Burma Burma Parent Hunger Pangs Files DRHP with SEBI for ₹150 Crore Fresh Issue IPO
MUMBAI — Hunger Pangs Limited, the operator behind India's popular vegetarian Pan-Asian casual dining and tea room chain Burma Burma, has officially filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator SEBI to launch an Initial Public Offering (IPO). The proposed offering combines a fresh equity issue of up to ₹150 crore alongside an Offer for Sale (OFS) of up to 2.79 crore equity shares by founders and early-stage investors. Pantomath Capital Advisors is acting as the sole book-running lead manager for the public issue, which targets listing on both the BSE and NSE.
Detailed Issue Breakdown & OFS Structure
The IPO's Offer for Sale (OFS) component will allow early backers and promoters to partially offload their holdings:
Co-Founders & Promoters: Ankit Virendra Gupta and Chirag Narendra Chhajer plan to offload up to 60 lakh shares each. Promoter group entity Bbigplas Poly Pvt Ltd will also participate in the stake sale.
Institutional & Angel Investors: Selling shareholders include Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, and LV Angel Fund scheme.
Individual Selling Shareholders: Nisarg Ajaykumar Vakharia, Shweta Sharma, and Mehul Kirit Mehta.
Note: Proceeds generated through the OFS will go directly to the respective selling shareholders and will not enter company balance sheet reserves.
Strategic Capital Deployment: 27 New Restaurant Outlets Planned
Out of the ₹150 crore fresh capital proceeds, Hunger Pangs has earmarked ₹117.29 crore specifically for expanding its footprint.
"The capital raised via the fresh issue will drive civil construction, interior design, and kitchen infrastructure setup for 27 new company-owned Burma Burma restaurants across Tier-I and Tier-II Indian markets in FY28 and FY29."
The remaining capital—capped at 25% of gross issue proceeds—will be directed toward general corporate objectives. Burma Burma has already finalized initial letters of intent for five locations across Bengaluru, Surat, Jaipur, Kolkata, and Delhi.
Financial Performance Overview
Hunger Pangs has demonstrated solid top-line revenue momentum backed by rapid network scaling:
| Financial Metric | FY25 | FY26 | YoY Growth (%) |
| Operating Revenue | ₹106.10 Cr | ₹155.50 Cr | +46.56% |
| EBITDA | ₹21.35 Cr | ₹25.68 Cr | +20.28% |
| EBITDA Margin | 20.12% | 16.51% | -361 bps |
| Average Bill Value | — | ₹2,400 | — |