Burma Burma Parent Hunger Pangs Files DRHP with SEBI for IPO Featuring Rs 150 Crore Fresh Issue

Hunger Pangs Limited, the operator of the vegetarian dining chain Burma Burma Restaurant & Tea Room, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital via an initial public offering (IPO).

The proposed offering comprises a fresh issue of equity shares aggregating up to Rs 150 crore and an Offer for Sale (OFS) of up to 2,79,29,760 equity shares with a face value of Rs 2 each by promoters, promoter group entities, and existing investors.

Offer for Sale Details

Under the OFS component, founders and institutional angel investors are offloading portions of their equity holdings:

• Promoters Ankit Virendra Gupta and Chirag Narendra Chhajer will each sell up to 60,00,000 equity shares.
• Promoter group entity Bbigplas Poly Private Limited will divest up to 42,00,000 equity shares.
• Investor selling shareholders include Negen Tech Opportunities Angel Fund (up to 64,68,315 shares), Venture Catalysts Angel Growth Fund (up to 27,72,000 shares), and L V Angel Fund (up to 5,25,315 shares).
• Individual shareholders Nisarg Ajaykumar Vakharia, Shweta Sharma, and Mehul Kirit Mehta are also participating as selling shareholders.

Pantomath Capital Advisors Private Limited has been appointed as the sole book-running lead manager to manage the public issue.

Use of Proceeds and Restaurant Footprint

According to the preliminary papers, the company intends to deploy the net proceeds from the fresh issue primarily toward funding the capital expenditure required to establish new Burma Burma restaurants across India, in addition to general corporate purposes.

Founded in 2014, Burma Burma operates in the premium casual dining restaurant space, focusing on authentic Burmese vegetarian cuisine, specialty teas, and experiential dining formats. As of July 31, 2026, the company operated 22 restaurants, one delivery kitchen, and three warehouses across nine Indian cities, primarily in high-street hubs, corporate complexes, and tier-1 shopping malls. As of June 30, 2026, the chain had a cumulative seating capacity of 1,991 seats.

Beyond dine-in operations, the company operates an omni-channel retail platform, Burma Burma Shop, expanding into direct-to-consumer delivery, ready-to-eat products, and packaged foods. Hunger Pangs is also exploring expansion into adjacent Pan-Asian culinary categories.

Financial Snapshot

Hunger Pangs has registered steady top-line growth over recent financial years:

• Revenue from operations rose 46.56% to Rs 155.50 crore in FY26, up from Rs 106.10 crore in FY25.
• Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased to Rs 25.68 crore in FY26 compared to Rs 21.35 crore in FY25, delivering an EBITDA margin of 16.51%.
• The chain reported an average bill value (ABV) of Rs 2,400 during FY26, with online food deliveries contributing 10.76% of total revenue from operations.

Citing industry research by Frost & Sullivan, the company noted that India’s full-service dining market stood at roughly Rs 1.52 lakh crore in FY26 and is projected to expand at a compound annual growth rate (CAGR) of 9.4% to reach Rs 2.18 lakh crore by FY30. Hunger Pangs aims to leverage this consumer shift toward organized and premium specialty dining to fuel its next phase of pan-India growth.

Tags: Hunger Pangs Limited Burma Burma SEBI Initial Public Offering Food and Beverage