Vegorama Punjabi IPO: Check GMP, subscription, price band and other details

The SME IPO of Vegorama Punjabi Angithi will open for subscription on Wednesday, with strong grey market activity indicating healthy investor interest ahead of the issue launch. According to market trackers, the IPO was commanding a grey market premium (GMP) of around 20% over the upper end of the issue price band, signalling expectations of positive listing gains in the unofficial market.

The BSE SME issue aims to raise around Rs 38.38 crore through a combination of fresh issue and offer-for-sale components. The IPO comprises a fresh issue of 39.87 lakh shares worth around Rs 30.7 crore and an offer-for-sale of 9.96 lakh shares aggregating to Rs 7.68 crore.

The issue will open for subscription on May 20 and close on May 22. Shares are tentatively scheduled to list on the BSE SME platform on May 27. The company has fixed the price band at Rs 73-77 per share.

Investors can bid for a minimum of 1,600 shares, but retail investors will have to apply for at least two lots or 3,200 shares, translating into a minimum investment of Rs 2.46 lakh at the upper price band. For small HNI investors, the minimum application size has been fixed at 4,800 shares amounting to Rs 3.69 lakh.

The company has already raised Rs 10.9 crore from anchor investors ahead of the IPO opening.

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Vegorama Punjabi Angithi operates restaurant and cloud kitchen businesses under the "Punjabi Angithi" brand focused primarily on North Indian and Punjabi cuisine. The company currently operates multiple cloud kitchens and dine-in restaurant formats across the Delhi-NCR region.

Its business model spans dine-in, takeaway and online food delivery channels, allowing it to cater to a broad urban customer base.

The company plans to utilise IPO proceeds for expansion initiatives including setting up new cloud kitchens, upgrading infrastructure and strengthening operational capabilities. Grey market premiums are unofficial indicators of investor sentiment ahead of listing and do not guarantee actual market performance after the stock begins trading on the exchange.

Corporate Makers Capital is the book-running lead manager to the issue, while Bigshare Services is acting as the registrar. Pace Stock Broking Services is the market maker for the IPO.

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