Vegorama Punjabi Angithi Ipo
Vegorama Punjabi Angithi IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Corporate Makers Capital Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | May 20, 2026 |
| IPO Close Date | May 22, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹73 to ₹77 Per Share |
| Issue Size | Approx ₹38.38 Crores |
| Fresh Issue | Approx ₹30.70 Crores |
| Offer for Sale: | Approx 9,96,800 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 3,200 | ₹2,46,400 |
| Retail Maximum | 2 | 3,200 | ₹2,46,400 |
| S-HNI Minimum | 3 | 4,800 | ₹3,69,600 |
| S-HNI Maximum | 8 | 12,800 | ₹9,85,600 |
| B-HNI Minimum | 9 | 14,400 | ₹11,08,800 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 14,16,000 Shares | 28.41% |
| QIB (Ex. Anchor) | 9,48,800 Shares | 19.04% |
| NII Shares Offered | 7,10,400 Shares | 14.25% |
| Retail Shares Offered | 16,57,600 Shares | 33.26% |
| Anchor Bidding Date | May 19, 2026 |
| Anchor Investors List | |
| Shares Offered | 14,16,000 Shares |
| Anchor Size | 10.90 Cr. |
| lock-in period end date 50% shares (30 Days) | June 24, 2026 |
| lock-in period end date 50% shares (90 Days) | August 23, 2026 |
| IPO Open Date: | May 20, 2026 |
| IPO Close Date: | May 22, 2026 |
| Basis of Allotment: | May 25, 2026 |
| Refunds: | May 26, 2026 |
| Credit to Demat Account: | May 26, 2026 |
| IPO Listing Date: | May 27, 2026 |
| IPO Bidding Cut-off Time: | May 22, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,26,23,794 | 99.4% |
| Promoter Holding Post Issue | 1,66,10,994 | -% |
| Purpose | Crores |
| Capital Expenditure for construction of banquet and fine dine restaurant | ₹11.90 |
| Capital Expenditure for construction of centralized kitchen | ₹4.20 |
| Capital Expenditure for roll out new cloud kitchen | ₹4.67 |
| Capital Expenditure for upgradation of the existing cloud kitchen facilities | ₹1.65 |
| General Corporate Purposes & Issue Expenses | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹16.91 | ₹15.78 | ₹0.84 | ₹5.59 |
| 2024 | ₹66.37 | ₹60.15 | ₹4.64 | ₹18.35 |
| 2025 | ₹102.06 | ₹91.09 | ₹8.22 | ₹24.77 |
| Dec 2025 | ₹105.35 | ₹93.31 | ₹9.04 | ₹31.81 |
| KPI | Values |
| ROE: | 80.39% |
| ROCE: | 76.03% |
| EBITDA Margin: | 10.72% |
| PAT Margin: | 8.11% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹6.51 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 80.39% |
| Net Asset Value (NAV): | ₹2,850.38 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Speciality Restaurants Limited | 4.45 | 23.73 | 6.52% | 68.13 | 0.41 Cr. |
| Vikram Kamats Hospitality Limited | 0.48 | 85.54 | 0.01% | 28.34 | 22.70 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |