Mumbai: Hunger Pangs Ltd, the operator of Burma Burma Restaurant & Tea Room, has filed draft IPO papers with to fund its restaurant expansion across India.
The proposed public issue combines a fresh equity issue of up to ₹150 crore with an offer for sale of up to 2.79 crore shares by existing shareholders, according to the draft red herring prospectus filed on Friday.
Burma Burma IPO Structure
Promoters Ankit Virendra Gupta and Chirag Narendra Chhajer are among the shareholders participating in the OFS. Promoter group company Bbigplas Poly Pvt Ltd will also sell shares.
Other selling shareholders include Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund.
Fresh issue proceeds will support the opening of new Burma Burma restaurants and general corporate purposes. The IPO value will depend on the pricing of the shares offered for sale.
Restaurant Network And Expansion Plans
Hunger Pangs operates in the premium Pan-Asian casual dining market, with Burma Burma focusing on Burmese cuisine.
As of July 31, 2026, the company had 22 , one delivery kitchen and three warehouses across nine cities. Its outlets operate in premium malls, high streets and corporate parks.
The company plans to widen its restaurant footprint while exploring brands and .
FY26 Revenue Rises 46.56%
Revenue from operations increased 46.56 per cent to ₹155.50 crore in FY26, compared with ₹106.10 crore a year earlier.
EBITDA rose to ₹25.68 crore from ₹21.35 crore. While both measures improved, revenue expanded faster than earnings during the year.
Delivery And Packaged Foods In Focus
Delivery contributed 10.76 per cent of FY26 operating revenue. Hunger Pangs intends to strengthen this channel alongside its direct-to-consumer business.
Through Burma Burma Shop, it also plans to broaden its product selection, including ready-to-eat meals and packaged foods.
The proposed IPO links fundraising with expansion and development of these sales channels. Panthomath Capital Advisors is the sole book-running lead manager.