Published: 14 May 2026 | 5.58 AM
Last Updated: 14 May 2026 | 12.01 PM
IPO Overview / Intro
Vegorama Punjabi Angithi IPO is an SME book-built issue of Rs. 38.38 crore. The issue comprises a fresh issue of 39.87 lakh shares aggregating to Rs. 30.70 crore and an offer for sale of 9.96 lakh shares aggregating to Rs. 7.68 crore. The IPO opens for subscription on 20 May 2026 and closes on 22 May 2026. The company is proposed to be listed on the BSE SME platform on 27 May 2026.
Vegorama Punjabi Angithi Limited operates in the food and beverage industry through its “Punjabi Angithi” restaurant brand focused on North Indian vegetarian cuisine in quick-service restaurant (QSR) format. The company operates cloud kitchens, dine-in outlets and delivery-focused restaurant operations primarily across the Delhi NCR market.
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | SME Book Build IPO |
| Issue Size | Rs. 38.38 Cr |
| Business | QSR & Cloud Kitchen Chain |
| Listing Exchange | BSE SME |
| Issue Nature | Fresh Issue + OFS |
| Price Band | Rs. 73 to Rs. 77 |
| Retail Application | 2 Lots Mandatory |
| Listing Date | 27 May 2026 |
| Lead Manager | Corporate Makers Capital Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Vegorama Punjabi Angithi IPO GMP – Latest Update
| Particulars | Details |
|---|---|
| IPO GMP Today | Rs. NA |
| Kostak | NA |
| Subject to Sauda | NA |
| GMP Trend | Awaited |
Vegorama Punjabi Angithi IPO Subscription Status – Live Update
| Investor Category | Subscription Status |
|---|---|
| QIB | Yet to Open |
| NII | Yet to Open |
| Retail | Yet to Open |
| Total | Yet to Open |
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 20 May to 22 May 2026 |
| Listing Date | 27 May 2026 |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 73 to Rs. 77 |
| Lot Size | 1,600 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue cum OFS |
| Listing At | BSE SME |
| Total Issue Size | 49,84,000 Shares (Rs. 38.38 Cr) |
| Market Maker Portion | 2,51,200 Shares (Rs. 1.93 Cr) |
| Fresh Issue (Ex-Market Maker) | 37,36,000 Shares (Rs. 28.77 Cr) |
| Offer for Sale | 9,96,800 Shares (Rs. 7.68 Cr) |
| Net Offer to Public | 47,32,800 Shares (Rs. 36.45 Cr) |
| Shareholding Pre Issue | 1,26,23,794 Shares |
| Shareholding Post Issue | 1,66,10,994 Shares |
| Market Cap (Pre-IPO) | Rs. 127.90 Cr |
IPO Timetable
| Event | Date |
|---|---|
| IPO Open | Wednesday, 20 May 2026 |
| IPO Close | Friday, 22 May 2026 |
| Allotment Finalisation | Monday, 25 May 2026 |
| Refund Initiation | Tuesday, 26 May 2026 |
| Credit of Shares | Tuesday, 26 May 2026 |
| Listing Date | Wednesday, 27 May 2026 |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not More Than 50% of Net Issue |
| Retail Shares Offered | Not Less Than 35% of Net Issue |
| NII Shares Offered | Not Less Than 15% of Net Issue |
Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | Rs. 2,46,400 |
| Retail (Max) | 2 | 3,200 | Rs. 2,46,400 |
| S-HNI (Min) | 3 | 4,800 | Rs. 3,69,600 |
| S-HNI (Max) | 8 | 12,800 | Rs. 9,85,600 |
| B-HNI (Min) | 9 | 14,400 | Rs. 11,08,800 |
Company Details
Vegorama Punjabi Angithi Limited, incorporated in March 2022, operates a chain of quick-service restaurants (QSRs), cloud kitchens and delivery-focused food outlets under the “Punjabi Angithi” brand. The company specialises in affordable North Indian vegetarian cuisine with focus on Punjabi-style dishes and urban food delivery markets.
The company currently operates 19 cloud kitchens and two fine-dining restaurants across the Delhi NCR region. Its operating model combines dine-in services, takeaway, online food delivery and cloud kitchen operations through third-party food aggregators and direct customer delivery.
Vegorama Punjabi Angithi focuses on scalable food delivery infrastructure, centralized kitchen operations and menu innovation to strengthen brand presence in urban and semi-urban markets. The company also plans expansion into banquet and fine-dining restaurant formats through IPO proceeds.
| Particulars | Details |
|---|---|
| Registered Office | B-376, Third Floor, Meera Bagh, Outer Ring Road, Paschim Vihar, New Delhi – 110063 |
| Phone | +91-11-46112637 |
| compliance@punjabiangithi.in | |
| Business Segment | Food & Beverage |
| Core Business | QSR, Cloud Kitchens & Delivery |
| Operating Geography | Delhi NCR |
| Restaurant Format | Cloud Kitchen + Fine Dining |
| Particulars | Details |
|---|---|
| Lead Manager | Corporate Makers Capital Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | NA |
Financials
| Particulars (Rs. Cr.) | FY25 | FY24 | FY23 |
|---|---|---|---|
| Assets | 24.77 | 18.35 | 5.59 |
| Total Income | 10.21 | 6.64 | 1.69 |
| Profit After Tax | 8.22 | 4.64 | 0.84 |
| EBITDA | 11.62 | 6.47 | 1.18 |
| Net Worth | 14.34 | 6.12 | 1.47 |
| Reserves & Surplus | 14.29 | 6.07 | 1.42 |
| Total Borrowings | 5.05 | 4.00 | 0.23 |
Valuation
| Objects of the Issue | Estimated Amount (Rs. Cr.) |
|---|---|
| Banquet & Fine Dining Restaurant Expansion | 11.90 |
| Centralized Kitchen Construction | 4.20 |
| New Cloud Kitchen Rollout | 4.67 |
| Existing Cloud Kitchen Upgradation | 1.65 |
| General Corporate Purpose | Balance |
| Issue Expenses | Balance |
| KPI | FY25 |
|---|---|
| ROE | 57.34% |
| ROCE | 62.23% |
| Debt/Equity | 0.35 |
| RoNW | 57.34% |
| PAT Margin | 8.11% |
| EBITDA Margin | 11.47% |
| Price to Book Value | 6.78 |
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 6.51 | 4.95 |
| P/E (x) | 11.82 | 15.56 |
| Promoter Holding | 99.40% | NA |
| Market Cap | Rs. 127.90 Cr | NA |
Chanakya View
Vegorama Punjabi Angithi IPO operates in the fast-growing Indian QSR and cloud kitchen segment where food delivery demand continues to expand rapidly due to changing urban consumption patterns and digital ordering growth.
The company has demonstrated strong profitability growth and attractive return ratios despite operating in a highly competitive industry. Its Delhi NCR-focused cloud kitchen network, recognised Punjabi Angithi brand and scalable delivery-led business model are positives for future expansion.
The proposed expansion into centralized kitchens, fine-dining restaurants and banquet operations may further strengthen operational efficiency and revenue diversification. However, investors should also consider risks related to intense competition, food inflation and dependence on aggregator platforms.
| Parameter | Chanakya View |
|---|---|
| Business Model | QSR & Cloud Kitchen Chain |
| Financial Trend | Strong Growth |
| Margin Profile | Moderate |
| Valuation | Reasonably Priced |
| Risk Level | Moderate |
| Listing Appeal | Positive |
| Long-Term Appeal | Selective |
Chanakya View: Vegorama Punjabi Angithi IPO appears to be an interesting SME IPO in the growing food delivery and cloud kitchen segment. Strong brand positioning, expansion plans and healthy profitability make the issue suitable for selective investors with moderate risk appetite.
Frequently Asked Questions (FAQs)
What is Vegorama Punjabi Angithi IPO GMP today?
Vegorama Punjabi Angithi IPO GMP today is currently unavailable in the grey market. GMP activity is expected closer to listing.
What is the Vegorama Punjabi Angithi IPO price band?
The IPO price band is fixed at Rs. 73 to Rs. 77 per share.
What is the Vegorama Punjabi Angithi IPO lot size?
The minimum lot size for retail investors is 2 lots comprising 3,200 shares worth Rs. 2,46,400.
When will Vegorama Punjabi Angithi IPO list?
Vegorama Punjabi Angithi IPO is scheduled to list on the BSE SME platform on 27 May 2026.