Vegorama Punjabi Angithi IPO
Vegorama Punjabi Angithi Limitedpunjabiangithi.in
- Price band
- ₹73 – ₹77
- Issue size
- ₹38.38 Cr
- Lot size
- 1600 sh
- Bidding
- 20 – 22 May
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 27 May 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Vegorama Punjabi Angithi, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2014 · New Delhi, Delhi · 306 employees
Vegorama Punjabi Angithi sells pure-vegetarian North Indian food under the Punjabi Angithi brand. Deepak Chadha started it in 2014 as a Hindu Undivided Family firm with one outlet in Paschim Vihar, Delhi; the company itself was incorporated in March 2022 and became a public limited company in April 2025. As on its red herring prospectus of 13 May 2026 it ran 27 cloud kitchens and two fine-dine restaurants across Delhi, Gurgaon, Noida and Dehradun, with two Noida kitchens not yet open and one at Dwarka closed. Cloud kitchens run 400 to 870 square feet; the fine-dine restaurant about 2,397 square feet. It employed 306 people on 28 February 2026, and reaches customers through delivery apps, takeaway, dine-in, corporate thali orders and catering.
Nearly all revenue is food sold through third-party delivery platforms. In FY25 the two largest customers, both booked as "E-Commerce Portal Sale", were 49.85% and 42.06% of revenue from operations of Rs 101.31 crore — 91.91% between them. Cost of material consumed was Rs 50.54 crore that year, about half of revenue; other expenses of Rs 31.82 crore and employee benefits of Rs 8.08 crore left an EBITDA margin of 10.72%, rising to 11.81% in the nine months to December 2025. Growth therefore means more kitchens: Rs 23.32 crore of the Rs 30.71 crore of issue objects funds a banquet and fine-dine restaurant, a centralised kitchen, new cloud kitchens and upgrades.
The company on paper
- Legal name
- Vegorama Punjabi Angithi Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 30 Mar 2022trading as Vegorama Punjabi Angithi since 2014
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U55101DL2022PLC395857
- Sector
- Consumer Discretionary · Pure-vegetarian North Indian cloud kitchens and fine-dine restaurants
- Employees
- 306
- Registered office
- New Delhi, Delhi
- Promoters
- Deepak Chadha, Subash Chander Chadha, Teenu Chadha
- Promoter holding, pre-issue
- 99.4%
- Promoter holding, post-issue
- 69.5%
- Website
- punjabiangithi.in
The numbers
Financial performance
Revenue has compounded at 145.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹30.70 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹7.68 Cr
- Total issue size
- ₹38.38 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,51,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 29.9% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹77.00
- Listed at
- ₹118.10
- Listing gain
- up 53.4%
- Since listing
- up 104.1%
- Against the issue price
- up 213.0%
Trading at ₹241.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 3,200
- At cut-off price
- ₹77.00
- Amount blocked
- ₹2,46,400
One lot is 1600 shares at ₹1,23,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,46,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~4%
chance of one lot, per application
- Retail subscription
- 27.79×
- Applicants per share available
- 27.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹118.10
listed at, 53.4% against the issue price
- Issue price
- ₹77.00
- Premium said
- —
- If allotted 1600 shares
- ₹65,760
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- The 31 December 2025 column is a NINE-MONTH stub (April-December 2025), not a full year. Its revenue of Rs 105.05 crore already exceeds FY25's full-year Rs 101.31 crore, so the series must not be read as four comparable annual periods.
- Fresh issue is stated here as Rs 30.70 crore, which is the RHP's full fresh issue of 39,87,200 shares INCLUDING the 2,51,200-share market maker reservation. Several trackers print Rs 29 crore for 'Fresh Issue (Ex Market Maker)'; that figure plus the Rs 7.68 crore OFS does not add to the Rs 38.38 crore total, while Rs 30.70 crore plus Rs 7.68 crore does.
- Revenue rows are the RHP's 'Revenue from Operations'. Trackers generally print Total Income, which is higher (FY25: Rs 102.06 crore vs Rs 101.31 crore) because it includes other income.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Corporate Makers Capital Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Vegorama Punjabi Angithi's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- BSE cash-market bhavcopy, 27 May 2026 (primary — ISIN, ticker VPAL, series MT, NewBrdLotQty 1600, open 118.10 / high 124.00 / low 118.10 / close 124.00, volume 25,37,600) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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