New IPO Alert: Burma Burma operator Hunger Pangs files DRHP with SEBI

Burma Burma Restaurant & Tea Room chain operator Hunger Pangs has filed a draft red herring prospectus (DRHP) with the markets regulators, the Securities and Exchange Board of India, to raise funds via initial public offering.

The proposed initial share sale is a combination of a fresh issuance of equity shares valued at ₹150 crore and an offer for sale (OFS) component of 27,929,760 shares by existing shareholders.

Those selling their stake under the OFS route include promoters Ankit Virendra Gupta, Chirag Narendra Chhajer and 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 funds raised will be used to set up new 'Burma Burma' restaurants and for general corporate purposes. "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 firm said in its DRHP.

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 posted a 46.56% increase in revenue from operations to ₹155.50 crore in fiscal year 2026 from ₹106.10 crore in FY25. Its EBITDA (earnings before interest, taxes, depreciation and amortisation) advanced 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, while MUFG Intime India is the registrar.

The company's shares will be listed on the NSE and the BSE.