Vegorama Punjabi Angithi SME IPO
ListedBSE SMEOpens 20 May 2026Closes 22 May 2026
Vegorama Punjabi Angithi Limited, incorporated in 2022, operates a popular and fast-growing casual dining and delivery restaurant chain under the 'Punjabi Angithi' brand. Specializing in affordable, high-quality…
Vegorama Punjabi Angithi Limited, incorporated in 2022, operates a popular and fast-growing casual dining and delivery restaurant chain under the 'Punjabi Angithi' brand. Specializing in affordable, high-quality vegetarian North Indian and traditional Punjabi cuisine, the company primarily functions via a tech-enabled Quick Service Restaurant (QSR) and cloud kitchen hybrid blueprint. As of early 2026, the company manages a network of 19 operational cloud kitchen setups and 2 prime fine-dining hubs across the highly profitable Delhi-NCR zone, fulfilling consumption demand via major aggregators (Swiggy, Zomato) alongside direct proprietary delivery setups.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
20 May
IPO Closes
22 May
Allotment
25 May
Listing
27 May
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 20 May 2026 |
| IPO Close Date | 22 May 2026 |
| Allotment Date | 25 May 2026 |
| Listing Date | 27 May 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,46,400 |
SHNI (Min) | 3 | ₹3,69,600 |
SHNI (Max) | 8 | ₹9,85,600 |
BHNIAbove ₹10,00,000 | 9 | ₹11,08,800 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 47.45% |
| NII (Non-Institutional Investor) | 14.25% |
| SHNI (Small Non-Institutional Investor) | 4.75% |
| BHNI (Big Non-Institutional Investor) | 9.50% |
| Retail | 33.26% |
| Market Maker | 5.04% |
| Total | 100.00% |
IPO Objectives
- Capital Expenditure for construction of a premium banquet space and fine-dining restaurant asset expansions (Custom infrastructure setup) (₹11.82 Cr).
- Capital Expenditure toward building out a high-efficiency Centralized Kitchen (₹4.27 Cr).
- Funding layout rollouts for setting up new geographical Cloud Kitchen assets (₹4.93 Cr).
- Upgradation and modernization layouts of existing operational cloud kitchen facilities (₹2.30 Cr).
Strengths
- The company demonstrates Strong Revenue Multipliers, with total sales performance scaling rapidly from ₹16.91 Cr in FY23 to ₹105.35 Cr within the latest nine-month window ending December 2025.
- It delivers Stellar Operational Return Metrics, boasting an active post-annualized RoCE of 53.73% and an outstanding RoNW profile tracking at 47.93%.
- The business leverages an Optimized Asset Mix, employing a hybrid focus that combines an expanding cloud kitchen base (19 delivery endpoints) with fine dining parameters to optimize real estate overhead costs.
- It holds Robust Brand Equity, establishing a highly recognized local consumer brand position within the competitive vegetarian North Indian culinary market, supported by constant menu modifications.
Weaknesses
- There are notable Earnings Sustainability Questions, as the bumper bottom-line spikes generated since FY24 have drawn analyst skepticism concerning aggressive short-term window dressing prior to the issue.
- The firm faces High Competitive Friction, operating within a deeply fragmented restaurant ecosystem with negligible entry barriers, which exposes profit margins to aggressive local discounting.
- The company has a High Regional Focus, with asset concentration remaining exclusively locked inside the Delhi-NCR territory, limiting growth protection from localized demand shocks.
- It is constrained by a Weak Intermediary Track Record, with market experts noting historically poor performance histories and weak post-listing track metrics from the chosen lead manager's past mandates.
Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 31.81 | 24.77 | 18.35 | 5.59 |
| Revenue (₹ Cr.) | 105.35 | 102.06 | 66.37 | 16.91 |
| PAT (₹ Cr.) | 9.04 | 8.22 | 4.64 | 0.84 |
| Net Worth (₹ Cr.) | 23.37 | 14.34 | 6.12 | 1.47 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Vegorama Punjabi Angithi Limited | 6.78 | 10.61 | 47.93% | 23.37 |
| Speciality Restaurants Ltd. | 1.47 | 24.52 | 6.48% | 334.13 |
| Vikram Kamats Hospitality Limited | 1.02 | 0 | 0.81% | 46.34 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.69x | 0.84x | 26.46x |
| NII | 2.09x | 9.24x | 63.93x |
| S-HNI | 1.24x | 6.59x | 36.79x |
| B-HNI | 2.52x | 10.56x | 77.5x |
| RII | 1.61x | 4.47x | 27.79x |
| Total | 1.45x | 4.45x | 35.15x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,48,800 | 2,51,07,200 | 193.33 |
| NII | 7,10,400 | 4,54,16,000 | 349.7 |
| Small NII | 2,36,800 | 87,12,000 | 67.08 |
| Big NII | 4,73,600 | 3,67,04,000 | 282.62 |
| RII | 16,57,600 | 4,60,64,000 | 354.69 |
| Total | 33,16,800 | 11,65,87,200 | 897.72 |
Company Details
- Vegorama Punjabi Angithi Ltd.
- B-376, Third Floor, Meera Bagh, Outer Ring Road, Paschim Vihar, New Delhi, New Delhi, 110063
- +91-11-46112637
- compliance@punjabiangithi.in
- https://punjabiangithi.in/
Registrar Details
- Bigshare Services Pvt.Ltd.
- +91-22-6263 8200
- ipo@bigshare.com
- https://www.bigshareonline.com/
Frequently Asked Questions
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Sources
We match Vegorama Punjabi Angithi SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Bigshare Services Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.