Vegorama Punjabi Angithi IPO
smelistedAbout the company
Incorporated in 2022, Vegorama Punjabi Angithi has grown from a cloud kitchen and takeaway to a brand that delivers premium-quality vegetarian food of North Indian cuisine and others. The company currently runs its business through 27 cloud kitchens and 2 fine dining restaurants in five cities – Delhi, Noida, Gurugram, Faridabad, and Dehradun. The company operates a chain of restaurants under the "Punjabi Angithi" brand. The company offers five types of food brands, including Punjabi Angithi, Chinese Veg Crunch, Dilli Tawa Parantha, Food of Dreams, and Swaad of Punjab. The food varieties offered by the company include North Indian vegetarian cuisine, Indo-Chinese cuisine, Tandoori dishes, Momos, and Delhi-style parantha. As of Dec 2025, E-commerce portals contribute 91.93% to the corporation’s sales, with takeaway services accounting for 4.24%, dine-in for 2.14%, and catering for 1.70%. Delhi contributed the highest to revenue at 52.62% in December 2025, followed by Haryana at 24.21%, Uttar Pradesh at 19.26% and Uttarakhand at 3.91%. Delhi’s contribution increased from 43.35% in FY24 owing to an increase in outlets and fine dining. Top 10 customers contributed 92.85% of revenue in December 2025, with the top 2 food delivery portals contributing 51.42% and 40.45%, respectively.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 21 May | ₹5 | ₹82 | 0 |
| 20 May | ₹5 | ₹82 | -10 |
| 19 May | ₹15 | ₹92 | 0 |
| 18 May | ₹15 | ₹92 | +7.5 |
| 17 May | ₹7.5 | ₹84.5 | +7.5 |
| 16 May | ₹0 | ₹77 | 0 |
| 15 May | ₹0 | ₹77 | 0 |
| 14 May | ₹0 | ₹77 | 0 |
Strengths
- Strong brand presence in vegetarian North Indian and Punjabi cuisine segment
- Hybrid business model with dine-in, cloud kitchens, takeaway, catering, and banquet services
- Consistent growth in revenue and profitability over recent years
- High repeat customer rate and growing brand loyalty
- Strong ROE and ROCE indicate efficient capital utilization
- Moderate debt levels with improving financial position
- Experienced promoters with long presence in the food-service industry
- Expansion plans for centralized kitchens and new cloud kitchens support scalability
- Benefits from rising demand for organized food delivery and dining businesses in India
- Affordable pricing strategy helps attract mass-market consumers
Risks
- SME IPOs carry high volatility and low liquidity risk
- Restaurant and food-service industry is highly competitive
- Business depends heavily on customer preferences and repeat demand
- Rising raw material and food ingredient costs may pressure margins
- Expansion into new outlets and kitchens requires significant capital expenditure
- Dependence on food delivery platforms may affect profitability due to commission charges
- High minimum investment amount increases retail investor risk
- Limited listed-company operating history
- Operational disruptions at kitchens or restaurants can impact business performance
- Grey market premium visibility remains weak/uncertain
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed20 May 2026Bidding starts for all investor categories
IPO Closes
Completed22 May 2026Last day to place your bid
Basis of Allotment
Completed25 May 2026Share allotment finalised
Refund Initiation
Completed26 May 2026Refunds credited for non-allottees
Credit to Demat
Completed26 May 2026Allotted shares credited to demat account
Listing on Exchange
Completed27 May 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹123,200 | 1 | ₹123,200 | 1 lot only |
| HNI | 2 | 3200 | ₹246,400 | 2 | ₹246,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,533,334 | 19 | 0 | 0.00x | 100% |
| NII | 15% | 760,000 | 5.7 | 0 | 0.00x | 100% |
| Retail | 35% | 1,773,333 | 13.3 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
