Burma Burma Parent Hunger Pangs Files DRHP for Rs 150 Crore IPO; Plans Restaurant Expansion Across India

Hunger Pangs Limited, the company behind premium Burmese restaurant chain Burma Burma, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), taking its first formal step towards going public.

The proposed initial public offering (IPO) will comprise a fresh issue of equity shares worth Rs 150 crore, along with an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders.

The company plans to use the proceeds from the fresh issue primarily to expand its Burma Burma restaurant network across India. A portion will also be allocated towards general corporate purposes.

The proposed listing comes as Hunger Pangs looks to build on the growing demand for differentiated dining experiences and expand its presence in India's premium casual dining segment.

Promoters and Existing Investors to Sell Shares

The proposed IPO will also give several existing shareholders an opportunity to partially exit their investments through the offer for sale.

Among the promoters, Ankit Virendra Gupta and Chirag Narendra Chhajer will each sell up to 60 lakh shares. Bbigplas Poly, a promoter group entity, plans to offload up to 42 lakh shares.

Several early investors are also participating in the OFS. Negen Tech Opportunities Angel Fund will sell up to 64.68 lakh shares, while Venture Catalysts Angel Growth Fund plans to sell up to 27.72 lakh shares. L V Angel Fund will offload up to 5.25 lakh shares.

Other shareholders participating in the offer include Nisarg Ajaykumar Vakharia, Shweta Sharma and Mehul Kirit Mehta.

Panthomath Capital Advisors has been appointed as the sole book-running lead manager for the IPO.

While the fresh issue will bring new capital into the company, the proceeds from the OFS will go to the shareholders selling their stakes.

Burma Burma Operates 22 Restaurants Across Nine Cities

Hunger Pangs operates Burma Burma, a premium Pan-Asian casual dining chain known for its focus on Burmese cuisine.

The restaurant brand has built its identity around regional food traditions, cultural storytelling and an experience-led approach to dining. Its menu development involves culinary research and innovation, while standardised operating processes help maintain consistency across its restaurant network.

According to the company's DRHP, Hunger Pangs operated 22 restaurants, one delivery kitchen and three warehouses across nine cities as of July 31, 2026.

Its restaurants had a combined seating capacity of 1,991 seats as of June 30, 2026. The company's average bill value stood at Rs 2,400 in FY26, reflecting its positioning in the premium dining segment.

Beyond its dine-in operations, Hunger Pangs also runs the Burma Burma Shop platform. The company is looking to strengthen its delivery and direct-to-consumer businesses, including ready-to-eat meals and other packaged food products.

These additional offerings could help the brand reach customers beyond its physical restaurant locations and create more opportunities to expand its presence in the food business.

Revenue Jumps 46.56% to Rs 156 Crore in FY26

Hunger Pangs recorded a strong increase in revenue during FY26. Its revenue from operations rose 46.56% year-on-year to Rs 156 crore, compared with Rs 106.1 crore in FY25.

The company also reported an improvement in EBITDA, which increased to Rs 25.7 crore from Rs 21.4 crore in the previous financial year.

Its EBITDA margin stood at 16.51% in FY26, indicating that the business generated a higher operating profit before interest, taxes, depreciation and amortisation relative to its revenue.

However, the company continued to report a bottom-line loss. Hunger Pangs posted a net loss of Rs 15.37 crore during FY26 despite the increase in revenue and EBITDA.

The financial results point to growing business activity, although the company will still need to improve its overall profitability as it expands its restaurant network.

Expansion Plans Extend Beyond Burma Burma

The proposed IPO funding is expected to support Hunger Pangs' next phase of expansion, with the company planning to establish more Burma Burma restaurants across India.

Alongside opening new outlets, Hunger Pangs intends to explore additional brands and cuisines. The company is also looking to strengthen customer engagement and build on the demand for distinctive dining concepts across major Indian cities.

Its focus on delivery and direct-to-consumer offerings, including packaged food products, also provides an opportunity to diversify its revenue streams beyond traditional restaurant operations.

The expansion strategy reflects the company's ambition to develop a broader food and dining business while continuing to build the Burma Burma brand.

Burma Burma Has Raised $11 Million So Far

Hunger Pangs has raised a total of $11 million in funding to date.

This includes a $4 million funding round, equivalent to around Rs 38 crore, completed in March 2026. The round valued the company at Rs 500 crore.

The proposed IPO marks another important stage in the company's growth journey, as it looks to raise capital from public markets and expand its operations.

What's Next for Hunger Pangs?

Hunger Pangs' proposed IPO comes at a time when India's organised restaurant industry is seeing growing interest in specialised dining concepts and premium food experiences.

With 22 restaurants across nine cities, Burma Burma has established a presence in the country's premium casual dining market. Its plans to open more outlets, explore new cuisines and expand packaged food offerings indicate that the company is looking beyond its existing restaurant business.

The financial performance also presents a mixed picture. Revenue and EBITDA recorded healthy growth in FY26, but the net loss of Rs 15.37 crore shows that profitability remains an area the company needs to address.

The Rs 150 crore fresh issue could provide the capital needed to support its expansion plans. However, the company's ability to manage the costs of opening new restaurants while maintaining consistent performance across existing outlets will be important.

As Hunger Pangs moves closer to its proposed public listing, investors will be watching how effectively it can translate its growing restaurant footprint and brand recognition into sustainable revenue and profitability.