Vegorama Punjabi Angithi is launching its SME IPO to raise around ₹38.38 crore through a book-built issue. The IPO consists of a fresh issue of 0.40 crore equity shares worth ₹30.70 crore and an Offer for Sale (OFS) of 0.10 crore shares valued at ₹7.68 crore.
The public issue will open for subscription on May 20, 2026, and close on May 22, 2026. The company is expected to finalise the allotment on May 25, 2026, while the shares are likely to debut on the BSE SME platform on May 27, 2026.
The price band for the IPO has been fixed at ₹73 to ₹77 per share. Investors can apply in lots of 1,600 shares. Retail investors will need to invest a minimum of around ₹2.46 lakh for 3,200 shares at the upper end of the price band. For HNI investors, the minimum application size is 4,800 shares, which amounts to nearly ₹3.70 lakh.
Corporate Makers Capital Ltd. is managing the issue as the book-running lead manager, while Bigshare Services Pvt. Ltd. is handling registrar-related activities. Pace Stock Broking Services Pvt. Ltd. has been appointed as the market maker for the IPO.
Vegorama Punjabi Angithi IPO Objectives
The company plans to raise ₹38.38 crore through the IPO, which includes a Fresh Issue of ₹30.70 crore and an Offer for Sale (OFS) of ₹7.68 crore.
The proceeds from the Fresh Issue will be used for the following purposes:
- Around ₹9.50 crore will be used for repayment or prepayment of certain borrowings.
- Approximately ₹12.00 crore has been allocated towards meeting incremental working capital requirements.
- About ₹9.20 crore will be utilized for general corporate purposes.
- Total Fresh Issue Size: ₹30.70 crore.
About Vegorama Punjabi Angithi
Vegorama Punjabi Angithi Limited (VPAL) is a New Delhi-based food services company that transitioned from a cloud kitchen model to a diversified vegetarian North Indian cuisine provider. The company operates the popular brand "Punjabi Angithi", offering home delivery, takeaway, and corporate thali services. Established as a private limited entity in 2022, it has rapidly expanded its footprint across Delhi-NCR, focusing on high-quality vegetarian meals, compact catering for small events, and value-for-money corporate meal solutions. The company is now entering the public market via an SME IPO to fund its expansion, repay debt, and strengthen its working capital to capitalize on the growing organized food services sector in India.
Industry Outlook
- The Indian food services industry is witnessing rapid growth, supported by changing consumer preferences and increasing digital adoption.
- The sector is projected to grow at a CAGR of 8.1%, reaching an estimated market size of ₹7.76 trillion ($93.16 billion) by 2028.
- The organized food services segment is expected to expand at a much faster CAGR of 13.2%, with its market share likely to exceed 50% by 2028.
- Rising urbanization and increasing disposable incomes among Millennials and Gen Z consumers are boosting demand for organized dining and food delivery services.
- India’s convenience economy is expanding rapidly, with the online food delivery market already serving more than 6.6 crore active urban users.
- Tier II and Tier III cities are emerging as major consumption hubs as food brands expand beyond metro markets.
- Cloud kitchens and digital-first food business models are gaining strong traction due to lower operating costs and higher scalability.
How To Apply for the Vegorama Punjabi Angithi IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the 360 Communications IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Value 360 Communications IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Vegorama Punjabi Angithi IPO
Registered Office: B-376, Third Floor, Meera Bagh, Outer Ring Road, Paschim Vihar, New Delhi - 110063.
Phone: +91-11-46112637
Email: compliance@punjabiangithi.in
Vegorama Punjabi Angithi IPO Reservation
| Category | % of Net Issue |
| Anchor Investors | 30.00% |
| Qualified Institutional Buyers (QIB) | 20.00% |
| Non-Institutional Investors (NII) | 15.00% |
| Retail Individual Investors (RII) | 35.00% |
Vegorama Punjabi Angithi IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) – Min | 2 | 3,200 | ₹2,46,400 |
| Individual Investors (Retail) – Max | 2 | 3,200 | ₹2,46,400 |
| S-HNI – Min | 3 | 4,800 | ₹3,69,600 |
| S-HNI – Max | 8 | 12,800 | ₹9,85,600 |
| B-HNI – Min | 9 | 14,400 | ₹11,08,800 |
Vegorama Punjabi Angithi IPO Promoter Holding
The promoters of the company include Mr. Deepak Chadha, Mr. Subash Chander Chadha, and Mrs. Teenu Chadha.
| Share Holding Pre-Issue | 99.4% |
| Share Holding Post Issue | NA |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Vegorama Punjabi Angithi IPO
| KPI Metric | Value (%) |
| Return on Net Worth (RoNW) | 57.34% |
| Return on Capital Employed (ROCE) | 62.23% |
| EBITDA Margin | 11.47% |
| PAT Margin | 8.11% |
| Repeat Purchase Rate | 63.00% |
Vegorama Punjabi Angithi IPO Registrar and Lead Managers
Lead Managers: Corporate Makers Capital
Registrar: Bigshare Services Pvt Ltd
Financial Performance of Vegorama Punjabi Angithi IPO
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Revenue from Operations | ₹1,572.22 Cr | ₹1,285.65 Cr | +22.29% |
| Operating EBITDA | ₹252.1 Cr | ₹233.4 Cr | +8.0% |
| EBITDA Margin | 16% | 18.2% | -2.2% |
Vegorama Punjabi Angithi IPO Peer Comparison
| Company Name | Revenue (₹ Cr) | PAT (₹ Cr) | EPS (₹) | RoNW (%) |
| Vegorama Punjabi Angithi | 11.25 | 8.22 | 6.55 | 70.86% |
| Speciality Restaurants | 412.30 | 50.12 | 10.65 | 12.40% |
| Vikram Kamats Hospitality | 35.40 | 4.10 | 3.20 | 15.50% |
Strengths and Opportunities of Vegorama Punjabi Angithi
- Strong brand recall in the vegetarian food segment through the “Punjabi Angithi” brand.
- Asset-light business model with a focus on cloud kitchens, helping reduce real estate and operating costs.
- Proven scalability, expanding from a single outlet to multiple locations within three years.
- Successful expansion into corporate thali and bulk catering services.
- Favorable industry outlook, with the Indian food services market projected to reach ₹7.7 trillion by FY28.
- Diversified revenue streams from food delivery, takeaway, and catering operations.
- Strong digital integration and popularity among Millennials and Gen Z consumers.
Risks and Threats of Vegorama Punjabi Angithi
- Heavy dependence on the Delhi-NCR region, which contributes more than 90% of revenue.
- Intense competition from organized restaurant chains as well as local eateries.
- Volatility in raw material prices, especially vegetables and spices, may affect margins.
- Food safety or contamination incidents could significantly damage brand reputation.
- High reliance on third-party food delivery platforms such as Swiggy and Zomato.
- Limited operating history, as the company was incorporated only in 2022.
- Dependence on leased properties may create operational risks if leases are not renewed.
