Hunger Pangs Limited, which owns and operates “Burma Burma Restaurant & Tea Room” (“Burma Burma”), India’s largest specialty Burmese casual dining restaurant chain (Source: F&S Report), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Company operates in the premium Pan-Asian casual dining restaurant segment, offering a full-service dining proposition and an immersive, experiential dining concept rooted in the culinary heritage, culture and traditions of Burma.

The offer comprises a fresh issue of equity shares of face value of ₹2 each aggregating up to ₹1,500.00 million (the “Fresh Issue”) and an offer for sale of up to 27,929,760 equity shares of face value of ₹2 each by the Selling Shareholders.

The offer for sale comprises up to 6,000,000 Equity Shares each by Ankit Virendra Gupta and Chirag Narendra Chhajer (Promoter Selling Shareholders); up to 4,200,000 Equity Shares by Bbigplas Poly Private Limited (Promoter Group Selling Shareholder); up to 6,468,315 Equity Shares by Negen Tech Opportunities Angel Fund, up to 2,772,000 Equity Shares by Venture Catalysts Angel Growth Fund and up to 525,315 Equity Shares by L V Angel Fund (Investor Selling Shareholders); and up to 1,548,540 Equity Shares by Nisarg Ajaykumar Vakharia, up to 258,090 Equity Shares by Shweta Sharma and up to 157,500 Equity Shares by Mehul Kirit Mehta (Other Selling Shareholders) (collectively, the “Selling Shareholders”).

The net proceeds from the fresh issue are proposed to be utilised towards setting up of new ‘Burma Burma’ restaurants by the Company, in India and for general corporate purposes.

Hunger Pangs has built its positioning around Burmese cuisine, combining food with cultural storytelling, distinctive restaurant design and experiential dining. Its restaurants are inspired by Burmese heritage, while its menu development is supported by culinary research, experimentation and a structured R&D process. The Company follows standardised recipes, SOPs, centralised procurement and structured training programmes to drive consistency across its restaurant network.

As of July 31, 2026, the Company operated 22 restaurants, one delivery kitchen and three warehouses across nine cities in India. Its restaurant portfolio spans premium malls, high-street locations and corporate parks. As of June 30, 2026, the Company had 21 restaurants with an aggregate seating capacity of 1,991 seats. Its average bill value stood at ₹2,400 in Fiscal 2026.

On financials, revenue from operations increased from ₹1,060.99 million in Fiscal 2025 to ₹1,554.97 million in Fiscal 2026, representing a growth of 46.56%. EBITDA increased from ₹213.54 million to ₹256.77 million, while EBITDA margin stood at 16.51% in Fiscal 2026.

The Company’s growth strategy focuses on expanding its restaurant footprint across India, developing new brands and cuisines, continuing culinary and menu innovation, and strengthening customer engagement. Its restaurant expansion framework evaluates catchment quality, premium consumption potential, accessibility, real estate configuration, location economics and brand alignment. The Company is also exploring adjacent Pan-Asian cuisine opportunities through new concepts.

The Company has also expanded beyond dine-in through its delivery business, which contributed 10.76% of revenue from operations in Fiscal 2026. It operates its “Burma Burma Shop” platform and is seeking to expand its delivery and D2C offerings, including ready-to-eat and other packaged food products.

The F&S Report estimates that India’s full-service dining market was valued at approximately ₹1.52 trillion in Fiscal 2026 and is projected to reach approximately ₹2.18 trillion by Fiscal 2030, representing a CAGR of approximately 9.4%. Casual dining restaurants constituted more than 95% of the full-service dining market in Fiscal 2026. The market is expected to benefit from rising disposable incomes, increasing urbanisation, evolving consumer preferences, greater frequency of eating out and growing demand for differentiated dining experiences. Within this market, premiumisation and the growing preference for distinctive cuisines and experiential formats provide an opportunity for organised restaurant chains such as Burma Burma to expand their presence across Indian cities.

Panthomath Capital Advisors Private Limited is the sole Book Running Lead Manager to the issue.