Vegorama Punjabi Angithi IPO: A New Flavor in the SME Market
Vegorama Punjabi Angithi, the name behind the popular Punjabi Angithi chain, is all set to make its debut on the stock market. The company has filed its draft papers for an SME IPO and plans to raise money by issuing fresh shares along with a small offer-for-sale from its promoter.
If you’ve ever ordered food from a cloud kitchen or dined at Punjabi Angithi, this IPO might interest you—not just as a foodie but as someone who wants to understand the buzz around this new market entrant.
When Is the IPO Happening?
So far, the company has only filed its Draft Red Herring Prospectus (DRHP) and is awaiting regulatory approval. That means the exact IPO dates, subscription period, and listing day are still under wraps. Investors can expect those details, along with the price band, to be announced soon.
A Quick Look at the Company
Vegorama started its journey back in 2014 as a cloud kitchen operation under Deepak Chadha’s HUF (Hindu Undivided Family). Fast forward to 2022, it was officially incorporated as a private limited company, and just this April, it became a public limited firm.
Today, Vegorama runs 19 cloud kitchens and 2 full-service restaurants in Delhi NCR and Dehradun. That’s some serious growth for a homegrown food chain in just over a decade.
What’s the Money For?
The fresh funds from the IPO are being put to work in a few big ways:
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A new banquet hall and fine-dine restaurant
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A centralized kitchen facility to streamline operations
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Expansion of their cloud kitchen network
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Renovations and upgrades to existing outlets
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And, of course, general business expenses
It’s clear the company wants to scale up quickly, and it’s using this IPO as a launchpad to do just that.
What the Numbers Say
Let’s break down Vegorama’s financial growth:
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FY23 revenue: ₹1.68 crore
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FY24 revenue: ₹6.59 crore
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FY25 revenue: ₹10.13 crore
That’s a six-fold jump in just two years! Profit numbers have also improved steadily, with FY25 showing ₹8.22 crore in net profit. The company also issued a 1:250 bonus share in May 2025, which has increased its net asset value per share to ₹11.36.
A Few Red Flags to Watch
No company is perfect, and Vegorama has its own set of challenges:
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Over 90% of its business relies on online delivery platforms like Zomato and Swiggy. Any changes in those partnerships could affect its earnings.
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Its footprint is limited to Delhi NCR and Dehradun for now, so it’s highly region-focused.
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Since much of the IPO funds are tied to new projects, delays in execution could hurt performance.
So while the growth story is exciting, these are things investors and analysts are keeping a close eye on.
What About GMP?
For those tracking the grey market, there’s no official data on Vegorama’s GMP yet. Since the IPO hasn’t opened for subscription, GMP chatter is minimal. Once the dates are out, market sentiment will likely pick up, and we’ll get a better idea of how hot the issue is.
Bottom Line
Vegorama Punjabi Angithi is an interesting player to watch. It has built a solid base with its cloud kitchens and is now stepping into the big league with an IPO. Whether you’re following it as an investor, a customer, or just curious about the next big thing in food-tech, this IPO has enough spice to stir attention.
