The Vegorama Punjabi Angithi IPO allotment is expected today, May 25, after receiving a massive 35 times overall subscription. Retail investors will be allotted shares on a proportional basis, with refunds starting May 26. The IPO price was fixed at ₹77 per share, with shares scheduled to be credited to successful bidders' demat accounts on the same day as refunds. As per LiveMint, investors can check their allotment status through the registrar Bigshare Services or on the BSE website.
Restaurant chain operator Vegorama Punjabi Angithi's IPO achieved a massive 35 times subscription on May 22, the final day of bidding, as reported by market observers. The company successfully raised ₹25.59 crore through a public issue of 49.84 lakh shares at the upper end of the price band of ₹73-77 per share. Investors bid for 11.68 crore equity shares against the offer size of 35.68 lakh shares through 18,700 applications. The non-institutional investors segment was oversubscribed 64 times, while retail investors and qualified institutional buyers were subscribed 28 times and 24.46 times respectively.
Non-institutional investors led the subscription with a 64 times subscription, followed by retail investors at 28 times and qualified institutional buyers at 24.46 times, according to market data. The IPO comprised a fresh issue of 39.87 lakh shares and an offer-for-sale of 9.96 lakh shares by promoter Deepak Chadha. Out of the total offer size, the company raised ₹10.9 crore by issuing 14.16 lakh shares to five anchor investors, including Bharat Venture Opportunities Fund, Tattvam AIF Trust, and Hem Growth Opportunities Fund.
The cloud kitchen and takeaway service provider will finalise the IPO share allotment by May 25, while its equity shares are scheduled to be listed on the BSE SME platform on May 27, as reported by market observers. Vegorama Punjabi Angithi's IPO shares were trading at a grey market premium (GMP) of ₹6 per share, indicating that the stock could list at a premium of nearly 8% over the issue price. The company operates 27 cloud kitchens and two fine-dine restaurants in the Delhi-NCR region.
The company will utilize the proceeds from the fresh issue for working capital requirements and general corporate purposes, according to the company's disclosure. Vegorama Punjabi Angithi initially operated as a cloud kitchen and takeaway service provider, focusing on vegetarian North Indian cuisines. By 2020, the company had established itself as a prominent player in the cloud kitchen segment, fulfilling thousands of orders across multiple outlets. In 2021, it expanded into institutional catering by introducing corporate thali services, helping diversify its revenue streams beyond traditional cloud kitchen operations.
