New Delhi, May 27 (H.S.): Shares of Vegorama Punjabi Angithi, the company operating the popular “Punjabi Angithi” restaurant chain across several parts of the country, made a spectacular debut on the stock market today, delighting its IPO investors. The company had issued its shares at ₹77 apiece under the IPO. Today, the stock was listed on the BSE SME platform at ₹118.10, marking a premium of 53.38 percent over the issue price. Soon after listing, strong buying momentum pushed the stock to its upper circuit limit of ₹124. As a result, IPO investors earned a profit of ₹47 per share, or 61.04 percent, on the very first day of trading.

Vegorama Punjabi Angithi’s ₹38.38 crore IPO had opened for subscription from May 20 to May 22. The issue received an overwhelming response from investors and was subscribed 35.15 times overall. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 26.46 times, while the Non-Institutional Investors (NIIs) category witnessed a subscription of 63.93 times. Similarly, the retail investors’ portion was subscribed 27.79 times.

Under the IPO, a total of 49.84 lakh shares with a face value of ₹10 each were issued. Of these, approximately 37.36 lakh fresh shares worth nearly ₹29 crore were issued, while around 9.968 lakh shares worth nearly ₹8 crore were sold through the Offer for Sale (OFS) route. In addition, market maker Pace Stock Broking Services Private Limited was allotted 2.512 lakh shares worth nearly ₹2 crore.

The funds raised through the fresh issue will be utilised for establishing new fine-dine restaurants and a centralised kitchen, upgrading existing cloud kitchens, and meeting general corporate purposes.

Speaking about the company’s financial position, claims made in the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator SEBI indicate that its financial health has strengthened consistently. The company posted a net profit of ₹84 lakh in FY 2022-23, which rose to ₹4.64 crore in FY 2023-24. In the subsequent financial year 2024-25, the company’s net profit surged further to ₹8.22 crore. During the period from April 2025 to December 31, 2025, in FY 2025-26, the company had already recorded a net profit of ₹9.04 crore.

During the same period, the company also witnessed strong revenue growth. It generated total revenue of ₹16.91 crore in FY 2022-23, which increased to ₹66.37 crore in FY 2023-24 and further jumped to ₹102.06 crore in FY 2024-25. Between April and December 31, 2025, in FY 2025-26, the company had already recorded revenue of ₹105.35 crore.

However, the company’s debt also increased steadily during this period. At the end of FY 2022-23, the company had debt liabilities of ₹23 lakh, which rose to ₹4 crore in FY 2023-24 and further climbed to ₹5.05 crore in FY 2024-25. During the period from April to December 31, 2025, in FY 2025-26, the company’s debt burden stood at ₹3.62 crore.

The company’s reserves and surplus also registered continuous growth. These stood at ₹1.42 crore in FY 2022-23, increasing to ₹6.07 crore in FY 2023-24. Similarly, reserves and surplus rose to ₹14.29 crore in FY 2024-25. During the period from April to December 31, 2025, in FY 2025-26, the figure stood at ₹10.75 crore.

Likewise, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) stood at ₹1.16 crore in FY 2022-23, which increased to ₹6.04 crore in FY 2023-24. In FY 2024-25, EBITDA rose further to ₹10.86 crore. During the period from April to December 31, 2025, in FY 2025-26, the company’s EBITDA stood at ₹12.40 crore.

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Hindusthan Samachar / Jun Sarkar