Mainboard
IPO ·
NSE, BSE
Veegaland Developers Ltd
Listed
Kerala real estate developer of residential, commercial and mixed-use projects.
Issue details
Price band
₹130 – ₹140
Face value
₹10
Lot size
107 shares
Minimum investment
₹14,980
Issue size
₹210 Cr
Fresh issue
₹210 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
10 Sep 2026
Closes
15 Sep 2026
UPI mandate cut-off
5:00 PM on 15 Sep 2026
Allotment
16 Sep 2026
Refunds
17 Sep 2026
Shares in demat
17 Sep 2026
Listing
18 Sep 2026
Subscription and listing
Subscription
10.54x
Listing price
₹154
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Cumulative Capital Pvt Ltd
Subscription by category
Total
10.54x
Total applications
4,23,706
Anchor investors
Amount raised
₹63.00 Cr
Bid date
9 Sep 2026
50% lock-in ends
16 Oct 2026
Rest lock-in ends
15 Dec 2026
Listing day
Issue price
₹140
Open
₹154.00
High
₹154.00
Low
₹146.30
Day close
₹146.30
Listing gain at open
+10.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
75,00,000
50.00%
Anchor Investor
45,00,000
30.00%
QIB (Ex. Anchor)
30,00,000
20.00%
NII
22,50,000
15.00%
bNII > ₹10L
15,00,000
10.00%
sNII < ₹10L
7,50,000
5.00%
Retail
52,50,000
35.00%
Total
1,50,00,000
100.00%
Finaccle’s quick read
Apply for long term
Income and PAT each up about 30% in FY26, with D/E down to 0.32 and ROE of 16.02%. A post-issue P/E of 25.64 and lumpy project-based revenue make the valuation look full.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Veegaland Developers is a Kochi-based real estate developer that plans, builds and sells residential, commercial and mixed-use projects in Kerala. It has completed 10 projects with about 11 lakh sq ft of saleable area across 692 units, and has 12 more under way and 3 planned. Its customers are mainly homebuyers, and FY26 income was about ₹254 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
16.02%
ROCE
11.89%
Debt / equity
0.32
PAT margin
10.47%
P/E post issue
25.64
Market cap
₹682.50 Cr
Use of IPO money
Development of ongoing and upcoming projects
₹119.83 Cr
Unidentified land acquisition and general corporate purposes
₹68.86 Cr
Issue expenses
₹21.32 Cr
Strengths
✓
10 projects completed, with 12 ongoing and 3 upcoming
✓
Debt/equity cut to 0.32 in FY26
✓
Income and PAT each up about 30% in FY26
✓
Entirely fresh issue
Risks to watch
!
Post-issue P/E of 25.64 is full for a regional developer
!
₹68.86 Cr for unidentified land and general purposes
!
Business concentrated in Kerala
!
Real estate revenue is lumpy and depends on project timing
!
Traded below issue price soon after listing
Planning to take your own company public?
Every listing on this page started with a growing business that got its numbers, governance and paperwork ready for investors. If you are a promoter weighing an SME or main board IPO, we can tell you where you stand and what it will take.
Talk to our IPO Advisory team for readiness planning, or our IPO Consultancy team to run the listing end to end.
Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.