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. According to the draft red herring prospectus (DRHP) filed on Friday, October 17, the proposed IPO comprises a fresh issue of equity shares worth up to ₹150 crore and an offer for sale (OFS) of up to 27,929,760 shares by existing shareholders. The OFS includes shares offered by promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, promoter group entity Bbigplas Poly Pvt Ltd, and investor shareholders including Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, L V Angel Fund, Shweta Sharma, Mehul Kirit Mehta and Nisarg Ajaykumar Vakharia. The company will not receive any proceeds from the offer for sale, which will accrue to the selling shareholders. The proceeds from the fresh issue will be utilized to set up new Burma Burma restaurants across India and for general corporate purposes. As per the company's DRHP, "Our company expects to receive the benefits of listing of the equity shares on the stock exchanges and creation of a public market for the equity shares."
The company demonstrated strong financial performance in FY26, with revenue from operations increasing by 46.56% to ₹155.50 crore compared to ₹106.10 crore in FY25. As reported by The Financial Express, EBITDA rose to ₹25.68 crore from ₹21.35 crore during the same period. The EBITDA margin stood at 16.51% in FY26, indicating improved operational efficiency. However, despite the revenue growth, the company reported a net loss of ₹15.37 crore in FY26, compared with a loss of ₹1.53 crore in FY25. The company had reported a loss of ₹6.57 crore in FY24. For the three months ended June 30, 2026, revenue from operations stood at ₹53.73 crore, and the company reported a profit of ₹1.09 crore for the period, compared with losses in the corresponding full-year periods in FY24 and FY25. The IPO value will depend on the pricing of the shares offered for sale, with both revenue and earnings showing significant improvement during the year.
As of July 31, 2026, Hunger Pangs operated 22 restaurants, one delivery kitchen and three warehouses across nine cities in India. According to the filing, the company's restaurants are strategically located in premium malls, high streets and corporate parks. As of June 30, 2026, it had 21 restaurants with a combined seating capacity of 1,991. The average bill value stood at ₹2,400 in FY26. The company's delivery business contributed 10.76% of revenue from operations in FY26, while it also operates the Burma Burma Shop platform and plans to expand offerings including ready-to-eat and packaged food products. The company is looking to expand its restaurant network, explore new brands and cuisines, and strengthen its delivery and direct-to-consumer businesses through the proposed IPO. Additionally, the company is exploring adjacent Pan-Asian cuisine opportunities through new concepts to diversify its portfolio.
Panthomath Capital Advisors has been appointed as the sole book-running lead manager to the issue, while MUFG Intime India serves as the registrar. The company operates in the premium Pan-Asian casual dining segment, with its Burma Burma brand specialising in Burmese cuisine. Founded in 2013, Burma Burma began operations in 2014 with its first restaurant in Mumbai. The brand focuses on Burmese cuisine, with an all-vegetarian, no-alcohol format and an experience-led premium dining proposition built around Burmese food, tea traditions and cultural design. According to the company's cited industry report, India's full-service dining market was valued at approximately ₹1.52 lakh crore in FY26 and is projected to reach ₹2.18 lakh crore by FY30. Rising incomes, urbanisation and demand for differentiated dining experiences are expected to support market growth. The company's shares will be listed on both the NSE and BSE exchanges.
The prospectus identifies several risks that could affect Hunger Pangs' business and financial performance. The company's operations are concentrated in Burma Burma, leaving it with limited diversification across brands, formats or cuisines. Any decline in customer interest, negative publicity, food-quality concerns, service lapses or food-safety incidents could have a disproportionate impact on its business. The all-vegetarian and no-alcohol format may limit its addressable customer base. The company plans to use a significant portion of the fresh issue proceeds to establish new restaurants, with management noting that funding requirements and deployment plans are based on estimates that have not been independently appraised. High occupancy costs amounted to ₹35.57 crore in FY26, or 22.87% of revenue from operations, making performance sensitive to restaurant sales and lease terms.
