The primary market continues to offer opportunities for investors, with several small and medium-sized enterprises (SMEs) opening for public subscription. This week, three companies from diverse sectors, food and beverage, engineering, and textiles, are launching their Initial Public Offerings (IPOs).
For investors tracking the SME space, here is a neutral breakdown of the key details for Vegorama Punjabi Angithi Limited, Teamtech Formwork Solutions Limited, and Harikanta Overseas Limited, whose IPOs are live this week.
1. Vegorama Punjabi Angithi Limited IPO
About the Company: Vegorama Punjabi Angithi Limited operates a rapidly expanding casual dining, QSR, and cloud kitchen network under the brand "Punjabi Angithi." Primarily serving the Delhi-NCR and Dehradun regions, it specializes in affordable North Indian vegetarian cuisine and has a growing B2B corporate thali delivery segment.
IPO Details:
| Bidding Dates | May 20, 2026 – May 22, 2026 |
| Price Band | ₹73 – ₹77 per share |
| Lot Size | 1,600 Shares (Min. Application: 2 Lots / 3,200 Shares) |
| Min. Retail Investment | ₹2,46,400 |
| Issue Size | ₹38.38 Cr (Fresh Issue: ₹30.70 Cr | OFS: ₹7.68 Cr) |
| Listing | BSE SME |
Objects of the Issue:
- Establishing a new banquet facility and fine-dining location in Gurugram (~₹11.90 Cr).
- Setting up a centralized production kitchen to optimize supply chains.
- Paying down outstanding commercial loans (~₹9.50 Cr).
Financial Snapshot (₹ in Crores):
| Particulars | FY 2025 | FY 2024 |
| Total Income | ₹102.06 | ₹66.37 |
| Profit After Tax (PAT) | ₹8.22 | ₹4.64 |
2. Teamtech Formwork Solutions Limited IPO
About the Company: Teamtech Formwork Solutions Limited manufactures, refurbishes, and rents out modular T-formwork and customized scaffolding systems. The company provides engineering layout, structural design, and on-site support for large-scale vertical concrete projects like high-rises and bridges.
IPO Details:
| Bidding Dates | May 19, 2026 – May 21, 2026 |
| Price Band | ₹61 – ₹63 per share |
| Lot Size | 2,000 Shares (Min. Application: 2 Lots / 4,000 Shares) |
| Min. Retail Investment | ₹2,52,000 |
| Issue Size | ₹50.15 Cr (100% Fresh Issue) |
| Listing | NSE SME |
Objects of the Issue:
- Investment in specialized heavy plant equipment for production expansion.
- Meeting inventory requirements for the rental business segment (~₹13.77 Cr).
- Prepayment or clearing of active credit lines (~₹15.50 Cr).
Financial Snapshot (₹ in Crores):
| Particulars | FY 2026 | FY 2025 | FY 2024 |
| Total Income | ₹53.66 | ₹32.70 | ₹30.30 |
| Profit After Tax (PAT) | ₹11.59 | ₹7.84 | ₹7.69 |
| Total Assets | ₹66.75 | ₹40.00 | ₹24.96 |
3. Harikanta Overseas Limited IPO
About the Company: Harikanta Overseas Limited is a manufacturer and exporter of synthetic textile fabrics, focusing on value-added materials for women's traditional apparel. Its product catalog includes Ikat fabrics, polyester garments, and saree materials, with a strong export focus from its hub in Surat, Gujarat.
IPO Details:
| Bidding Dates | May 20, 2026 – May 22, 2026 |
| Price Band | ₹91 – ₹96 per share |
| Lot Size | 1,200 Shares (Min. Application: 2 Lots / 2,400 Shares) |
| Min. Retail Investment | ₹2,30,400 |
| Issue Size | ₹25.63 Cr (100% Fresh Issue) |
| Listing | BSE SME |
Objects of the Issue:
- Land acquisition and construction for factory properties (~₹5.40 Cr).
- Purchase of automatic high-yield air jet looms to boost weaving speed (~₹9.33 Cr).
- Boosting internal liquidity for larger export contract demands.
Financial Snapshot (₹ in Crores):
| Particulars | FY 2025 | FY 2024 |
| Total Income | ₹35.17 | ₹11.11 |
| Profit After Tax (PAT) | ₹4.47 | ₹0.82 |
These three IPOs offer a snapshot of the diverse opportunities within the SME sector, spanning food services, industrial engineering, and textiles.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.
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