Vegorama Punjabi Angithi IPO

About Vegorama Punjabi Angithi IPO

Vegorama Punjabi Angithi IPO is a BSE SME IPO that opens on May 20, 2026 and closes on May 22, 2026. The allotment of shares will take place on May 25, 2026. The credit of shares to the Demat account will take place on May 26, 2026. The initiation of refunds will also take place on May 26, 2026. The listing of shares will take place on May 27, 2026.

The IPO of Vegorama Punjabi Angithi comprises a fresh issue and OFS aggregating up to ₹36.44 crores; excluding the market maker portion. The fresh issue is worth ₹28.77 crore, while the offer for sale (OFS) aggregates to ₹7.68. The lot size of shares in the IPO is 2 lots (3,200 Shares) and the price band of shares is ₹73 to ₹77 per share. The minimum investment amount required by a retail investor is ₹2,46,400 based on the upper band price. The minimum lot for retail investors is 2 lots (3,200 shares).

Vegorama Punjabi Angithi is engaged in the food and beverages industry and operates a chain of restaurants under the brand name of “Punjabi Angithi.” It is known for its specialization in North Indian cuisine and offers, dine-in, takeaway, and delivery services. It caters to customers in urban and semi-urban areas and offers a value-form-money proposition. It also operates 27 cloud kitchens and 2 fine-dining restaurants in the Delhi / NCR area to cater to the quick and customized delivery needs of customers.

Objectives of Vegorama Punjabi Angithi IPO

The company proposes to utilise the IPO fresh proceeds for:

• Capex for the construction of fine dining and banquet restaurant
  
• Capex for constructing centralized kitchen
  
• Capex for rolling out its new cloud kitchen infrastructure and current upgrades
  
• General corporate purposes
  

Industry Outlook

The focus of cloud kitchens is more on cost efficiency, scalability, and flexibility. It also integrates the kitchen seamlessly with the delivery platform and the back-end inventory management. With the rapid growth of food delivery, the demand for cloud kitchens has been growing in metros and densely populated areas. Urbanization impact has fuelled the demand for fine dining and food delivery in Tier-1 and Tier-2 cities. Growth of cloud kitchens are in tandem with the growth of food aggregators.

Indian food services market is slated to grow from ₹5.6 trillion in FY24 to ₹7.76 trillion in FY28, implying CAGR of 8.1%. IN these 4 years, the share of the unorganized segment is expected to shrink by another 900 bps to 47%, and is a structural shift in the food industry. India’s food industry is being driven by factors like changing lifestyles, digital food delivery platforms, cloud kitchens, bigger share of organized sector, and investments in market formalization.

Some of the challenges that the food industry faces includes the substantial dependence on food aggregator platforms. Also, restaurants are becoming increasingly commoditized and it is the food aggregator who is owning the customer. Customer acquisition and retention costs are also rising. The company gets more than 92% of its revenues from food sales on the ecommerce platform.

About Vegorama Punjabi Angithi

Vegorama Punjabi Angithi focuses more on vegetarian meals, which is more in sync with the changing tastes of the Indian consumer. They offer dine-in, doorstep delivery, corporate thalis, and outdoor catering. Some of the key merits they bring to the table include a total vegetarian philosophy, standardized culinary processes, and a high level of customer loyalty. Their delivery model in cloud kitchen and take-aways is scalable and caters to individuals and institutions derisking business model.

Vegorama Punjabi Angithi has seen a sharp growth in top line while the EBITDA margins are also robust at around 11.5% in the latest year. The low debt levels of the company has resulted in a comfortable interest coverage ratio for the company. The company started as a cloud kitchen, and while that remains its core business, it has also diversified into fine dining, dine-in restaurants, food delivery, corporate meals etc.

Strengths of Vegorama Punjabi Angithi

• Cloud kitchens located at high-demand zones with thick population
  
• Established a strong brand in the food industry
  
• Scalable model allows to keep the pricing very competitive
  
• Benefiting in a big way from the gradual shift to formalized food industry
  
• Strong track record of profitability and sales growth
  
• Scalable model and a diversity that helps derisk the business model
  

Risks of Vegorama Punjabi Angithi

• Location is a key issue in cloud kitchens and also in restaurants
  
• Emergence of competition is a major risk factor in this industry
  
• There is a large unorganized sector that companies have to compete with
  
• Change in tastes and hygiene issues can rapidly disrupt the food business in India
  
• Some of the capex undertaken is based on aggressive payback assumptions
  
• Outstanding litigation and compliance issues can be key risk factors
  
• The company is yet to register its logo and that opens up risk of logo squatting
  
• If the IPO gets delayed, the company has not figured out alternate funding sources
  
• Cloud kitchens are under a lot of regulatory scrutiny these days
  

Anchor Investor Bidding Date

Anchor portion of the IPO – Anchor bidding will be on May 19, 2026 (carved out of QIB quota)

IPO Registrar and Book Running Lead Managers

• Registrar: Bigshare Services Private Ltd
  
• Book Running Lead Managers: Corporate Makers Capital Ltd
  

Business Model

The business model of Vegorama Punjabi Angithi is based on de-risking across business fronts and client combinations. It has a cloud kitchen franchise and also offers fine dining, in-house dining, and corporate meals. In terms of customers, it has home food ordering, walk-in retail customers, and packaged corporate clients.

The company is positioning to capitalize on the rapid shift towards a organized sector dominated food delivery model in India. It is also diversifying its delivery models beyond its original cloud kitchen. The company, as a matter of policy, has stuck to vegetarian food in tune with the changing choices of food demand in India.

Company Growth Trajectory

The revenue from operations of Vegorama Punjabi Angithi has grown sharply in the last 3 years from₹16.88 crore to ₹101.31 crore. In this period between FY23 and FY25, the PAT has grown from ₹0.84 crore to ₹8.22 crore. EBITDA has grown from ₹1.18 crore to ₹11.62 crore.

Over the last 3 years between FY23 and FY25, the EBITDA margins have grown from 7.00% to 11.47%, while the PAT margins have also grown from 4.95% to 8.11%.

Market Position

Vegorama Punjabi Angithi started off as a cloud kitchen, which continues to be its core business. However, over the years it has positioned itself across the food spectrum, including dine-in restaurants, outdoor catering, corporate meals etc. Being a cloud kitchen model, ecommerce sales still account for over 92% of its sales as of FY25. Delhi, Haryana, and Uttar Pradesh account for 95% of revenues.

Food delivery is a quality conscious business and there cannot be any let ups as it can be make or break for the business. The scrutiny and inspections of cloud kitchens have also increased and puts more pressure on the company.

How to Apply for Vegorama Punjabi Angithi IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.