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Vegorama Punjabi Angithi Ltd IPO
Status: Closed
Overview
IPO date
20 May 2026 to 22 May 2026
Face value
₹ 10 per share
Price
₹ 73 to ₹77 per share
Issue Size
4,984,000 shares
(aggregating up to ₹ 38.38 Cr)
(aggregating up to ₹ 38.38 Cr)
Allotment Date
25 May 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Hotels & Restaurants
Unlock Stock of the Month
T&C*
Strengths vs Risks of Vegorama Punjabi Angithi Ltd
Know the pros & cons
Strengths
- Prominent Location of our Cloud Kitchens/ Fine Dine Restaurant.
- Recognised brand in the food industry.
- Attractive offering at competitive prices based on constant menu innovation and customer focus.
- Experienced staff and value-oriented business culture led by our Management.
- Healthy financial position with proven track record of revenue growth and profitability.
- Strong presence on food delivery platforms.
- Diverse & Scalable Business Model.
Risks
- The Company, its Promoters, namely Deepak Chadha, Subash Chander Chadha and Teenu Chadha, and a Promoter Group Entity, namely Deepak Chadha HUF, have received summons from the Office of the Assistant Director of Income Tax (Investigation), New Delhi under Section 246(2) of the Income Tax Act, 2025, in connection with certain financial and related transactions for the financial years 2020-21 to 2024-25.
- If the company is unable to implement its growth strategy successfully including in relation to selecting cities and locations for the company new cloud kitchens and fine dine restaurants its results of operations and financial condition may be adversely affected.
- The company continued operations are critical to its business and any shutdown of the company cloud kitchens and fine dine restaurant may adversely affect the company business, results of operations and financial condition.
- In addition to the company existing indebtedness for its existing operations, the company may incur further indebtedness during the course of business. The company cannot assure that its would be able to service the company existing and/ or additional indebtedness.
- Substantial portion of the company revenues has been dependent upon online food platforms. The loss of any one or more of its major customer or online food platform would have a material effect on its business operations and profitability.
- The company revenues has been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations.
- There has been certain instances of non-compliances in respect of ROC filing or payments. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of all applicable law and other law could impact on the financial position of the Company to that extent.
- If the company is unable to identify and obtain suitable locations for its new cloud kitchens and fine dine restaurants this may result in lower footfalls and table turn rates which would adversely affect the company anticipated growth in business.
- Failure to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect the company business and results of operations.
- If the company is unable to compensate for the loss of revenue arising from the closure of its cloud kitchens, the company business operations, revenue from operations, cash flows and profitability may be adversely affected.
- If the company is unable to regularly offer new dishes on its menu or if the company fail to timely respond to changes in consumer tastes and preferences the company business and results of operations would be adversely affected.
- If the company is unable to maintain consistent same cloud kitchens sales growth, its results of operations may be adversely affected.
- The company marketing and advertising campaigns may not be successful in increasing the popularity of its brands. If the company marketing initiatives is not effective, this may adversely affect its business.
- The company proposed banquet and fine dine facility and centralized cloud kitchen, which is key objects of the Issue, are subject to construction, completion, and operationalization risks.
- The company may faces several risks associated with the construction of the building of the Proposed Expansion, which could hamper its growth, prospects, cash flows and business and financial condition
- Any disruption, shortage or significant increase in the prices of LPG and other fuel sources used in the company cloud kitchen/ restaurant operations, including due to geopolitical tensions or war-like situations in major oil producing regions such as Iran and the Middle East, may adversely affect its business, operations and profitability.
- The company existing cloud kitchens and fine dine restaurant locations may become unattractive.
- If the company is unable to accurately estimate the demand for its offerings, the company business, financial condition and results of operation may be adversely affected.
- The Company has experienced negative cash flow in the past and may continue to does so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The company Registered Office, cloud kitchens, fine dine restaurants are located on rental premises. If its are unable to renew such rent agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company business, results of operation and financial condition.
- New Kitchen Locations which are yet to commence operations, any delay or non-operation of such new locations, may adversely impact its financial position and business operations
- The company business is operating under various laws which requires its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company business, prospects, results of operations and financial condition.
- The company significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations.
- The company has entered into related party transactions in the past and may continue to does so in the future.
- The Company does not have long term agreements with suppliers for supply of raw material. Its inability to obtain raw material in a timely manner, in sufficient quantities could adversely affect the company operations, financial condition and/or profitability.
- The company has certain outstanding litigation against its, an adverse outcome of which may adversely affect the company business, reputation and results of operations.
- The Company's logo filed vide application no. 6394247 is not registered and is in the process of Registration with Registrar of Trademark; any infringement of its brand name or failure to get it registered may adversely affect the company business.
- Company has not identified any alternate source of funding and hence any failure or delay on the part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule
- An increase in the prices of the company basic raw material could raise its production costs and could adversely affect the company profitability.
- The Company is yet to place orders for new equipment, contractors for the civil work. Any delay in placing orders or procurement of such equipment or contracts may delay the schedule of implementation and possibly increase the cost of commencing operations.
- The company may faces some delays in implementation of its proposed objects.
- The company majority of directors does not possess experience of any listed company.
- The company is subject to the risk of failure of, or a material weakness in, its internal control systems.
- The company insurance coverage may not be adequate to protect its against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- The Company significant food orders is delivered through third party transportation provided by online food platforms and any disruption in their operations or a decrease in the quality of their services could affect its Company's reputation and results of operations.
- The company may be unable to comply with changes in environmental, health and safety, labour laws and other applicable regulations.
- The company funding requirements and the proposed deployment of Net Proceeds are based on management estimates and its has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer.
- If the company is unable to manage its growth effectively or if the company estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company business and prospects may be materially and adversely affected.
- In addition to normal remuneration, other benefits, and reimbursement of expenses of the company Directors (including its Promoter) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in its Company.
- The company inability to respond adequately to increased competition in its business may adversely affect the company business, financial condition and results of operations.
- Changes in technology may affect the company business by making its business capabilities less competitive or obsolete.
- The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The company Promoters and Promoter Group will continue to retain significant control in its Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- The company ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- The company employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- QIBs and Non-Institutional Bidders is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- The company requires certain approvals and licenses in the ordinary course of business, and the failure to obtain or retain them in a timely manner all may adversely affect its operations.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operates contained in the Red Herring Prospectus.
- The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Th Company may not be successful in penetrating new geographical markets.
- The average cost of acquisition of Equity Shares by the company Promoters, is lower than the face value of Equity Share.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for its product, which may adversely affect the company business operation and financial condition.
- Any further issuance of Equity Shares by the Company or sales of Equity Shares by any significant shareholders may adversely affect the trading price of the Equity Shares
Vegorama Punjabi Angithi Ltd Peer Comparison
Understand the company’s industry standing
Vegorama Punjabi Angithi Limited
Speciality Restaurants Limited
Vikram Kamats Hospitality Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
standalone
Total Income Rs. Cr.
101.31
0.41
22.7
EPS-Basis
6.51
4.45
0.48
EPS-Diluted
---
---
---
NAV Per Share
2850.38
68.13
28.34
P/E-Basic EPS
---
23.73
85.54
P/E-Diluted EPS
---
---
---
RONW(%)
80.39
6.52
0.01
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 20 May 2026 & closes on 22 May 2026.
Vegorama Punjabi Angithi Limited started its operations way back in year 2014 in the name and style of Deepak Chadha HUF', a HUF firm and further commenced its operations as a Private Limited Company under the name and style of 'Vegorama Punjabi Angithi Private Limited' incorporated on March 30, 2022 with the Registrar of Companies, New Delhi. Subsequently Company converted into Public Limited on April 09, 2025 and name of the Company was changed from 'Vegorama Punjabi Angithi Private Limited' to 'Vegorama Punjabi Angithi Limited' issued by the Registrar of Companies, Central Processing Centre.
Initially, Company operated as a cloud kitchen and takeaway service provider, focusing on delivering high-quality vegetarian North Indian and other cuisines directly to customers' homes. By 2020, it established as one of the prominent players in the cloud kitchen segment, fulfilling thousands of orders across multiple outlets. In 2021, it expanded the operations by including 'corporate thali services' targeting bulk orders from the corporates. This marked the entry into institutional catering, diversifying the revenue streams beyond the traditional cloud kitchen and takeaway model. Further in 2022, after shifting its business model from a HUF Firm to a Private Company, it also introduced compact catering solutions for smaller events such as 'office parties, team lunches, and home gatherings', offering flexibility and affordability while further expanding the reach to the catering market. Finally, in 2024, it opened first fine dining restaurant, offering a premium dining experience with curated dishes, elegant presentation, and palatial ambience.
Company is planning to issue an aggregate of 49,84,000 Equity Shares of face value of Rs 10 each, comprising a Fresh Issue of 39,87,200 Equity Shares and 9,96,800 Equity Shares via Offer for Sale through Initial Public Offering.
Vegorama Punjabi Angithi Ltd IPO will close on 22 May 2026.
- Prominent Location of our Cloud Kitchens/ Fine Dine Restaurant.
- Recognised brand in the food industry.
- Attractive offering at competitive prices based on constant menu innovation and customer focus.
- Experienced staff and value-oriented business culture led by our Management.
- Healthy financial position with proven track record of revenue growth and profitability.
- Strong presence on food delivery platforms.
- Diverse & Scalable Business Model.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Deepak Chadha | 11922500 | 94.44 | 10925700 | 65.77 |
| 2 | Subash Chander Chadha | 626250 | 4.96 | 626250 | 3.77 |
| 3 | Teenu Chadha | 1250 | 0.01 | 1250 | 0.01 |
- The Company, its Promoters, namely Deepak Chadha, Subash Chander Chadha and Teenu Chadha, and a Promoter Group Entity, namely Deepak Chadha HUF, have received summons from the Office of the Assistant Director of Income Tax (Investigation), New Delhi under Section 246(2) of the Income Tax Act, 2025, in connection with certain financial and related transactions for the financial years 2020-21 to 2024-25.
- If the company is unable to implement its growth strategy successfully including in relation to selecting cities and locations for the company new cloud kitchens and fine dine restaurants its results of operations and financial condition may be adversely affected.
- The company continued operations are critical to its business and any shutdown of the company cloud kitchens and fine dine restaurant may adversely affect the company business, results of operations and financial condition.
- In addition to the company existing indebtedness for its existing operations, the company may incur further indebtedness during the course of business. The company cannot assure that its would be able to service the company existing and/ or additional indebtedness.
- Substantial portion of the company revenues has been dependent upon online food platforms. The loss of any one or more of its major customer or online food platform would have a material effect on its business operations and profitability.
- The company revenues has been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations.
- There has been certain instances of non-compliances in respect of ROC filing or payments. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of all applicable law and other law could impact on the financial position of the Company to that extent.
- If the company is unable to identify and obtain suitable locations for its new cloud kitchens and fine dine restaurants this may result in lower footfalls and table turn rates which would adversely affect the company anticipated growth in business.
- Failure to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect the company business and results of operations.
- If the company is unable to compensate for the loss of revenue arising from the closure of its cloud kitchens, the company business operations, revenue from operations, cash flows and profitability may be adversely affected.
- If the company is unable to regularly offer new dishes on its menu or if the company fail to timely respond to changes in consumer tastes and preferences the company business and results of operations would be adversely affected.
- If the company is unable to maintain consistent same cloud kitchens sales growth, its results of operations may be adversely affected.
- The company marketing and advertising campaigns may not be successful in increasing the popularity of its brands. If the company marketing initiatives is not effective, this may adversely affect its business.
- The company proposed banquet and fine dine facility and centralized cloud kitchen, which is key objects of the Issue, are subject to construction, completion, and operationalization risks.
- The company may faces several risks associated with the construction of the building of the Proposed Expansion, which could hamper its growth, prospects, cash flows and business and financial condition
- Any disruption, shortage or significant increase in the prices of LPG and other fuel sources used in the company cloud kitchen/ restaurant operations, including due to geopolitical tensions or war-like situations in major oil producing regions such as Iran and the Middle East, may adversely affect its business, operations and profitability.
- The company existing cloud kitchens and fine dine restaurant locations may become unattractive.
- If the company is unable to accurately estimate the demand for its offerings, the company business, financial condition and results of operation may be adversely affected.
- The Company has experienced negative cash flow in the past and may continue to does so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The company Registered Office, cloud kitchens, fine dine restaurants are located on rental premises. If its are unable to renew such rent agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company business, results of operation and financial condition.
- New Kitchen Locations which are yet to commence operations, any delay or non-operation of such new locations, may adversely impact its financial position and business operations
- The company business is operating under various laws which requires its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company business, prospects, results of operations and financial condition.
- The company significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations.
- The company has entered into related party transactions in the past and may continue to does so in the future.
- The Company does not have long term agreements with suppliers for supply of raw material. Its inability to obtain raw material in a timely manner, in sufficient quantities could adversely affect the company operations, financial condition and/or profitability.
- The company has certain outstanding litigation against its, an adverse outcome of which may adversely affect the company business, reputation and results of operations.
- The Company's logo filed vide application no. 6394247 is not registered and is in the process of Registration with Registrar of Trademark; any infringement of its brand name or failure to get it registered may adversely affect the company business.
- Company has not identified any alternate source of funding and hence any failure or delay on the part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule
- An increase in the prices of the company basic raw material could raise its production costs and could adversely affect the company profitability.
- The Company is yet to place orders for new equipment, contractors for the civil work. Any delay in placing orders or procurement of such equipment or contracts may delay the schedule of implementation and possibly increase the cost of commencing operations.
- The company may faces some delays in implementation of its proposed objects.
- The company majority of directors does not possess experience of any listed company.
- The company is subject to the risk of failure of, or a material weakness in, its internal control systems.
- The company insurance coverage may not be adequate to protect its against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- The Company significant food orders is delivered through third party transportation provided by online food platforms and any disruption in their operations or a decrease in the quality of their services could affect its Company's reputation and results of operations.
- The company may be unable to comply with changes in environmental, health and safety, labour laws and other applicable regulations.
- The company funding requirements and the proposed deployment of Net Proceeds are based on management estimates and its has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer.
- If the company is unable to manage its growth effectively or if the company estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company business and prospects may be materially and adversely affected.
- In addition to normal remuneration, other benefits, and reimbursement of expenses of the company Directors (including its Promoter) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in its Company.
- The company inability to respond adequately to increased competition in its business may adversely affect the company business, financial condition and results of operations.
- Changes in technology may affect the company business by making its business capabilities less competitive or obsolete.
- The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The company Promoters and Promoter Group will continue to retain significant control in its Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- The company ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- The company employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- QIBs and Non-Institutional Bidders is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- The company requires certain approvals and licenses in the ordinary course of business, and the failure to obtain or retain them in a timely manner all may adversely affect its operations.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operates contained in the Red Herring Prospectus.
- The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Th Company may not be successful in penetrating new geographical markets.
- The average cost of acquisition of Equity Shares by the company Promoters, is lower than the face value of Equity Share.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for its product, which may adversely affect the company business operation and financial condition.
- Any further issuance of Equity Shares by the Company or sales of Equity Shares by any significant shareholders may adversely affect the trading price of the Equity Shares
The Issue type of Vegorama Punjabi Angithi Ltd is Book Building - SME.
The minimum application for shares of Vegorama Punjabi Angithi Ltd is 3200.
The total shares issue of Vegorama Punjabi Angithi Ltd is 4984000.
Initial public issue of up to 49,84,000 equity shares of face value of Rs.10/- each of Vegorama Punjabi Angithi Limited for cash at a issue price of Rs. 77 per equity share (Including a premium of Rs.67 per equity share) ("Issue Price") aggregating up to Rs.38.38 Crores comprising of fresh issue of up to 39,87,200 equity shares aggregating to Rs. 30.70 Crores ("Fresh Issue") and an offer for sale of upto 9,96,800 equity shares by Deepak Chadha ("Selling Shareholder") aggregating to Rs. 7.68 Crores ("Offer for Sale") ("the Issue") and upto 2,51,200 equity shares at an issue price of Rs.77 per share aggregating to Rs. 1.93 Crores will be Reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of up to 47,32,800 equity shares of face value of Rs. 10/- each at an Issue price of Rs. 77 per equity share aggregating to Rs. 36.44 Crores ("Net Issue"). The issue and the net issue will constitute 30% and 28.49% of the post-issue paid-up equity share capital of the company.
The face value of the equity shares is Rs. 10/- each.
Price Band: Rs. 77 per equity share of face value of Rs. 10/- each.
The floor price is 11.83 times the face value of equity shares.
Bids can be made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.