Vegorama Punjabi Angithi SME: Check IPO Date, Live Subscription and Key Details
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.
Price Range
₹73.0 - ₹77.0
Issue Size
₹38.38 Cr
Lot Size
1,600 shares
IPO Type
BSE SME
GMP
₹5(+6.49%)
Est. Listing Price
₹82
Estimate Profit
₹16,000
Retail Portion
33.26%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
7.25
P/E Ratio
10.61
RoNW
47.93%
ROE
47.93%
Debt to Equity
0.15
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Timeline
IPO Opens
20 May
IPO Closes
22 May
Allotment
25 May
Listing
27 May
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 20 May 2026 | Subscription starts |
| IPO Close Date | 22 May 2026 | Subscription ends |
| Allotment Date | 25 May 2026 | Allotment |
| Listing Date | 27 May 2026 | Listing |
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.
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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 |
|---|---|
| QIB | 0.69x |
| NII | 2.09x |
| S-HNI | 1.24x |
| B-HNI | 2.52x |
| RII | 1.61x |
| Total | 1.45x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,48,800 | 6,51,200 | 5.01 |
| NII | 7,10,400 | 14,88,000 | 11.46 |
| Small NII | 2,36,800 | 2,92,800 | 2.25 |
| Big NII | 4,73,600 | 11,95,200 | 9.2 |
| RII | 16,57,600 | 26,72,000 | 20.57 |
| Total | 33,16,800 | 48,11,200 | 37.05 |
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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
What does Vegorama Punjabi Angithi do?
Vegorama Punjabi Angithi operates in the food and restaurant sector through its Punjabi Angithi brand. The company runs cloud kitchens and dine-in restaurants serving North Indian cuisine.
What are the IPO dates for Vegorama Punjabi Angithi SME IPO?
The Vegorama Punjabi Angithi SME IPO will open for subscription on May 20, 2026, and close on May 22, 2026.
What is the price band and minimum investment for Vegorama Punjabi Angithi IPO?
The IPO price band is fixed at ₹73 to ₹77 per share. Retail investors need to apply for a minimum of 2 lots (3,200 shares), requiring an investment of ₹2,46,400.
What is the Grey Market Premium (GMP) of Vegorama Punjabi Angithi IPO today?
As of May 18, 2026, the Grey Market Premium (GMP) of Vegorama Punjabi Angithi IPO is around ₹15 per share, indicating an estimated listing price of about ₹92.
Where will Vegorama Punjabi Angithi IPO be listed?
Vegorama Punjabi Angithi IPO is proposed to be listed on BSE SME, with the tentative listing date set for May 27, 2026.
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