Veegaland Developers IPO
Veegaland Developers IPO is a Mainboard book-built issue of ₹210 crore, consisting entirely of a Fresh Issue of 1.50 crore equity shares with no Offer for Sale. The price band is ₹130 to ₹140 per share, with a lot size of 107 shares. The IPO is scheduled
Veegaland Developers IPO Details
Veegaland Developers IPO bidding is scheduled to start on 10 September 2026 and end on 15 September 2026. The allotment is expected to be finalized on 16 September 2026, refunds and credit of shares to Demat accounts are scheduled for 17 September 2026, and the shares are proposed to be listed on BSE and NSE on 18 September 2026.
Veegaland Developers IPO GMP
Veegaland Developers IPO GMP is currently reported at ₹18 per share. Based on the upper price band of ₹140, this indicates an unofficial estimated price of around ₹158. GMP is only an informal grey-market indicator and is not a guarantee of the actual listing price.
Veegaland Developers IPO Timeline (Tentative)
Veegaland Developers IPO is scheduled to open for subscription on 10 September 2026 and close on 15 September 2026. The basis of allotment is expected on 16 September, followed by refund initiation and credit of shares to successful investors on 17 September. The shares are scheduled to be listed on BSE and NSE on 18 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Sep 10, 2026 |
| IPO Close Date | Tue, Sep 15, 2026 |
| Basis of Allotment | Wed, Sep 16, 2026 |
| Initiation of Refunds | Thu, Sep 17, 2026 |
| Credit of Shares to Demat | Thu, Sep 17, 2026 |
| Listing Date | Fri, Sep 18, 2026 |
| Anchor Investor Bidding | 9 September 2026 |
| IPO Opens | 10 September 2026 |
| IPO Closes | 15 September 2026 |
| Basis of Allotment | 16 September 2026 |
| Refund Initiation | 17 September 2026 |
| Credit of Shares to Demat | 17 September 2026 |
| Listing Date | 18 September 2026 |
Veegaland Developers IPO Lot Size
The Veegaland Developers IPO lot size is 107 shares. At the upper price band of ₹140 per share, one lot requires an investment of ₹14,980. Retail investors can apply for up to 13 lots, or 1,391 shares, requiring ₹1,94,740 at the upper price band.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 107 | 14,980 |
| Retail (Max) | 13 | 1,391 | 1,94,740 |
| S-HNI (Min) | 14 | 1,498 | 2,09,720 |
| S-HNI (Max) | 66 | 7,062 | 9,88,680 |
| B-HNI (Min) | 67 | 7,169 | 10,03,660 |
Veegaland Developers IPO Reservation
Veegaland Developers IPO comprises a total issue size of 1,50,00,000 shares. Up to 75,00,000 shares are allocated to Qualified Institutional Buyers, 22,50,000 shares are allocated to Non-Institutional Investors, and 52,50,000 shares are reserved for Retail Individual Investors. The QIB, NII and Retail portions represent 50%, 15% and 35% of the issue respectively.
Veegaland Developers IPO Subscription
Veegaland Developers IPO is an upcoming issue and subscription bidding has not yet started. Therefore, QIB, NII, Retail and Total subscription figures are currently not available. The subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
| N.A. |
About Veegaland Developers
Veegaland Developers Limited is a Kerala-based real estate development company focused on residential projects across multiple housing segments. The company develops apartments in mid-premium, premium, ultra-premium, luxe and ultra-luxury categories and operates primarily in the Kerala market.
The company has developed residential projects in Kochi and Thrissur and has built its business around project development, construction, sales and customer handover. According to the company's website, Veegaland has already handed over nine landmark apartment projects in Kochi and one project in Thrissur.
The company has demonstrated project execution capabilities, with its completed projects achieving full sell-through. Its ongoing projects have also recorded significant sales absorption during the construction period, providing visibility for future collections and revenue.
Veegaland Developers is promoted by Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust. The company is preparing to raise ₹210 crore through a fresh issue, with the proceeds primarily intended for ongoing project development and other corporate requirements.
Strengths
- Established residential real estate development presence in Kerala.
- Track record of completing residential projects within or ahead of applicable RERA timelines.
- Completed projects have achieved 100% sell-through.
- Strong sales absorption has been recorded in ongoing projects.
- Recognised as a fast-selling residential developer in Kerala according to the ICRA industry report.
- Sales value recorded strong growth between FY2023 and FY2025.
- The company has an established presence across multiple residential price segments.
- Reduction in borrowings was recorded in FY2026 compared with FY2025.
Risks to Consider
- The company's business is dependent on the performance of the residential real estate market.
- Delays in project approvals, construction, regulatory clearances or project execution could affect financial performance.
- Real estate development requires substantial capital and working capital.
- The company has significant exposure to the Kerala residential property market.
- Land acquisition, construction costs and availability of suitable development opportunities can affect margins.
- Changes in interest rates, housing demand and economic conditions may influence property sales.
- The company operates in a competitive real estate environment.
- There is no assurance that future projects will achieve the same level of sales absorption as completed projects.
- Investors should also consider the absence of a prior public market for the company's shares and the risks associated with post-listing price volatility.
Veegaland Developers Financials (₹ Cr)
Veegaland Developers reported strong growth in revenue and profitability over the last three financial years. Revenue increased from ₹114.61 crore in FY2024 to ₹196.22 crore in FY2025 and ₹254.16 crore in FY2026 on the restated financial figures. PAT increased from ₹7.87 crore to ₹20.43 crore and ₹26.61 crore over the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 114.61 | 7.87 | 221.01 | 45.07 |
| FY2025 | 196.22 | 20.43 | 326.65 | 65.44 |
| FY2026 | 254.16 | 26.61 | 483.81 | 266.90 |
KPIs & Valuation
At the IPO price band of ₹130–₹140, Veegaland Developers is valued at approximately 17.74x–25.64x FY2026 earnings based on the available pre- and post-issue calculations. FY2026 EPS is reported at around ₹7.89, while NAV is approximately ₹79.08 per share. The company reported a 16.02% RoNW and 11.89% ROCE for FY2026.
Objects of the Issue
The ₹210 crore Veegaland Developers IPO is a 100% fresh issue. The company proposes to utilise the IPO proceeds primarily for the development of its ongoing projects and for unidentified land acquisition and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding a part of the expenses to be incurred in the development of ongoing projects.
- Funding unidentified acquisition of land.
- General corporate purposes.
- An estimated ₹119.83 crore is earmarked toward expenses related to the development of ongoing projects, representing approximately 57.06% of the stated estimated amount.
Promoters, Lead Managers & Registrar
Veegaland Developers Limited is promoted by Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust. Cumulative Capital Private Limited is the Book Running Lead Manager for the IPO, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 422 2314792 / 2315792 |
| coimbatore@linkintime.co.in | |
| Website | https://in.mpms.mufg.com/ |
Veegaland Developers IPO Review
Veegaland Developers has an established presence in the Kerala residential real estate market and has demonstrated project execution and sales capabilities. The company has completed multiple residential projects and has achieved complete sell-through in its completed developments.
The company's financial performance has also improved significantly. Revenue increased from ₹110.77 crore in FY2024 to ₹192.38 crore in FY2025 and ₹250.98 crore in FY2026, while PAT increased from ₹7.87 crore to ₹20.43 crore and then ₹26.61 crore over the same period.
Another positive factor is the reduction in borrowings, which declined from ₹176.97 crore in FY2025 to ₹85.59 crore in FY2026. However, the company remains exposed to the cyclical nature of real estate, project execution risks, regulatory requirements, land acquisition and changes in property demand.
At the upper IPO price of ₹140, the company is valued at around 17.74x FY2026 pre-issue earnings and approximately 25.64x on a post-issue basis based on the available offer-document calculations. Investors should therefore compare the valuation with listed real estate peers and assess the company's project pipeline before making an investment decision.
How to Apply
Veegaland Developers IPO applications can be made through ASBA or UPI-supported IPO applications.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Veegaland Developers IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose the Cut-off option when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to Veegaland Developers' DRHP, RHP and other offer documents for detailed information about the company's business, financial performance, IPO structure, risk factors, project pipeline and utilisation of issue proceeds. The company's official investor-relations section provides access to its IPO and offer documents.
Last updated Sep 4, 2026.