Vegorama Punjabi Angithi IPO Listing Today 27 May 2026: Opens at Rs 118.10, Up 53%, Hits Upper Circuit at Rs 124 on BSE SME

The Vegorama Punjabi Angithi IPO listing today (27 May 2026) delivered a stellar debut on BSE SME. The stock opened at Rs 118.10 – a 53.38 percent premium over the IPO issue price of Rs 77 – and immediately attracted strong buying interest that pushed it to the 5 percent upper circuit limit of Rs 124 (up 61.04 percent) within minutes of listing. Investors who received allotment at Rs 77 made a gain of Rs 41.10 per share at opening price alone. The Vegorama Punjabi Angithi IPO listing performance came as the Vegorama Punjabi Angithi IPO listing performance significantly exceeded grey market expectations – the pre-listing GMP was approximately Rs 9 (suggesting 11.7 percent gain), but the actual opening price was 4.4 times the grey market estimate.

Vegorama Punjabi Angithi IPO Listing: Key Numbers

• Issue Price: Rs 77 per share (upper band)
• Listing Price: Rs 118.10 on BSE SME (today 27 May 2026)
• Listing Gain: Rs 41.10 per share (+53.38% over issue price)
• Upper Circuit (Day 1): Rs 124.00 (+61.04% over issue price) – hit within minutes of listing
• Pre-listing GMP: Rs 9 (implied listing Rs 86) – actual debut beat GMP estimate by 4.4 times
• Issue Size: Rs 38.38 crore (49,84,000 shares – Fresh Rs 30.70 crore + OFS Rs 7.68 crore)
• Anchor Investors: Rs 10.90 crore raised in anchor allocation
• Listing Exchange: BSE SME
• Listing Date: 27 May 2026 (TODAY)

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Why the Vegorama Punjabi Angithi IPO Listing Blew Past Grey Market Expectations

The grey market premium of Rs 9 ahead of the Vegorama Punjabi Angithi IPO listing suggested a modest 11.7 percent gain. The actual Rs 118.10 opening – 53.38 percent above issue price – shows that the grey market significantly underpriced the retail and institutional demand for this stock. Three factors explain the strong debut.

1. QSR Sector Is India’s Fastest-Growing Food Format

Quick-service restaurants operating in the affordable North Indian cuisine segment benefit from rising urban food delivery adoption, strong Swiggy and Zomato order volumes and the large addressable market of India’s 100-plus crore vegetarian consumers. Vegorama operates 19 cloud kitchens (ranging from 400 to 870 sq ft) and 2 fine-dining restaurants across Delhi NCR – a capital-light, high-throughput model that generates revenue from dine-in, takeaway and online delivery simultaneously. The online delivery channel through Swiggy, Zomato and in-house delivery adds recurring, platform-driven demand that does not require the company to invest in customer acquisition.

2. Strong FY25 Financials at a Reasonable Valuation

Vegorama Punjabi Angithi reported FY25 revenue of Rs 10.21 crore, up from Rs 6.64 crore in FY24 – a 53.8 percent year-on-year increase. FY25 PAT was Rs 8.22 crore, up from Rs 4.64 crore in FY24 – a 77.2 percent increase. The IPO issue price of Rs 77 was set at a multiple that the market clearly found attractive relative to the profit trajectory. At the listing price of Rs 118.10, the implied valuation remains in a range that retail investors found compelling enough to chase the stock to upper circuit.

3. BSE SME IPOs Have Been Underpriced in 2026

Multiple BSE SME IPOs in 2026 have seen strong listing gains even with zero GMP – the market’s appetite for new-economy, consumption-driven SME businesses has been robust throughout the year. The Vegorama Punjabi Angithi IPO listing follows a pattern where QSR and food service companies with growing delivery channels have consistently outperformed subscription-based expectations at debut.

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About Vegorama Punjabi Angithi: Delhi NCR QSR Chain

Vegorama Punjabi Angithi Limited, incorporated in March 2022, operates quick-service restaurants under the Punjabi Angithi brand offering affordable North Indian vegetarian cuisine. The company runs 19 cloud kitchens (400 to 870 sq ft each) and 2 fine-dining restaurants (approximately 2,397 sq ft) across Delhi NCR. With 306 employees, the company serves a broad urban and semi-urban customer base through dine-in, takeaway and online delivery on Swiggy, Zomato and its own in-house delivery network.

• Founded: March 2022
• Promoter: Mr. Deepak Chadha
• Outlets: 19 cloud kitchens + 2 fine-dining restaurants in Delhi NCR
• Employees: 306
• FY25 Revenue: Rs 10.21 crore (+53.8% from Rs 6.64 crore in FY24)
• FY25 PAT: Rs 8.22 crore (+77.2% from Rs 4.64 crore in FY24)
• Delivery channels: Swiggy, Zomato and in-house delivery

IPO Proceeds: Expansion Beyond Delhi NCR

• Banquet and fine-dining restaurant construction: Rs 11.82 crore – new full-service restaurant formats
• Centralised kitchen: Rs 4.27 crore – scale food preparation centrally to reduce cloud kitchen costs
• New cloud kitchen rollout: Rs 4.93 crore – expand the 19-kitchen network in Delhi NCR and potentially beyond
• Existing facility upgradation: Rs 2.30 crore – technology and infrastructure for current locations
• OFS proceeds: Rs 7.68 crore – to selling shareholders (does not go to company)

Should Allottees Hold or Book Profits at Upper Circuit?

The Vegorama Punjabi Angithi IPO listing at Rs 118.10 and upper circuit at Rs 124 creates a classic post-listing dilemma for allottees. Those who applied at Rs 77 are sitting on a 53 to 61 percent gain in one session. The key question is whether the stock’s fundamentals at Rs 124 justify continued holding or whether booking profits is more prudent.

The case for holding after the Vegorama Punjabi Angithi IPO listing: the QSR sector in India is in a structural growth phase, cloud kitchen models are capital-light and scalable and Vegorama’s FY25 PAT growth of 77.2 percent shows strong operating leverage. The IPO proceeds are being deployed into revenue-generating expansion – fine dining, a centralised kitchen and more cloud kitchens. If FY26 revenue maintains the 50-plus percent growth trajectory, the stock has a fundamental case at higher prices.

The case for booking profits: at Rs 124 after the Vegorama Punjabi Angithi IPO listing (upper circuit Day 1), the market cap is approximately Rs 61.8 crore – implying a trailing PAT multiple above 7 times on FY25 earnings of Rs 8.22 crore. BSE SME stocks can be illiquid in the secondary market once the listing excitement fades – selling pressure from OFS holders and grey market participants can emerge in the 2 to 3 sessions post-listing. Investors who applied for listing gains have already received them – booking profits at or near the upper circuit is a rational choice. Those with a 12-month conviction on the QSR story can hold with a stop-loss. Consult a SEBI-registered advisor before any post-listing trading decision.

Disclaimer: This article is for informational and educational purposes only. Nothing in this article constitutes investment advice, a recommendation to buy or sell securities, or a solicitation of any offer to buy or sell securities. Univest is a SEBI-registered research analyst (INH000014019). Readers should conduct their own research and consult a SEBI-registered investment advisor before making any investment decisions. Past performance of any stock or sector is not indicative of future results. Investments in equity markets are subject to market risks.

FAQs on Vegorama Punjabi Angithi IPO Listing

What is the Vegorama Punjabi Angithi IPO listing price today?

Ans. The Vegorama Punjabi Angithi IPO listing price today (27 May 2026) is Rs 118.10 on BSE SME – a 53.38% gain over the issue price of Rs 77. The stock immediately hit the 5% upper circuit at Rs 124 (up 61.04%). The pre-listing GMP was Rs 9, suggesting 11.7% gain – the actual listing blew past this estimate by 4.4 times.

What is Vegorama Punjabi Angithi IPO allotment gain?

Ans. Investors allotted shares at Rs 77 gained Rs 41.10 per share at the opening price of Rs 118.10 (53.38% gain). At the upper circuit of Rs 124, the gain is Rs 47 per share (61.04%). Minimum allotment of 3,200 shares at issue price Rs 77 (cost Rs 2,46,400) is now worth Rs 3,97,680 at listing – a gain of Rs 1,51,280.

Should I sell Vegorama Punjabi Angithi shares at listing?

Ans. At Rs 124 (upper circuit), investors have a 61% gain in one session. The case for selling: BSE SME stocks can face selling pressure after listing excitement fades, and Rs 124 represents a reasonable exit. The case for holding: QSR growth, 77% PAT growth in FY25 and IPO expansion plans. Consult a SEBI-registered advisor before any post-listing trading decision.

What does Vegorama Punjabi Angithi do?

Ans. Vegorama Punjabi Angithi operates the Punjabi Angithi QSR brand – 19 cloud kitchens and 2 fine-dining restaurants in Delhi NCR offering affordable North Indian vegetarian cuisine. Founded March 2022 by Deepak Chadha. FY25 revenue Rs 10.21 crore (+54% YoY), PAT Rs 8.22 crore (+77% YoY). Delivery through Swiggy, Zomato and in-house channels.