Vegorama Punjabi Angithi IPO: Fresh Issue of 49.84 Lakh Shares Filed with BSE SME
By Shishta Dutta | Published at: Jun 19, 2025 08:42 PM IST
New Delhi | June 19, 2025 — Vegorama Punjabi Angithi Limited, a fast-growing food services company, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) comprising a fresh issue and offer for sale of up to 49.84 lakh equity shares. The company aims to list on the SME platform of BSE.
The IPO consists of a fresh issue of up to 39.87 lakh equity shares and an offer for sale (OFS) of up to 9.96 lakh equity shares by promoter Mr. Deepak Chadha. Additionally, 2.51 lakh shares have been earmarked for market makers.
The offer is structured as a 100% book building issue, and the price band will be determined in consultation with the Book Running Lead Manager (BRLM), Corporate Makers Capital Limited.
IPO Snapshot
| Detail | Information |
|---|---|
| Issue Size | Up to 49,84,000 shares (Fresh + OFS) |
| Face Value | ₹10 per share |
| Issue Type | 100% Book Building |
| Market Maker Portion | 2,51,200 shares |
| Net Issue to Public | 47,32,800 shares |
| Listing Platform | BSE SME |
| Book Running Lead Manager | Corporate Makers Capital Limited |
| Registrar to the Issue | Bigshare Services Private Limited |
| Promoter | Mr. Deepak Chadha |
Company Overview
Established in March 2022 as a private limited company, Vegorama Punjabi Angithi was converted into a public limited company in April 2025. The business began in 2014 as a cloud kitchen under Deepak Chadha HUF and later evolved into a full-fledged multi-format food services company.
From delivering North Indian cuisine through online platforms to offering corporate thalis and event catering, the brand expanded into compact catering services and opened its first fine dining restaurant in 2024. The company now operates 19 cloud kitchens and 2 fine dine outlets.
Financial Highlights
Vegorama has shown impressive growth in recent years:
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net Revenue (₹ lakh) | 1,688.46 | 6,594.59 | 10,130.52 |
| Net Profit (₹ lakh) | 83.59 | 464.13 | 822.04 |
| Net Worth (₹ lakh) | 147.39 | 611.53 | 1,433.55 |
| EPS (₹) | – | 0.01 | 0.02 |
| NAV per Share (₹)* | 1.17 | 4.84 | 11.36 |
*Adjusted for a 1:250 bonus issue made on May 30, 2025.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Construction of a banquet and fine dine restaurant: ₹1,190 lakh
- Setting up a centralized kitchen: ₹420 lakh
- Launch of new cloud kitchens: ₹466.88 lakh
- Upgradation of existing facilities: ₹164.52 lakh
- General corporate purposes
Shareholding Pattern
Before the IPO, the promoter group holds 99.40% of the company’s equity. Post-issue shareholding details will be finalized upon allotment.
Key Risks and Considerations
- Heavy revenue dependence on online food platforms (~92% in FY25)
- Geographic concentration in Delhi NCR and Dehradun
- Regulatory dependencies for FSSAI, health licenses, and local permits
- Upcoming capex projects yet to be executed
Conclusion
With strong revenue growth, an ambitious expansion plan, and a fast-scaling footprint in the North Indian food services market, Vegorama Punjabi Angithi’s IPO is poised to attract attention from SME investors. The company is expected to announce its price band and IPO dates soon.
For further updates, stay tuned as the BSE SME listing process unfolds.
REF: https://www.bsesme.com/download/351686/SME_IPO InPrinciple/Annexure1_20250618232842.pdf
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