring agency for DSM Fresh Foods' (Zappfresh) IPO of Rs. 59.06 crore completed in October 2025, has flagged multiple deviations from the offer document. The company spent Rs. 24.83 crore on working capital against a planned Rs. 12.50 crore for FY26, and Rs. 2.12 crore on unidentified acquisitions and general corporate purposes (GCP) versus planned Rs. 1.09 crore. Marketing funds (Rs. 15 crore budgeted) were used for Google ads, Facebook ads, and offline marketing instead of the specified HT Media Platform. Additionally, GST on IPO expenses was paid from IPO proceeds despite the offer document stating these should be exclusive of taxes. No shareholder approval was obtained for these material deviations. The monitoring agency also noted fund comingling risks and that the company failed to publish its Q3FY26 monitoring report sent on February 14, 2026.
These deviations signal poor fund management and potential regulatory non-compliance, which could invite SEBI scrutiny. Early and excess utilization of working capital and GCP funds may leave insufficient resources for FY27 planned activities, raising concerns about the IPO's long-term objectives.