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Veegaland Developers IPOLISTED
Veegaland Developers Limited is a real estate developer focused on residential, commercial and mixed-use projects, with an emphasis on quality construction and modern design.
Listing price
₹154
Listing gain
+10.00%
Current
₹154
Listed
18 Sept 26
Opens
10 Sept 26Closes
15 Sept 26Allotment
16 Sept 26Refund
17 Sept 26Demat
17 Sept 26Listing
18 Sept 26Listed at
₹154
+10.00% on 18 Sept 26
Overview
Price band
₹130-140
Lot size
107 shares
Min. investment
₹14,980
Issue size
₹210.00 Cr
1.50 Cr shares
Fresh issue
₹210 Cr
1.50 Cr shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| QIB | 30,00,000 | 50% |
| NII (HNI) | 22,50,000 | 15% |
| B-HNI | 15,00,000 | 10% |
| S-HNI | 7,50,000 | 5% |
| Individual | 52,50,000 | 35% |
| Total | 1,05,00,000 | 100% |
Lot size & investment
| 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 |
Listing performance
NSE/BSE: VEEGALANDListing gain
+10.00%
Gain per retail lot
₹1,498
Latest vs issue
—
GMP was
₹8 (+5.71%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Veegaland Developers Live GMP
Latest GMP
₹8
All-time high
₹25
All-time low
₹15
Subscription
15 Sept, 05:05 pmOversubscribed 14.60 times · 4,34,482 applications
Total applications
4,34,482
Total bid amount
₹2,146 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 30,00,000 | 5,73,83,779 | 19.13x | ₹803 Cr |
| NII (HNI) | 22,50,000 | 4,36,76,009 | 19.41x | ₹611 Cr |
| B-HNI | 15,00,000 | 2,78,82,274 | 18.59x | ₹390 Cr |
| S-HNI | 7,50,000 | 1,57,93,735 | 21.06x | ₹221 Cr |
| Retail | 52,50,000 | 5,22,14,609 | 9.95x | ₹731 Cr |
| Total | 1,05,00,000 | 15,32,74,397 | 14.60x | ₹2,146 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 1,001 | 3,686 | 3.68x |
| S-HNI | 501 | 10,075 | 20.11x |
| Retail | 49,065 | 4,17,683 | 8.51x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
16.02%
PAT Margin
10.47%
ROCE
11.89%
EBITDA Margin
16.78%
Debt to Equity Ratio
0.32
Price to Book Value
1.77
RoNW
16.02%
Valuation vs listed peers
EPS Pre IPO
₹7.89
EPS Post IPO
₹5.46
P/E Pre IPO
17.74
P/E Post IPO
25.64
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Shriram Properties Limited | 12.91 | — | — | — |
| Puravankara Limited | 84.24 | — | — | — |
Peer median P/E 48.6× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+121.8%
Profit growth FY24 → FY26
+238.1%
P/E vs peer median
25.6× vs 48.6×
- PAT margin 10.5% and ROCE 11.9%.
- Priced below its listed-peer median P/E.
Strengths & risks
- Strong execution track record with completed projects fully sold.
- Fast-selling developer with an established presence in Kerala.
- V-Guard Group backing and strong brand reputation.
- Growing project pipeline with 12 ongoing and 3 upcoming projects.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding a part of the expense to be incurred in the development of the Ongoing Projects and Upcoming Projects. | 119.83 |
| Funding unidentified acquisition of land and general corporate purposes. | - |
Company & documents
Veegaland Developers Limited is a Kerala-based real estate developer engaged in the planning, development and sale of multi-storied residential apartments under the “Veegaland Homes” brand, across mid-premium to ultra-luxury segments.
The company entered the real estate sector in 2011 with its first project, Green Clouds, in Kochi, and has since expanded to Thiruvananthapuram, Kozhikode and Thrissur. It is part of the V-Guard Group.
The company’s projects can be classified into the following categories:
- Completed Projects: 10 projects
- Ongoing Projects: 12 projects
- Upcoming Projects: 3 projects
The company follows an integrated project development process covering land evaluation, approvals, planning, construction, marketing and sales. Construction is executed through third-party contractors, with an in-house engineering team overseeing supervision, quality and compliance.
The company develops projects through outright land purchases and Joint Development Agreements (JDAs), supporting its expansion across selected micro-markets.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: veegalanddevelopers.ipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Veegaland Developers Ltd.
XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road, Kakkanadu, Thrikkakara, Ernakulam, Kerala, 682021
Phone: +91 484 258 4000
Email: cs@veegaland.in
Book running lead managers
- Cumulative Capital Pvt. Ltd.
Promoters
- Kochouseph Thomas Chittilappilly
- K.Chittilappilly Trust