Hunger Pangs IPO
Hunger Pangs Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹150 crore and an offer for sale of up to 2,79,29,760 shares by its two promoters and several investors. In FY26 the company made a loss of ₹15.37 crore on revenue of ₹155.50 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 21 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Pantomath Capital Advisors Private Limited
- Last SEBI contact
- 21 Oct 2026
- Price band and dates
- Not announced
Where it stands
Hunger Pangs IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI21 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 21 October 2026, 16 days ago, and its last communication on the draft was on 21 October 2026 (day count is our calculation).
DRHP at a glance
Hunger Pangs DRHP at a glance
Draft red herring prospectus, 16 Oct 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 172) and Risk Factors (p. 20 to 23)Hunger Pangs runs Burma Burma, a chain of Burmese vegetarian restaurants and tea rooms with no alcohol, in the premium casual dining segment. It also sells through delivery apps and its own direct channels.
It opened its first restaurant in Mumbai in 2014 and had 22 restaurants in nine cities and one delivery kitchen on 31 July 2026. It was incorporated in 2013 and is based in Mumbai.
The offer
DRHP cover page and The Offer (p. 57)| Fresh issue | Up to ₹150 croreMoney goes to the company |
| Offer for sale | Up to 2,79,29,760 sharesPromoters Ankit Virendra Gupta and Chirag Narendra Chhajer 60,00,000 each (average cost negligible); Negen Tech Opportunities Angel Fund 64,68,315; Bbigplas Poly 42,00,000; Venture Catalysts Angel Growth Fund 27,72,000; others the rest |
| Shares before the IPO | 15,43,12,620Face value ₹2. After preference shares convert (10,93,81,650 before). The offer for sale is about 18.1% of them (ours) |
| Pre-IPO placement | Up to ₹30 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) and 6(1)(b) |
| Lead manager | Pantomath Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ankit Virendra Gupta and Chirag Narendra Chhajer |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 99 to 100)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| New Burma Burma restaurants in India | 117.29 | 78.2% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹150 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 60 to 62) and Basis for Offer Price, KPIs (p. 108 to 111), ₹ crore| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 71.92 | 106.10 | 155.50 | 53.73 |
| EBITDA | 9.86 | 21.35 | 25.68 | 11.43 |
| EBITDA margin | 13.71% | 20.13% | 16.51% | 21.28% |
| Profit after tax | -5.69 | -0.51 | -15.37 | 1.09 |
| Diluted EPS (₹) | -0.54 | -0.05 | -1.41 | 0.07 |
| Total equity | 1.98 | 42.90 | 64.06 | 64.92 |
| Cash from operations | 16.97 | 16.52 | 35.31 | 6.17 |
Restated figures. Q1 FY27 is April to June 2026 and is not annualised. It made losses in FY24 to FY26. Revenue grew about 47.0% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 109 to 110).The P/E for Hunger Pangs is not given until the price band is set; with a loss in FY26, there is no positive P/E.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Hunger Pangs (FY26) | -1.41 | Set with the price band | -24.00% |
| United Foodbrands | -15.13 | NA | -19.95% |
| Devyani International | -0.31 | NA | -2.26% |
| Sapphire Foods | -0.99 | NA | -2.30% |
| Restaurant Brands Asia | -3.19 | NA | 29.64% |
| Westlife Food World | 4.52 | 130.29x | 5.22% |
Risks the draft lists first
DRHP, Risk Factors (p. 20 to 23)- One brandThe business depends on the Burma Burma brand and its niche positioning. (Risk factor 1, p. 20)
- Vegetarian and no alcoholIts all-vegetarian, no-alcohol menu may limit how many customers it can reach. (Risk factor 2, p. 21)
- Specialty ingredientsIt depends on specialty ingredients and recipes for its Burmese menu. (Risk factor 3, p. 21)
- GrowthPast growth may not continue, and it may not manage expansion well. (Risk factor 4, p. 22)
- Dine-in focusIt relies mainly on dine-in, with delivery through outside apps. (Risk factor 5, p. 22)
- ConsistencyKeeping food and service consistent as it opens more restaurants may be hard. (Risk factor 6, p. 23)
Documents
Hunger Pangs DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Hunger Pangs IPO FAQs
When will the Hunger Pangs IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 16 days ago (our calculation).
Has SEBI approved the Hunger Pangs IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Hunger Pangs IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Hunger Pangs IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Hunger Pangs IPO?
Pantomath Capital Advisors Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Hunger Pangs do with the IPO money?
According to the DRHP, the fresh issue money goes to new Burma Burma restaurants in India (₹117.29 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Hunger Pangs do?
Hunger Pangs runs Burma Burma, a chain of Burmese vegetarian restaurants and tea rooms with no alcohol, in the premium casual dining segment. It also sells through delivery apps and its own direct channels.
Where can I read the Hunger Pangs DRHP?
On SEBI's website, where the draft red herring prospectus was published on 21 October 2026. The draft is dated 16 October 2026 and runs to 404 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 16 October 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.