The Vegorama Punjabi Angithi IPO opened for subscription on May 20, 2026, and received a strong response on Day 1, with the issue getting subscribed 1.45 times overall.

The IPO witnessed solid demand from non-institutional investors (HNIs), while retail participation was also healthy. However, institutional interest remained relatively subdued on the opening day.

Day 1 Subscription Breakdown

• Overall Subscription: 1.45×

• Retail Investors (RII): 1.61×

• Non-Institutional Investors (NII/HNI): 2.09× ✅ (leading segment)

• Qualified Institutional Buyers (QIB): 0.69×

The NII segment led the subscription, crossing 2× on the very first day, indicating strong interest from high net-worth investors. Retail investors also showed decent participation, subscribing over 1.6× their quota.

However, QIB participation at 0.69× suggests that institutional investors are taking a cautious approach at this stage.

Subscription Trend (Day 1)

• Day 1 (May 20): 1.45×

With two more days of bidding remaining (May 21–22), the subscription numbers are expected to increase further, especially if institutional demand improves.

IPO Details

• Issue Size: ₹38 crore

• Price Band: ₹73 – ₹77 per share

• Exchange: BSE SME

• Lot Size: 1,600 shares

• Minimum Retail Investment: ₹2.46 lakh

About the Company

Vegorama Punjabi Angithi operates a chain of quick-service restaurants (QSRs) offering North Indian vegetarian cuisine. The company runs multiple cloud kitchens and dine-in outlets, mainly in the Delhi NCR region, and aims to expand its footprint with the IPO proceeds.

Investor Takeaways

• Strong HNI demand (2.09×) is a positive signal

• Retail interest (1.61×) indicates decent market traction

• Lower QIB participation (0.69×) reflects cautious institutional sentiment

Outlook

The IPO has started on a positive note, driven mainly by HNI demand. If institutional investors step in over the next two days, the issue could see strong overall subscription levels.

Investors should also track GMP trends and Day 2–Day 3 subscription momentum for a clearer indication of listing performance.