Hunger Pangs, the company behind the vegetarian Burmese cuisine chain Burma Burma, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) featuring a fresh issue of up to ₹150 crore and an offer for sale of up to 2.8 crore shares by promoters and early investors.
- IPO includes ₹150 Cr fresh issue plus 2.8 Cr shares offer for sale
- Funds target opening 27 new restaurants in FY28 and FY29
- FY26 saw 46.6% revenue rise but net loss widened to ₹15.4 Cr
What happened
Hunger Pangs, parent company of the Burma Burma restaurant chain, has officially filed its DRHP for an IPO with a fresh issue of up to ₹150 crore and an offer for sale of up to 2.8 crore shares by promoters and early investors. Cofounders Ankit Gupta and Chirag Chhajer plan to offload 60 lakh shares each through the offer for sale. Other selling shareholders include various angel funds and venture investors.
The company aims to utilize ₹117.29 crore from the fresh issue to fund the opening of 27 new company-owned outlets across existing markets and new Tier I and II cities during FY28 and FY29. Locations for five outlets in cities like Bengaluru, Surat, Jaipur, Kolkata and Delhi have already been identified, with site agreements underway for others. The remaining IPO proceeds will support general corporate purposes.
Why it matters
Burma Burma operates in the premium casual dining segment with a focus on vegetarian Burmese cuisine, positioning itself uniquely in a competitive Asian dining market that includes Mainland China and Mamagoto. The IPO aims to fuel rapid expansion and deepen the brand’s presence in India’s restaurant landscape.
Despite posting 46.6% growth in operating revenue to ₹155.5 crore in FY26, Hunger Pangs’ net loss widened to ₹15.4 crore as expenses surged faster than revenues. The company increased its footprint from 12 to 21 outlets during the year but experienced a dip in average bill value. These dynamics underscore the challenges balancing growth and profitability ahead of public listing.
What to watch next
Investors and analysts will be closely watching the IPO’s subscription levels and pricing, which will set the tone for public market appetite towards premium casual dining chains in India. The rollout and successful operation of the 27 new restaurants over the next two years will be critical for validating Hunger Pangs’ growth story post-IPO.
Additionally, the company’s efforts to finalise locations beyond the initial five confirmed outlets, along with progress on its new premium Japanese dining concept currently under development, will be important indicators of future diversification and growth strategy. Financial performance trends post-listing, particularly any improvements in margins and profitability, will also be key.