Hunger Pangs IPO: Burma Burma operator files draft papers with ₹150-crore fresh issue

Hunger Pangs Ltd, which operates the Burma Burma Restaurant & Tea Room chain, has filed preliminary papers with markets regulator Sebi for an initial public offering (IPO) as the company looks to expand its restaurant network across India.

The proposed IPO comprises a fresh issue of equity shares worth up to ₹150 crore and an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.

The OFS includes shares offered by promoters --Ankit Virendra Gupta and Chirag Narendra Chhajer --promoter group entity Bbigplas Poly Pvt Ltd, investor shareholders Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund.

Proceeds from the fresh issue will be used to set up new Burma Burma restaurants across India and for general corporate purposes.

Hunger Pangs operates in the premium Pan-Asian casual dining segment, with its Burma Burma brand specialising in Burmese cuisine.

As of July 31, 2026, the company operated 22 restaurants, one delivery kitchen and three warehouses across nine cities in India. Its restaurants are located in premium malls, high streets and corporate parks.

The company reported a 46.56% increase in revenue from operations to ₹155.50 crore in FY26 from ₹106.10 crore in FY25. Its EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to ₹25.68 crore from ₹21.35 crore during the period.

The company is looking to expand its restaurant network, explore new brands and cuisines, and strengthen its delivery and direct-to-consumer businesses.

Its delivery business contributed 10.76% of revenue from operations in FY26.

The company also operates the Burma Burma Shop platform and plans to expand its offerings, including ready-to-eat and packaged food products.

Panthomath Capital Advisors is the sole book-running lead manager to the issue.