Vegorama Punjabi Angithi IPO listing: Shares of Vegorama Punjabi Angithi listed at a massive 53% premium over its initial public offering (IPO) price on the BSE SME today, defying market expectations.
Vegorama Punjabi Angithi share price debuted at ₹118.10 as against its IPO price of ₹77, resulting in a listing pop of ₹41.10 or 53.38%. Soon after listing, the stock hit the 55 upper price band of ₹124.
The listing exceeded expectations as signalled by the grey market premium or GMP. Vegorama Punjabi Angithi IPO GMP was ₹9 earlier today, signalling a listing gain of 11.7%.
Vegorama Punjabi Angithi IPO Details
The ₹38.38 crore IPO by Vegorama Punjabi Angithi was a book-built offer consisting of a fresh issue of 0.40 crore shares amounting to ₹30.70 crore and an offer for sale of 0.10 crore shares worth ₹7.68 crore.
The SME IPO was subscribed a whopping 24.92 times at the end of the three-day bidding period. The non-institutional investor (NII) quota was subscribed the most at 63.84 times, followed by the retail portion at 27.66 times and the qualified institutional buyer (QIB) segment at 11.31 times.
Vegorama Punjabi Angithi IPO was open for bidding from 20 May till 22 May, with the allotment finalised for the SME IPO on 25 May. The price band for the share sale was set at ₹73 to ₹77 per share, with the lot size of 1,600 shares.
The company plans to use the fresh proceeds from the share sale for capex towards the construction of a banquet and fine dine restraint, along with the construction of a centralised kitchen, the rollout of new cloud kitchens, and the upgradation of existing cloud kitchen facilities. The remaining funds will be spent on meeting general corporate purposes and IPO expenses.
The company initially operated as a cloud kitchen and takeaway service provider, focusing on delivering vegetarian North Indian and other cuisines directly to customers’ homes.
By 2020, the company had established itself as a prominent player in the cloud kitchen segment, successfully fulfilling thousands of orders across multiple outlets. In 2021, it expanded its operations by introducing corporate thali services targeting bulk orders from corporates.
This marked the company’s entry into institutional catering, helping diversify its revenue streams beyond the traditional cloud kitchen and takeaway business model.
