IPO Overview
Founded in 2014, Vegorama Punjabi Angithi has evolved from a single cloud kitchen and takeaway business into a multi-format vegetarian food services company operating across cloud kitchens, fine-dining restaurants, catering, and corporate meal services. The company primarily specializes in North Indian cuisine while also offering Indo-Chinese, tandoori, and regional food offerings through multiple in-house brands including Punjabi Angithi, Chinese Veg Crunch, Dilli Tawa Parantha, Food of Dreams, and Swaad of Punjab. As of March 2026, the company operates 27 cloud kitchens and 2 fine-dining restaurants across Delhi NCR and Dehradun, supported by a workforce of 306 employees. Its business model is heavily digital-first, with over 91% of FY2025 revenue generated through online food delivery platforms, enabling scalable operations with relatively lower infrastructure costs.
Vegorama Punjabi Angithi is now launching its SME IPO on the BSE SME platform. The IPO is a 100% book-built issue of 49.84 lakh equity shares, comprising a fresh issue of 39.87 lakh equity shares and an offer for sale (OFS) of 9.96 lakh equity shares, with a face value of ₹10 per share. The price band is set at ₹73 to ₹77 per share with a lot size of 1,600 shares, aiming to raise approximately ₹38.38 crore in total. The IPO opens on 20 May 2026 and closes on 22 May 2026, with listing expected on 27 May 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 20 May 2026 |
| IPO Close Date | 22 May 2026 |
| Allotment Date | 25 May 2026 (Expected) |
| Refund Initiation | 26 May 2026 |
| Credit to Demat | 26 May 2026 |
| Listing Date | 27 May 2026 (Tentative) |
| Price Band | ₹73 – ₹77 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,46,400 (2 lots = 3,200 shares) |
| Minimum Investment (HNI) | ₹3,69,600 (3 lots = 4,800 shares) |
| Issue Size | ₹38.38 crore |
| Fresh Issue | 39,87,200 shares (₹30.70 crore) |
| Offer For Sale (OFS) | 9,96,800 shares (₹7.68 crore) |
Issue Break-up
| Category | Allocation (Shares) | % |
| Qualified Institutional Buyers (QIB) | 23,64,800 | ~50% |
| Non-Institutional Investors (NII/HNI) | 7,10,400 | ~15% |
| Retail Individual Investors (RII) | 16,57,600 | ~35% |
| Market Maker (Reserved) | 2,51,200 | — |
OFS / Selling Shareholders
The promoter of the company is Mr. Deepak Chadha. Before the IPO, the promoter held 94.44% stake and the promoter group held 4.96% stake; collectively, they held 99.40% stake in the company. After the IPO, the promoters’ shareholding will be diluted as the offering includes an OFS of 9.96 lakh shares by existing shareholders.
The OFS proceeds will go to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company plans to use the fresh issue proceeds as follows:
- Expansion of restaurant and cloud kitchen network — ₹11.90 crore
- Setting up centralized kitchens and infrastructure — ₹4.20 crore
- Funding working capital requirements — ₹4.67 crore
- General corporate purposes — ₹1.65 crore
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Pace Stock Broking Services Pvt. Ltd.
Promoters & Management
- Promoter & Managing Director: Mr. Deepak Chadha
- Pre-IPO promoter holding: 94.44% (promoter) + 4.96% (promoter group) = 99.40% combined stake. Post-IPO stake will be diluted due to OFS and fresh issue.
Company Details
Incorporated in March 2022, Vegorama Punjabi Angithi Limited is a company primarily engaged in the food and beverage industry, operating a chain of restaurants under the “Punjabi Angithi” brand. The brand is known for offering affordable North Indian cuisine, particularly Punjabi-style dishes, in a quick-service restaurant (QSR) format. It caters to a broad customer base through dine-in, takeaway, and delivery services. The company focuses on providing high-quality, value-for-money meals and has built a strong brand presence, especially in urban and semi-urban areas.
Sectors / Formats:
- Quick Service Restaurants (QSR)
- Cloud Kitchens (delivery-only)
- Fine Dining Restaurants
- Outdoor & Corporate Catering
In-House Brands:
- Punjabi Angithi (flagship)
- Chinese Veg Crunch
- Dilli Tawa Parantha
- Food of Dreams
- Swaad of Punjab
Key Capabilities:
- Cloud kitchen-led expansion strategy enables efficient scaling with lower infrastructure costs while improving delivery reach and operational efficiency. The company also partners with major food delivery platforms such as Swiggy and Zomato while offering catering services for private and corporate events.
Operational Footprint:
- 27 cloud kitchens (400 to 870 sq. ft. each) and 2 fine-dining restaurants (approx. 2,397 sq. ft.) across Delhi NCR and Dehradun as of March 2026, with a workforce of 306 employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹6.64 | ₹4.64 |
| FY25 | ₹10.21 | ₹8.22 |
| Q3 FY26 | ₹101.30 (annualized) | ₹8.22 |
Key Financial Metrics
- Revenue grew from ₹6.64 crore in FY24 to ₹10.21 crore in FY25 — a growth of ~54% YoY. PAT grew from ₹4.64 crore to ₹8.22 crore — a growth of ~77% YoY.
- PAT Margin is exceptionally high relative to revenue — indicating strong unit economics in the cloud kitchen model
- Over 91% of FY2025 revenue was generated through online food delivery platforms — making it a truly digital-first food business.
Company Strengths
- Multi-format food services model spanning cloud kitchens, fine dining, catering, and corporate meals — offering revenue diversification across multiple channels.
- Strong and recognized “Punjabi Angithi” brand in Delhi NCR with growing brand presence in urban and semi-urban markets
- Digital-first business model with 91%+ revenue from online delivery platforms — enabling low-cost, scalable expansion
- Proposed expansion into centralized kitchens, fine-dining restaurants, and banquet operations may further strengthen operational efficiency and revenue diversification.
- Impressive profit growth of ~77% YoY, demonstrating efficient unit economics despite being a young company
- Multiple in-house sub-brands allow menu diversification without heavy marketing investment
Key Risks & Challenges
- Investors should consider risks related to intense competition, food inflation, and dependence on aggregator platforms like Swiggy and Zomato.
- Very young company: Incorporated in March 2022 — only ~4 years of operating history, with limited track record across different business cycles
- Heavy geographic concentration — operations primarily limited to Delhi NCR and Dehradun
- OFS component means a portion of IPO proceeds goes to promoter exit rather than business growth
- Revenue base (₹10.21 crore in FY25) is very small — future profitability at scale is yet to be proven
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform post listing
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
