Hunger Pangs Ltd, the parent company of Burma Burma Restaurant & Tea Room, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), seeking to raise up to Rs 150 crore through a fresh issue of shares.
The proposed offering also includes an offer for sale (OFS) of up to 2.79 Cr shares by existing shareholders, including promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, promoter group entity Bbigplas Poly Pvt Ltd, and investors Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund.
The fresh issue proceeds will be used to open new Burma Burma restaurants across India and for general corporate purposes. Panthomath Capital Advisors is the sole book-running lead manager to the issue.
The proposed listing comes as the premium casual dining business expands its footprint and seeks to capitalise on demand for differentiated dining experiences in Indian cities.
- Revenue Rises 47%, but Hunger Pangs Remains Loss Making
Hunger Pangs reported revenue from operations of Rs 155.50 crore in FY26, up 46.56% from Rs 106.10 crore in FY25. EBITDA increased to Rs 25.68 crore from Rs 21.35 crore, while the EBITDA margin stood at 16.51%.
Despite the growth in revenue and operating earnings, the company reported a net loss of Rs 15.37 crore in FY26. The contrast highlights the distinction between operating performance and bottom line profitability as restaurant businesses invest in expansion and manage occupancy, staffing and other costs.
- Burma Burma’s Restaurant Network and Expansion Plans
As of July 31, 2026, Hunger Pangs operated 22 restaurants, one delivery kitchen and three warehouses across nine Indian cities. Its outlets are located in premium malls, high streets and corporate parks.
The company specialises in Burmese cuisine within the premium Pan Asian casual dining segment. Alongside its restaurants, it is looking to expand delivery and direct-to-consumer operations, explore new brands and cuisines, and grow its Burma Burma Shop platform through ready to eat and packaged food products.
Delivery contributed 10.76% of revenue from operations in FY26, providing an additional channel beyond dine in sales.
- What the IPO Means for Hunger Pangs
The fresh issue could provide capital to expand the restaurant network, while the OFS would allow existing shareholders to sell part of their holdings. The two components serve different purposes: proceeds from the fresh issue go to the company, whereas proceeds from the OFS go to the selling shareholders.
Hunger Pangs has raised around $11 million to date. In March 2026, the company reportedly raised Rs 38 crore in a funding round that valued it at approximately Rs 500 crore.
For investors, the key questions will be whether Hunger Pangs can sustain its revenue growth, improve net profitability and replicate the Burma Burma experience across more locations without diluting its premium positioning. The IPO final pricing and valuation will help determine how public market investors assess those prospects.
The Unicorn Magazine:- Editing by Deepak Kumar
