Updated on 15.05.2026|5:00 PM
Vegorama Punjabi Angithi Limited is set to launch its Initial Public Offering (IPO).
It is a rapidly growing player in the Indian cloud kitchen and casual dining space.
The public issue will open for subscription on Wednesday, May 20, 2026, and close on Friday, May 22, 2026. Track all the latest IPOs at upcoming and live IPOs section.
Through this book-built offering, the company aims to raise approximately ₹38.38 Crores at the price band of ₹73 – ₹77 per equity share.
The issue comprises a fresh issue of 37,36,000 shares and an Offer for Sale (OFS) of 9,96,800 shares.
In this article, you will find Vegorama Punjabi Angithi IPO GMP today, price band, and a detailed review.
Briefs of Vegorama Punjabi Angithi IPO Details:
- Price Band: ₹73 – ₹77 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: May 20, 2026 – May 22, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 49,84,000 Equity Shares / ₹38.38 Crores
- Fresh Issue: 37,36,000 Shares (₹28.77 Cr)
- Offer for Sale (OFS): 9,96,800 Shares (₹7.68 Cr)
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
IPO Reservation:
The net offer to the public is 47,32,800 shares (excluding Market Maker portion). The allocation is as follows:
- QIB Portion: Not more than 23,64,800 Equity Shares (Anchor Investors may be allocated up to 14,16,000 Equity Shares from this portion).
- NII (HNI) Portion: Up to 7,10,400 Equity Shares.
- Retail (RII) Portion: Not less than 16,57,600 Equity Shares.
What Is The Vegorama Punjabi Angithi IPO GMP Today?
Monitor live market sentiment on our dedicated GMP hub page.
Note that the Grey Market Premium (GMP) shifts daily with market demand, remains entirely unofficial, and lacks regulation by SEBI, NSE, or BSE. Always evaluate company fundamentals rather than investing based on GMP alone
What Are The Important Vegorama Punjabi Angithi IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, May 20, 2026
- IPO Close Date: Friday, May 22, 2026
- Basis of Allotment Date: Monday, May 25, 2026
- Refund Initiation Date: Tuesday, May 26, 2026
- Credit of Shares: Tuesday, May 26, 2026
- Listing Date: Wednesday, May 27, 2026
What Are The Objectives of Vegorama Punjabi Angithi IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- New Banquet & Fine-Dine Facility: ₹11.82 Crores is earmarked for constructing a new premium dining and banquet facility, diversifying from its core cloud kitchen model.
- Centralized Kitchen: ₹4.27 Crores will be invested in setting up a centralized kitchen to standardize food quality and improve supply chain efficiency for its outlets.
- Cloud Kitchen Expansion: ₹4.93 Crores is allocated to roll out new cloud kitchens, deepening its market penetration.
- Equipment Upgradation: ₹2.30 Crores will fund the upgrading of equipment and facilities at existing cloud kitchens.
- General Corporate Purposes: The remaining balance will cover ongoing operational contingencies.
How is The Financial Performance of Vegorama Punjabi Angithi?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 105.35 | 102.06 | 66.37 | 16.91 |
Profit After Tax (PAT) | 9.04 | 8.22 | 4.64 | 0.84 |
EBITDA | 12.40 | 10.86 | 6.04 | 1.16 |
Total Borrowing | 3.62 | 5.05 | 4.00 | 0.23 |
Assets | 31.81 | 24.77 | 18.35 | 5.59 |
Financial Analysis & Observations:
Total Income:
Vegorama has demonstrated explosive top-line growth, with Total Income surging from ₹16.91 Crores in FY23 to ₹102.06 Crores in FY25.
This exceptional 81.71% 3-year CAGR is driven by the rapid proliferation of its cloud kitchen outlets to meet booming online food delivery demand.
Profit After Tax (PAT):
Profitability followed the revenue trajectory aggressively, with PAT multiplying from ₹0.84 Crores in FY23 to ₹8.22 Crores in FY25.
The 9-month stub period of FY26 shows a PAT of ₹9.04 Crores, reflecting strong operating leverage inherent in the asset-light cloud kitchen model.
EBITDA:
Operational efficiency improved markedly, with EBITDA jumping to ₹10.86 Crores in FY25.
The EBITDA margins expanded from 6.88% in FY23 to 11.81% by December 2025, highlighting the company's ability to absorb fixed costs efficiently as order volumes scale.
Total Borrowing:
Despite aggressive expansion, total borrowings remain remarkably low at ₹3.62 Crores as of December 2025.
This yields an exceptionally comfortable Debt-to-Equity ratio of 0.15x, indicating that growth is largely funded through strong internal cash generation rather than leverage.
Assets:
The total asset base expanded to ₹31.81 Crores by December 2025. This steady growth primarily consists of Property, Plant & Equipment and healthy Cash & Cash Equivalents, demonstrating the capital efficiency of the cloud kitchen model compared to traditional dine-in restaurants.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.51, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 11.83x at the upper end of the price band (₹77).
P/E Ratio = ₹77(Price) / ₹6.51 (Earnings Per Share)
P/E Ratio 11.83x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Lakhs) |
Vegorama Punjabi Angithi | 11.83 | 80.39 | 6.51 | 10,130.52 |
Speciality Restaurants Ltd | 23.73 | 6.52 | 4.45 | 41,308.00 |
Vikram Kamats Hospitality | 85.54 | 0.01 | 0.48 | 2,270.02 |
Analysis:
Vegorama Punjabi Angithi is entering the market at a P/E multiple of approximately 11.83x based on its FY25 EPS.
When compared to listed peers like Speciality Restaurants (23.73x) and Vikram Kamats Hospitality (85.54x), the issue appears to be priced at a massive discount.
Furthermore, Vegorama boasts a stellar Return on Net Worth (RoNW) of 80.39%, vastly outperforming its peers, highlighting exceptional capital allocation and operational efficiency in the cloud kitchen space.
What is The Industry Outlook of Vegorama Punjabi Angithi?
Growth Potential:
The Indian food services market, specifically the online food delivery and cloud kitchen segment, is experiencing hyper-growth driven by urbanization, changing consumer lifestyles, and increased penetration of food aggregator platforms.
Market Trends:
Cloud kitchens are outperforming traditional dine-in formats due to lower real estate and staffing costs. However, the market is shifting towards "hybrid" models where established delivery brands open select physical dine-in locations to build brand equity—a strategy Vegorama is actively pursuing with its IPO proceeds.
What Are The Strengths and Risks of Vegorama Punjabi Angithi IPO?
Strengths:
- Exceptional Return Ratios: A RoNW of 80.39% indicates highly efficient use of shareholder equity, far superior to traditional restaurant chains.
- Low Leverage: Operating with minimal debt (D/E ratio of 0.15x) provides immense financial flexibility and resilience against economic downturns.
- Clear Expansion Strategy: The planned capex for centralized kitchens and fine-dine facilities directly addresses margin improvement and brand building.
Risks:
- Extreme Platform Concentration: With nearly 92% of revenue generated via e-commerce portals (Zomato/Swiggy), the company is highly vulnerable to changes in aggregator commission structures or algorithm updates.
- Geographic Concentration: A significant majority of outlets are located in the Delhi NCR region. Any local regulatory or socio-economic disruptions could severely impact revenues.
- Pending Litigations: Summons received by the company and promoters from regulatory authorities pose a reputational and potential financial risk.
Key Considerations for Investors
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,600 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (3,200 Shares), amounting to ₹2,46,400. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets Small-HNI investors.
- Valuation vs. Risk: At ~11.8x P/E, the pricing is highly attractive relative to peers and the company's growth rate. However, the extreme reliance on third-party food delivery aggregators is a critical structural risk.
- Asset Shift: The move to build fine-dine and banquet facilities marks a shift from their successful asset-light cloud kitchen model to a more capital-intensive one, introducing execution risks.
Key Takeaways
- IPO Price: ₹77 per share (Upper Band).
- Min Investment: ₹2,46,400 (3,200 Shares).
- Financials: Revenue ₹102 Cr (FY25);
- Allotment: May 25, 2026
- Listing: BSE SME platform on May 27, 2026.
Important Links:
2. Subscription details of all IPOs.
4. IPO GMP vs Listing Accuracy Study 2026
5. IPO Valuation vs Listing Performance Study 2026
6. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
FAQs on Vegorama Punjabi Angithi IPO
What is Vegorama Punjabi Angithi IPO GMP today?
Check the latest gmp.
What is Vegorama Punjabi Angithi IPO price band?
The price band is fixed at ₹73 to ₹77 per equity share.
What is Vegorama Punjabi Angithi IPO allotment date?
The allotment status is expected to be finalized on Monday, May 25, 2026.
How to check Vegorama Punjabi Angithi IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Vegorama Punjabi Angithi IPO listing date?
The shares are tentatively scheduled to list on Wednesday, May 27, 2026.
Investment Perspective on Vegorama Punjabi Angithi IPO
Vegorama Punjabi Angithi offers a high-growth, highly profitable entry into the booming cloud kitchen sector. While the valuation is compelling and the balance sheet is clean, investors must carefully weigh the extreme concentration risks regarding food delivery platforms and geographical presence. The high minimum ticket size also necessitates a stronger capital commitment.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
