Hunger Pangs, the company behind Burma Burma Restaurant & Tea Room, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a step towards a potential stock market listing. The company operates a specialty Burmese casual dining chain in India's premium Pan-Asian restaurant segment.

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The proposed initial public offering (IPO) consists of a fresh issue of equity shares worth up to ₹150 crore and an offer for sale (OFS) of up to 27,929,760 existing equity shares. While the fresh issue will raise funds for the company, proceeds from the OFS will go to the shareholders selling their shares.

Promoters Ankit Virendra Gupta and Chirag Narendra Chhajer each plan to sell up to 60 lakh shares. Promoter group entity Bbigplas Poly Private Limited intends to sell up to 42 lakh shares. Other selling shareholders include Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, L V Angel Fund, Nisarg Ajaykumar Vakharia, Shweta Sharma and Mehul Kirit Mehta.

Hunger Pangs plans to use the proceeds from the fresh issue to establish new Burma Burma restaurants across India and for general corporate purposes. The proposed expansion comes as the company looks to increase its presence in the country's premium casual dining market.

As of July 31, 2026, Hunger Pangs operated 22 restaurants, one delivery kitchen and three warehouses across nine Indian cities. As of June 30, 2026, it had 21 restaurants with a combined seating capacity of 1,991 seats. The company's average bill value stood at ₹2,400 in FY26, reflecting its positioning in the premium dining segment.

The company reported revenue from operations of ₹155.50 crore in FY26, up 46.56% from ₹106.10 crore in FY25. EBITDA increased to ₹25.68 crore from ₹21.35 crore over the same period, while the EBITDA margin stood at 16.51% in FY26.

Beyond opening new restaurants, Hunger Pangs intends to develop additional brands and cuisines, introduce menu innovations and strengthen customer engagement. It also plans to expand its delivery and direct-to-consumer businesses, including ready-to-eat meals and packaged food products. Delivery contributed 10.76% of revenue from operations in FY26.

The broader market outlook provides context for the company's expansion plans. According to the cited F&S Report, India's full-service dining market was valued at approximately ₹1.52 lakh crore in FY26 and is projected to reach ₹2.18 lakh crore by FY30, representing an estimated compound annual growth rate of 9.4%. Casual dining restaurants accounted for more than 95% of the market in FY26.

Panthomath Capital Advisors Private Limited has been appointed as the sole book-running lead manager for the proposed issue. The IPO's final price band, opening date, listing timeline and other investor details should be confirmed through subsequent official disclosures and offer documents.

The DRHP filing is an initial step in the IPO process and does not, by itself, confirm the final terms or guarantee that the issue will proceed as proposed. Investors should review the company's offer documents, financial position, business risks and expansion plans before making any investment decision.