Vegorama Punjabi Angithi IPO is a ₹38.38 crores SME/book-build offering. It combines a fresh equity raising of up to 39,87,200 Equity Shares valued at ₹30.70 crore, with an offer-for-sale of up to 9,96,800 Equity Shares amounting to ₹7.68 crore.
The Vegorama Punjabi Angithi IPO will accept bids from 20 May 2026 to 22 May 2026. The allotment is tentatively scheduled for 25 May 2026. The proposed listing of Vegorama Punjabi Angithi shares is scheduled for 27 May 2026 on the BSE SME exchange.
The company has announced a price band of ₹73/share to ₹77/share. The IPO application size starts with 1,600 equity shares/lot. The minimum application amount for retail investors comes to ₹2,46,400 for 3,200 shares at the cap price.
Meanwhile, HNI investors must apply for at least 3 lots comprising 4,800 shares, taking the minimum investment amount to ₹3,69,600.
Details of the Vegorama Punjabi Angithi IPO
Here is an overview of the Vegorama Punjabi Angithi IPO, along with key figures:
| IPO Open | 20 May 2026 |
| IPO Close | 22 May 2026 |
| Face value | ₹10/share |
| Price Band | ₹73/share to ₹77/share |
| Issue price | – |
| IPO Lot Size | 1600 shares |
| Offer-for-sale | 9,96,800 Equity Shares (₹7.68 crore) |
| Fresh issue | 39,87,200 Equity Shares (₹30.70 crore) |
| Issue Type | Book-built/SME IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹38.38 crore (49,84,000 Equity Shares) |
| Minimum Investment (Retail) | ₹2,46,400 (2 lots) |
Timeline of the Vegorama Punjabi Angithi IPO
Below is the Vegorama Punjabi Angithi IPO timeline, highlighting the important dates from the opening of the issue to market listing:
| Bid Open Date | 20 May 2026 |
| Bid Close Date | 22 May 2026 |
| Allotment | 25 May 2026 |
| Refunds Initiated | 26 May 2026 |
| Share Credit Date | 26 May 2026 |
| Listing | 27 May 2026 |
| UPI mandate Cut-off time | 22 May 2026 (05:00 PM) |
Vegorama Punjabi Angithi Limited–Key Performance Indicators (KPIs)
The following table highlights the key financial efficiency metrics and performance indicators of the company:
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 80.39 | 122.32 | 56.72 |
| ROCE (%) | 76.03 | 101.29 | 68.15 |
| Debt-Equity Ratio (in times) | 0.15 | – | – |
| RoNW (%) | 80.39 | 122.32 | 56.72 |
| PAT Margin (%) | 8.11 | 7.04 | 4.95 |
| EBITDA Margin (%) | 10.72 | 9.17 | 6.88 |
| Price-Book Value | 6.78 | – | – |
Vegorama Punjabi Angithi Ltd–Financial Information
| 2025 | 2024 | 2023 | |
| Revenue | 10,130.52 | 6,594.59 | 1,688.46 |
| Assets | 2,477.14 | 1,834.76 | 558.54 |
| Profit After Tax | 822.04 | 464.14 | 83.59 |
(Amount in ₹ lakh)
Vegorama Punjabi Angithi IPO–Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| May 20 (Day 1) | 0.41 | 0.73 | 0.78 | 0.66 |
Note: You can place your applications from 10:00 AM to 05:00 PM during the subscription period of the issue.
Vegorama Punjabi Angithi IPO–Grey Premium Market (GMP)
The GMP of the Vegorama Punjabi Angithi IPO is ₹15.00 as of 19 May 2026, 09:54 AM.
Considering the upper IPO price of ₹77, the expected market debut price is nearly ₹92 per share, suggesting a likely gain of 19.48%.
Refer to this section for regular GMP updates, day-wise movement, and the latest listing expectations:
| GMP Date | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 20-05-2026 Open | ₹8 ▼ | ₹85 (10.39%) | ₹12,800 | 20-May-2026 11:57 |
| 19-05-2026 | ₹15 ─ | ₹92 (19.48%) | ₹24,000 | 19-May-2026 23:31 |
| 18-05-2026 | ₹15 ▲ | ₹92 (19.48%) | ₹24,000 | 18-May-2026 23:37 |
| 17-05-2026 | ₹7.5 ▲ | ₹84.5 (9.74%) | ₹12,000 | 17-May-2026 23:34 |
| 16-05-2026 | ₹6 ▲ | ₹83 (7.79%) | ₹9,600 | 16-May-2026 23:31 |
| 15-05-2026 | ₹0 ─ | ₹77 (0.00%) | ₹0 | 15-May-2026 23:28 |
| 14-05-2026 | ₹0 ─ | ₹77 (0.00%) | ₹0 | 14-May-2026 23:28 |
Note: The GMP is unofficial and may change depending on subscription demand, market sentiment, and overall investor activity.
Vegorama Punjabi Angithi IPO–Reservation
The table below presents the allocation of shares reserved for different investor categories in the IPO:
| Investor Category | Shares Offered | % of Shares Offered |
| Market Maker | 2,51,200 | 5.04% |
| QIBs | 9,48,800 | 19.04% |
| Anchor Investor | 14,16,000 | 28.41% |
| NIIs | 7,10,400 | 14.25% |
| Individual Investor | 16,57,600 | 33.26% |
| Total | 49,84,000 | 100% |
Vegorama Punjabi Angithi IPO–Lot Size
Here are the investor-wise bidding requirements and minimum capital needed to apply for the IPO.
| Application | Lot Size | Shares | Amount |
| Individual Investors Minimum Application | 2 | 3,200 | ₹2,46,400 |
| Individual Investors Maximum Application | 2 | 3,200 | ₹2,46,400 |
| S-HNI Minimum Application | 3 | 4,800 | ₹3,69,600 |
| S-HNI Maximum Application | 8 | 12,800 | ₹9,85,600 |
| B-HNI Minimum Application | 9 | 14,400 | ₹11,08,800 |
Vegorama Punjabi Angithi IPO–Anchor Investors Details
The table below highlights the anchor investor allocation and participation details for the Vegorama Punjabi Angithi IPO:
| Bidding Opens On | 19 May 2026 |
| Shares offered | 14,16,000 shares |
Vegorama Punjabi Angithi IPO–Prospectus
The official offer-related documents are listed below for reference and detailed information:
About Vegorama Punjabi Angithi Limited
Founded in 2014 under Deepak Chadha HUF, Vegorama Punjabi Angithi later became Vegorama Punjabi Angithi Private Limited on 30 March 2022. The company operates in the Indian food industry and is known for its vegetarian North Indian and multi-cuisine offerings.
The leadership of the company is overseen by Deepak Chadha who serves as the Managing Director and Chairman.
The company currently runs 27 cloud kitchen outlets along with 2 fine dining restaurants across the Delhi NCR region. Out of the 27 cloud kitchens, 2 in Noida are yet to start operations, while 1 unit in Dwarka has been closed. The company also runs 2 fine dining restaurants in the region.
| Name | |
| Book Running Lead Managers (BRLM) | Corporate Makers Capital Ltd. |
| IPO Registrar | Big Share Service Private Ltd. |
Objectives of Vegorama Punjabi Angithi
The following are the primary utilisation plans for the capital raised through the public issue.
| Details | Amount (in ₹ lakhs) |
| Construction of banquet and fine dining facility | 1,182.48 |
| Setting up a centralised kitchen unit | 426.60 |
| Expansion through new cloud kitchens | 493.46 |
| Modernisation of existing cloud kitchen facilities | 229.86 |
| Corporate requirements | – |
| Issue Expenses | – |
Vegorama Punjabi Angithi Limited–Strengths
- Franchise-led growth: The company follows an asset-light franchise model, with the majority of its outlets operated by franchise partners, supporting faster business expansion across regions.
- Employee development model: Through its Sadhak–Chalak–Malak programme, employees are given a pathway to eventually manage and own outlets, strengthening workforce retention and engagement.
- Centralised operational system: The standardised sourcing and POS-based monitoring of the company help maintain consistency in food quality, operations, and customer service across outlets.
- Strong quality and location strategy: The company focuses on high-footfall locations while maintaining service standards through regular audits and mystery customer evaluations.
Vegorama Punjabi Angithi Limited–Risks
- Income tax proceedings: The ongoing income tax investigation proceedings of the company involving promoters may create regulatory and financial uncertainties.
- Expansion execution risk: The failure to identify suitable locations for expansion could affect future business growth and profitability.
- Operational disruption risk: The closure of cloud kitchens or fine dining restaurants may negatively impact revenue generation and operations.
- Debt repayment pressure: The rising borrowings and additional debt obligations of the company could strain its financial position.
Vegorama Punjabi Angithi IPO–Review
Vegorama Punjabi Angithi IPO enters the SME market with strong revenue growth and improving profitability over the last three financial years. The ROE and EBITDA margin growth of the company indicate efficient business operations and better cost management.
The Vegorama Punjabi Angithi IPO GMP also reflects positive grey market sentiment, suggesting healthy listing expectations.
However, investors should also consider risks linked to expansion execution, operational dependence on cloud kitchens, and ongoing tax-related proceedings. Overall, the IPO may appeal to investors comfortable with the risks associated with SME listings.
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Vegorama Punjabi Angithi IPO FAQs
Vegorama Punjabi Angithi IPO is a ₹38.38 crore SME book-built public issue comprising a fresh issue and an offer-for-sale. The IPO is scheduled to open for subscription from 20 May 2026 to 22 May 2026 and will be listed on the BSE SME platform.
You can apply for the Vegorama Punjabi Angithi IPO through your stockbroker or supported banking platform using the ASBA process. Investors can also apply online through UPI-enabled applications offered by brokers and trading platforms.
The Vegorama Punjabi Angithi IPO shows strong financial growth, improving margins, and positive GMP trends. However, it also carries SME-related business risks and expansion challenges. It may suit investors who are comfortable with higher-risk SME investments and medium-term growth potential.
Based on the latest GMP of ₹15, the estimated listing price of the Vegorama Punjabi Angithi IPO is around ₹92 against the upper price band of ₹77. This suggests a possible listing gain of nearly 19.48%, although actual returns may vary depending on market conditions.
Vegorama Punjabi Angithi IPO will open for subscription on 20 May 2026 and close on 22 May 2026. Investors can submit their applications during market hours within the subscription period.
The lot size for the Vegorama Punjabi Angithi IPO is 1,600 shares. The retail investors are required to apply for a minimum of 2 lots, which amounts to 3,200 shares.
The Vegorama Punjabi Angithi IPO allotment is expected to be finalised on 25 May 2026. The successful applicants are likely to receive shares in their demat accounts by 26 May 2026.
The Vegorama Punjabi Angithi IPO shares are tentatively scheduled to be listed on the BSE SME platform on 27 May 2026.
