Vegorama Punjabi Angithi Ltd IPO
Hotels & Restaurants
Price Band
₹73 – ₹77
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹246400
Issue Size
₹38.38Cr
Opens
2026-05-20
Closes
2026-05-22
Listing
27-05-2026
Subscription Status
Qualified Institutional Buyers
26.46 x
Non-Institutional Investor
47.49 x
Retail Individual Investor
27.66 x
Total
32.69 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1L3801017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Vegorama Punjabi Angithi is a food services company that offers vegetarian North Indian and multi-cuisine food items through cloud kitchens, takeaway services, catering, and fine dining restaurants. The company provides services including home delivery, corporate thali services, compact catering solutions for office parties and home gatherings, and dine-in restaurant services. It initially operated as a cloud kitchen and takeaway business and later expanded into institutional catering and fine dining operations. The company currently operates 23 cloud kitchens, including one outlet in Uttam Nagar, Delhi, where operations are yet to commence, along with 2 fine-dining restaurants located in the Delhi NCR. Use of proceeds: This is a combination of a fresh issue of shares and an offer for sale (OFS). The net proceeds from the OFS will go to the selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Capex for the construction of the banquet and fine dining restaurant - Up to Rs 11.9 crore Capital expenditure for the construction of a centralised kitchen - Up to Rs 4.20 crore Capital expenditure for rollout of new cloud kitchen - Up to Rs 4.67 crore Capex for upgradation of the existing cloud kitchen facilities - Up to Rs 1.64 crore General corporate purposes (These numbers will be finalised upon determination of the Issue Price and updated in the Draft Red Herring Prospectus)
Pros
- • Vegorama Punjabi Angithi operates through multiple business segments, including cloud kitchens, takeaway services, corporate thali services, compact catering, and fine dining restaurants. This diversified model allows the company to cater to different customer segments while reducing dependence on a single revenue stream.
- • The company claims to follow a structured process for selecting locations for its cloud kitchens and fine dining restaurants. According to the prospectus, factors such as visibility, competition, customer footfall, and accessibility are considered before opening a new outlet.
- • Vegorama Punjabi Angithi claims to have a staff training system where newly hired employees are trained at existing outlets before being deployed to new locations. The company states that this process is intended to maintain consistency in recipes, food preparation techniques, and service standards across outlets.
Cons
- • Vegorama Punjabi Angithi derives a significant portion of its revenue from online food delivery platforms. In FY25, around 91.91% of its revenue from operations came through such platforms, making the business highly dependent on third-party aggregators for customer orders and delivery volumes. Any disruption in relationships with online food delivery platforms, changes in commission structures, or a decline in order volumes through these platforms could adversely affect the company’s revenue, profitability, and overall operations.
- • The company’s operations are heavily concentrated in Delhi-NCR. Any localised disruptions, such as civic issues, natural calamities, infrastructure breakdowns, or increased competition in the region, could materially impact its business operations and revenues.
- • The company has disclosed that certain approvals and licenses for some units are still pending or in process. These include approvals such as FSSAI licenses, eating house licenses, health and trade licenses, and consent-related approvals for some locations. Any delay in obtaining or renewing these approvals and licenses may lead to regulatory action, operational disruptions, penalties, or temporary suspension of operations at certain outlets.
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