Hunger Pangs Ltd, which operates the Burma Burma Restaurant & Tea Room chain, has filed preliminary papers with markets regulator Sebi for an initial public offering (IPO) as the company looks to expand its restaurant network across India.
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.
The OFS includes shares offered by promoters --Ankit Virendra Gupta and Chirag Narendra Chhajer --promoter group entity Bbigplas Poly Pvt Ltd, investor shareholders Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund.
Proceeds from the fresh issue will be used to set up new Burma Burma restaurants across India and for general corporate purposes.
Hunger Pangs operates in the premium Pan-Asian casual dining segment, with its Burma Burma brand specialising in Burmese cuisine.