Hunger Pangs Ltd, the company behind the Burma Burma restaurant chain, filed its draft red herring prospectus (DRHP) with SEBI on 16 October 2026. The Hunger Pangs IPO has a fresh issue of up to ₹150 crore and an offer for sale of up to 2.79 crore shares.
The DRHP is the draft prospectus a company files with SEBI before an IPO. SEBI reviews it first, and only then can the company set dates and a price band.
What is in the Hunger Pangs IPO?
| Item | Detail |
|---|---|
| Fresh issue | Up to ₹150 crore |
| Offer for sale | Up to 2.79 crore shares |
| Sole lead manager | Panthomath Capital Advisors |
| Filed with SEBI | 16 October 2026 |
The fresh issue money goes to the company. It will be used to set up new Burma Burma restaurants across India and for general corporate purposes. The offer for sale is different. That money goes to the selling shareholders, not to the company.
Promoters Ankit Virendra Gupta and Chirag Narendra Chhajer will each sell up to 60 lakh shares. Promoter group entity Bbigplas Poly will sell up to 42 lakh. Among investors, Negen Tech Opportunities Angel Fund will sell up to 64.68 lakh shares, Venture Catalysts Angel Growth Fund up to 27.72 lakh and L V Angel Fund up to 5.25 lakh, as per an Entrackr report on the DRHP.
How big is the business?
As of 31 July 2026, Hunger Pangs ran 22 restaurants, one delivery kitchen and three warehouses across nine Indian cities. Burma Burma is a premium Pan-Asian casual dining brand built around Burmese food. The average bill value was ₹2,400 in FY26.
Revenue from operations rose 46.56% to ₹155.50 crore in FY26 from ₹106.10 crore in FY25. EBITDA, the operating profit before interest, tax and depreciation, rose to ₹25.68 crore from ₹21.35 crore. Delivery contributed 10.76% of FY26 revenue.
The company still made a loss. Entrackr reports a net loss of ₹15.37 crore for FY26. We have not read the restated accounts ourselves, so treat that figure as reported.
Entrackr also reports that Burma Burma has raised about $11 million in total funding, including a $4 million round (about ₹38 crore) in March 2026 that valued it at ₹500 crore.
What our data shows
At about ₹150 crore of fresh issue, this is one of the smaller filings we have tracked this year: #45 of 47 by size. It is part of a busy month. 65 companies have filed draft papers so far in October, as per our tracker. We covered the week's other filings in our weekly filings round-up.
What happens next
SEBI usually takes one to three months to review a draft and issue its observations. After that the company has 12 months to launch. No IPO date, price band or valuation has been announced. You can follow every company in the queue on our upcoming mainboard IPO page. The filing was also reported by BusinessLine.
