By ipomarket.in Editorial Team · Last reviewed: 2026-10-22
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Hunger Pangs Ltd, the company behind the Burma Burma Restaurant & Tea Room chain, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The filing was made on 16 October 2026 and sets the stage for a public listing aimed at funding a nationwide restaurant expansion.
This article walks through what the draft papers disclose, what the money will be used for, and where the honest gaps still are. Because the DRHP is at draft stage, several key details that retail investors usually want are not yet available.
What the DRHP discloses
The proposed IPO is a mix of two parts:
- A fresh issue of equity shares worth up to ₹150 crore, where the money goes to the company.
- An offer for sale (OFS) of up to 2.79 crore shares (27,929,760 shares) by existing shareholders, where the proceeds go to those selling shareholders, not the company.
If you are new to this structure, our explainer on the draft red herring prospectus covers what a DRHP is and how to read one.
The selling shareholders in the OFS include promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, promoter group entity Bbigplas Poly Pvt Ltd, and several investor shareholders: Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund. The presence of early angel funds in the selling list is common when a startup-stage business moves toward listing.
Panthomath Capital Advisors is the sole book-running lead manager to the issue.
The business: Burma Burma
Hunger Pangs operates in the premium Pan-Asian casual dining segment, with its Burma Burma brand specialising in Burmese cuisine. As of 31 July 2026, the company operated 22 restaurants, one delivery kitchen and three warehouses across nine cities in India.
This is a focused, premium-positioned restaurant chain rather than a mass-market quick-service brand. That positioning matters for anyone trying to judge how the business scales, because premium dining tends to carry higher per-store costs and slower rollout than value formats.
Financials: growing revenue, widening losses
The numbers in the draft papers show a business growing quickly on the top line but still loss-making.
- Revenue from operations rose 46.56% to ₹155.50 crore in FY26, up from ₹106.10 crore in FY25.
- Over the same period, net loss widened to ₹15.4 crore from ₹50 lakh.
So revenue grew strongly, but losses expanded sharply as well. A jump from a near-breakeven ₹50 lakh loss to a ₹15.4 crore loss is a figure every reader should weigh carefully alongside the revenue growth. Expansion-stage restaurant businesses often spend ahead of revenue when opening new outlets, but widening losses are a genuine risk factor, not a footnote. Our guide on how to analyse IPO financials from the RHP explains how to read these trends.
What the fresh issue money is for
According to the draft papers, Burma Burma plans to use ₹117.29 crore from its fresh issue to open 27 company-owned restaurants over FY28 and FY29. The company expects to open 12 outlets in FY28 and 15 in FY29.
That is a clear, capacity-led use of proceeds: most of the fresh money is tied to physical expansion rather than debt repayment or general corporate purposes. For investors, the question becomes whether new outlets can be opened and matured without pushing losses wider.
What is still not disclosed
At this stage, several important details are not yet available because the DRHP is a draft pending SEBI review:
- Price band is not yet disclosed.
- Subscription dates (open and close) are not yet disclosed.
- The final IPO size and valuation are not yet disclosed.
- Any grey market premium (GMP) would not be meaningful at the draft stage; for context on how GMP works and its limits, see our GMP guide.
These typically appear later, in the red herring prospectus, after SEBI issues its observations. We will update this article as official details are confirmed.
FAQ
When is the Burma Burma (Hunger Pangs) IPO date?
The IPO open and close dates are not yet disclosed. The company filed its DRHP with SEBI on 16 October 2026, and dates are usually announced only after SEBI clears the draft and the company files its red herring prospectus.
How big is the IPO?
The draft papers propose a fresh issue of up to ₹150 crore plus an offer for sale of up to 2.79 crore shares by existing shareholders. The final total issue size and valuation are not yet disclosed.
What will the company do with the IPO money?
Hunger Pangs plans to use ₹117.29 crore of the fresh issue proceeds to open 27 company-owned restaurants across FY28 and FY29, with 12 outlets planned in FY28 and 15 in FY29. The OFS proceeds go to the selling shareholders, not the company.
Is Burma Burma profitable?
No. In FY26 the company grew revenue 46.56% to ₹155.50 crore but its net loss widened to ₹15.4 crore from ₹50 lakh in FY25.
Who is managing the issue?
Panthomath Capital Advisors is the sole book-running lead manager to the IPO.
Last reviewed: 2026-10-22. Figures are drawn from the company's DRHP and reported filings; details remain subject to SEBI review and may change.