Hunger Pangs Limited, the operator of premium Burmese restaurant chain Burma Burma, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders.
The promoters, Ankit Virendra Gupta and Chirag Narendra Chhajer, will each sell up to 60 lakh shares. Promoter group entity Bbigplas Poly will offload up to 42 lakh shares.
Among the investor shareholders, Negen Tech Opportunities Angel Fund will 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, Shweta Sharma and Mehul Kirit Mehta.
The company plans to use the proceeds from the fresh issue to set up new Burma Burma restaurants across India and for general corporate purposes. Panthomath Capital Advisors is the sole book-running lead manager to the issue.
Hunger Pangs operates Burma Burma, a premium Pan-Asian casual dining chain built around Burmese cuisine, cultural storytelling and experiential dining. Its menu development focuses on culinary research and innovation, supported by standardised processes across its restaurant network.
According to the company’s DRHP, it had 22 restaurants, one delivery kitchen and three warehouses across nine cities as of July 31, 2026. Its restaurants had an aggregate seating capacity of 1,991 seats as of June 30, 2026, while the average bill value stood at Rs 2,400 in FY26.
Beyond its dine-in business, the company operates the Burma Burma Shop platform and is looking to expand its delivery and direct-to-consumer offerings, including ready-to-eat and other packaged food products.
On the financial front, Hunger Pangs reported a 46.56% year-on-year increase in revenue from operations to Rs 156 crore in FY26, compared with Rs 106.1 crore in FY25. EBITDA rose to Rs 25.7 crore from Rs 21.4 crore during the same period, while the EBITDA margin stood at 16.51% in FY26. However, the company posted Rs 15.37 crore net loss during the year.
The company also plans to expand its restaurant footprint, explore new brands and cuisines, and strengthen customer engagement as it seeks to tap demand for differentiated dining experiences across Indian cities.
Burma Burma has raised a total of $11 million in funding, including a $4 million (Rs 38 crore) round that valued the company at Rs 500 crore in March this year.