Hunger Pangs IPO: Burma Burma Operator Plans ₹150 Crore Fresh Issue To Expand Restaurant Network Across India

Hunger Pangs Limited, the company behind Burma Burma Restaurant & Tea Room, has taken a step towards going public. Dated 16 October 2026, its draft abridged prospectus sets out the proposed initial public offering (IPO). The offer has two parts: a fresh issue of equity shares and a sale of existing shareholders' holdings.

The fresh issue is proposed to raise up to ₹150 crore. Separately, shareholders intend to sell up to 2.79 crore shares, although the aggregate value of the offer for sale remains unspecified in the document. The equity shares are proposed to be listed on the BSE and the National Stock Exchange.

Founded in 2013, Hunger Pangs operates a premium, vegetarian Burmese dining concept under the Burma Burma brand. Its business also includes delivery services and a direct-to-consumer platform selling packaged food products.

Hunger Pangs IPO: Key Financial Highlights

Revenue from operations increased as the company expanded its restaurant footprint, but profitability remained under pressure in the latest full financial year.

IPO Proceeds To Fund Restaurant Expansion

The company intends to allocate approximately ₹117.29 crore from the fresh issue towards opening new Burma Burma restaurants. It plans to add 27 outlets over the two financial years following the current fiscal year, targeting existing markets and new Tier I and Tier II cities.

Any remaining proceeds may be used for general corporate purposes, subject to the applicable regulatory limit. The company says these funds could support strategic initiatives, refurbishment, acquisitions, marketing and brand-building activities.

Restaurant Network And Business Risks

As of 31 July 2026, Burma Burma had 22 restaurants across nine Indian cities, along with a delivery kitchen in Mumbai. Its footprint stretches across the north, south, east and west of the country.

Growth, however, brings its own set of hurdles. The prospectus flags reliance on brand strength, while the exclusively vegetarian, alcohol-free menu could narrow the customer base. Maintaining food quality and service standards as the business expands presents another challenge. New outlets, too, may take longer than anticipated to turn profitable.

The draft abridged prospectus does not yet specify the IPO price band or the opening and closing dates.

Also Read - LTM Q2 FY27 Results: Revenue Rises 13.6% to ₹11,808 Crore, While Net Profit Remains Nearly Flat Year-On-Year