Vegorama Punjabi Angithi IPO

IPO Details

• Open Date: 20 May 2026

• Close Date: 22 May 2026

• Minimum Investment: ₹2,46,400

• Lot Size: 1,600 shares

• Price Range: ₹73 to ₹77 per share

• Listing: BSE SME

• Issue Size: ₹38.38 Crore

• Listing Date: 27 May 2026

IPO Timeline

• Bidding Start: 20 May 2026

• Bidding Ends: 22 May 2026

• Allotment Finalisation: 25 May 2026

• Refund Initiation: 26 May 2026

• Demat Transfer: 26 May 2026

• Listing: 27 May 2026

About Vegorama Punjabi Angithi Limited

Vegorama Punjabi Angithi Limited, incorporated in March 2022, operates in the food and beverage sector through its “Punjabi Angithi” restaurant brand. The company specialises in affordable North Indian vegetarian cuisine through a quick-service restaurant model. Its services include dine-in, takeaway, online delivery, cloud kitchens, and catering. Operating 19 cloud kitchens and two fine-dining restaurants across Delhi NCR, the company has established a recognised market presence. Vegorama focuses on expanding through new kitchens and upgraded infrastructure while maintaining quality, affordability, and customer satisfaction.

Vegorama Punjabi Angithi Limited IPO Overview

Vegorama Punjabi Angithi Limited IPO is a bookbuilding issue worth ₹38.38 crore, comprising a fresh issue of ₹30.70 crore and an offer for sale of ₹7.68 crore. The IPO opens on 20 May 2026 and closes on 22 May 2026, with allotment expected on 25 May 2026. Refunds and Demat transfers are scheduled for 26 May 2026, while listing is planned on 27 May 2026 on BSE SME. The price band is fixed at ₹73 to ₹77 per share, with a lot size of 1,600 shares. Corporate Makers Capital Ltd. is the lead manager, and Bigshare Services Pvt. Ltd. is the registrar.

Vegorama Punjabi Angithi Limited IPO Details

Particulars	Details
IPO Date	20 May 2026 to 22 May 2026
Listing Date	27 May 2026
Face Value	₹10 per share
Issue Price Band	₹73 to ₹77 per share
Lot Size	1,600 Shares
Total Issue Size	49,84,000 shares (aggregating up to ₹38.38 Cr)
Fresh Issue	39,87,200 shares (aggregating up to ₹30.70 Cr)
Offer for Sale	9,96,800 shares (aggregating up to ₹7.68 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,26,23,794 shares
Share Holding Post Issue	1,66,10,994 shares
Market Maker Portion	2,51,200 shares

Vegorama Punjabi Angithi Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Vegorama Punjabi Angithi Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	3,200	₹2,46,400
Retail (Max)	2	3,200	₹2,46,400
S-HNI (Min)	3	4,800	₹3,69,600
B-HNI (Min)	9	14,400	₹11,08,800

Vegorama Punjabi Angithi Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	99.41%
Post-Issue	To be updated

Vegorama Punjabi Angithi Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.51
Price/Earnings (P/E) Ratio	11.82x
Return on Net Worth (RoNW)	47.93%
Net Asset Value (NAV)	₹2,850.38
Return on Equity	47.93%
Return on Capital Employed (ROCE)	53.73%
EBITDA Margin	11.81%
PAT Margin	8.60%
Debt to Equity Ratio	0.15

Objectives of the Proceeds

• Capital expenditure for banquet and fine-dine restaurant construction: ₹11.82 Cr

• Development of centralised kitchen infrastructure for operational efficiency: ₹4.27 Cr

• Expansion through rollout of new cloud kitchen locations: ₹4.93 Cr

• Upgradation of existing cloud kitchen facilities and equipment: ₹2.30 Cr

• Funding general corporate purposes and working capital requirements

• Meeting IPO-related issue expenses and associated administrative costs

Key Financials (in ₹ crore)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	31.81	24.77	18.35	5.59
Revenue	105.35	102.06	66.37	16.91
Profit After Tax	9.04	8.22	4.64	0.84
Reserves and Surplus	10.75	14.29	6.07	1.42
Total Borrowings	3.62	5.05	4.00	0.23

SWOT Analysis of Vegorama Punjabi Angithi Limited

Strengths and Opportunities	Weaknesses and Threats
Recognised Punjabi food brand with expanding customer loyalty	High dependence on Delhi NCR market concentration
Strong revenue growth and improving profitability	Competitive QSR industry with pricing pressure
Cloud kitchen model supports scalable expansion	Food inflation may affect operating margins
IPO funds support new kitchens and infrastructure	Regulatory and food compliance risks remain

IPO Strengths

• Recognised Punjabi Angithi brand with strong customer loyalty and market presence

• Wide operational network of 19 cloud kitchens and two fine-dining restaurants

• Affordable pricing strategy supported by consistent menu innovation and quality

• Experienced promoters and management team with strong food industry expertise

• Healthy financial growth with improving profitability and operational efficiency

• Strategic IPO proceeds planned for expansion and infrastructure development

Peer Group Comparison

Company Name	EPS (Basic)	NAV (₹/share)	P/E (x)	RoNW (%)	P/BV Ratio
Vegorama Punjabi Angithi Ltd.	6.51	2,850.38	NA	80.39	NA
Peer Group
Speciality Restaurants Ltd.	4.45	68.13	23.73	6.52	1.54
Vikram Kamats Hospitality Limited	0.48	28.34	85.54	0.01	1.46

Infographic Content

Vegorama Punjabi Angithi Limited IPO Highlights

Vegorama Punjabi Angithi Limited operates a growing chain of quick-service vegetarian restaurants and cloud kitchens, specialising in affordable Punjabi cuisine with a strong market presence in Delhi NCR.

• Offer Size: ₹38.38 Crores (Fresh issue ₹30.70 Crores; OFS ₹7.68 Crores)

• Purpose: Expansion of banquet restaurant, centralised kitchen, and cloud kitchen network

• Financials (FY 2025): Revenue: ₹102.06 crore; PAT: ₹8.22 crore; EPS: ₹6.51

• Listing: SME IPO on BSE