Burma Burma Parent Hunger Pangs Files DRHP for INR 150 Cr

Hunger Pangs Limited, which operates Burma Burma Restaurant & Tea Room, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed issue comprises a fresh issue of equity shares worth up to INR 150 crore and an offer for sale (OFS) of up to 2.79 crore equity shares by existing shareholders.

The OFS includes up to 60 lakh shares each from promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, and 42 lakh shares from promoter group entity Bbigplas Poly Private Limited.

Following that funding round, co-founder Ankit Gupta wrote in a public post: “We want Burma Burma to be one of the world’s leading Burmese restaurant brands. And the most exciting part of this story is still being written.”

Among investor shareholders, Negen Tech Opportunities Angel Fund plans to sell up to 64.68 lakh shares, Venture Catalysts Angel Growth Fund up to 27.72 lakh shares, and L V Angel Fund up to 5.25 lakh shares. Other selling shareholders include Nisarg Ajaykumar Vakharia, who will offload up to 15.49 lakh shares; Shweta Sharma, up to 2.58 lakh shares; and Mehul Kirit Mehta, up to 1.58 lakh shares.

The company plans to use the net proceeds from the fresh issue to establish new Burma Burma restaurants in India and for general corporate purposes.

According to the F&S Report cited in the DRHP, India’s full-service dining market was valued at approximately INR 1.52 lakh crore in FY26 and is projected to reach INR 2.18 lakh crore by FY30, growing at a compound annual growth rate of around 9.4%.

Casual dining restaurants accounted for more than 95% of the full-service dining market in FY26. The report identifies rising disposable incomes, urbanisation, changing consumer preferences and demand for differentiated dining experiences as factors supporting market growth.

Pantomath Capital Advisors Private Limited is the sole book-running lead manager to the issue.