Hunger Pangs IPO: Burma Burma Operator Files DRHP with SEBI
Hunger Pangs, the company behind the premium Burma Burma Restaurant & Tea Room chain, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), initiating the process for its proposed initial public offering (IPO).
According to the reported DRHP details, the proposed IPO comprises a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 27,929,760 shares by existing shareholders. The company plans to use the fresh issue proceeds to establish new Burma Burma restaurants and for general corporate purposes.
Hunger Pangs IPO: Issue Structure
The proposed public offering includes two components:
- Fresh issue: ₹150 crore, with proceeds intended for restaurant expansion and general corporate purposes.
- Offer for Sale (OFS): 27,929,760 existing shares offered by current shareholders.
In a fresh issue, funds raised go to the company, subject to issue expenses and the stated utilisation plan. In an OFS, the proceeds go to the selling shareholders rather than the company.
The shareholders named as selling shareholders include promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, Bbigplas Poly Pvt Ltd, and investors Venture Catalysts Angel Growth Fund, L V Angel Fund, Negen Tech Opportunities Angel Fund, Shweta Sharma, Mehul Kirit Mehta and Nisarg Ajaykumar Vakharia.
The final issue size, price band, opening dates and other offer details will be known through subsequent IPO documents and announcements.
What Will Hunger Pangs Do with the IPO Proceeds?
The company has indicated that proceeds from the fresh issue will be used to set up additional Burma Burma restaurants and for general corporate purposes. The proposed listing is also expected to provide the company with access to a public market for its equity shares.
Hunger Pangs is looking to expand its restaurant network, explore additional brands and cuisines, and strengthen its delivery and direct-to-consumer operations. It also operates the Burma Burma Shop platform, with plans to expand into ready-to-eat and packaged food products.
Hunger Pangs Financial Performance
The company reported growth in revenue and EBITDA in FY26 compared with FY25, according to the information provided in the DRHP coverage.
Revenue from operations increased by approximately 46.56% year-on-year, from ₹106.10 crore in FY25 to ₹155.50 crore in FY26. EBITDA rose from ₹21.35 crore to ₹25.68 crore over the same period.
EBITDA is a measure of operating performance and is not the same as net profit or cash flow. Investors should review the company's complete financial statements, debt levels, margins and cash flows before drawing conclusions about its financial health.
Burma Burma's Restaurant Network
Hunger Pangs operates in the premium Pan-Asian casual dining segment. Its Burma Burma brand specialises in Burmese cuisine and serves customers through restaurants and delivery channels.
As of July 31, 2026, the company reportedly operated:
- 22 restaurants
- 1 delivery kitchen
- 3 warehouses
- Operations across 9 cities in India
Its restaurants are located in premium malls, high streets and corporate parks. The delivery business contributed 10.76% of revenue from operations in FY26.
The company's expansion plans and ability to maintain consistent restaurant-level economics will be important factors for investors to assess.
Hunger Pangs IPO: Lead Manager and Registrar
According to the reported offer details:
- Book-running lead manager: Panthomath Capital Advisors
- Registrar: MUFG Intime India
- Proposed listing exchanges: National Stock Exchange (NSE) and BSE
Investors should refer to the final offer documents for confirmed issue dates, price band, lot size, valuation, risk factors and the complete objects of the issue.
What Should Investors Watch?
Before evaluating the Hunger Pangs IPO, investors may want to examine the following:
- Valuation: Compare the proposed valuation with listed restaurant and food-service companies, taking business mix and profitability into account.
- Expansion economics: Assess the capital required to open new outlets and the time needed for new restaurants to become profitable.
- Operating margins: Review restaurant-level profitability, rent, employee costs, food costs and other operating expenses.
- Fresh issue versus OFS: Understand how much money will enter the company and how much will go to existing shareholders.
- Cash flow and debt: Check whether operating cash flow can support the expansion strategy and whether the company has significant borrowings or other obligations.
- Risk factors: Read the DRHP for risks relating to competition, consumer demand, restaurant leases, food safety, supply chains and execution.
Hunger Pangs IPO: Key Takeaway
Hunger Pangs, the operator of Burma Burma Restaurant & Tea Room, has reportedly filed its DRHP with SEBI for a proposed IPO comprising a ₹150 crore fresh issue and an OFS of 27,929,760 shares. The company intends to use fresh issue proceeds for restaurant expansion and general corporate purposes.
Its reported FY26 revenue growth and restaurant footprint provide useful starting points for further analysis, but they do not by themselves establish whether the IPO will be attractively valued. Investors should assess the complete offer documents, valuation and risk factors once more details become available.
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or an IPO recommendation. IPO details and financial figures are based on the supplied news report and should be verified against the company's DRHP and official regulatory disclosures. Securities investments are subject to market risks. Consult a SEBI-registered investment adviser before making investment decisions.