Veegaland Developers IPO: Price Band, Lot Size, Financials & Review
Veegaland Developers IPO listed on BSE & NSE on Fri, 18 Sep 2026. The issue was subscribed 14.60x overall.
- Open Date
- 10 Sep 2026
- Close Date
- 15 Sep 2026
Last updated
- Price band
- ₹130 – ₹140
- Lot size
- 107 shares
- Min. investment
- ₹14,980
- Issue size
- ₹210 Cr
- Last GMP
- +₹8
- Subscribed
- 🔥 14.60x
Veegaland Developers IPO details
Veegaland Developers IPO is a ₹210 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Thu, 10 Sep 2026 to Tue, 15 Sep 2026. Allotment was finalised on Wed, 16 Sep 2026, and the shares listed on BSE & NSE on Fri, 18 Sep 2026.
The price band is ₹130 to ₹140 per share and the lot size is 107 shares, so the minimum retail application is ₹14,980. Retail investors can apply for up to 13 lots (1,391 shares, ₹1,94,740).
MUFG Intime India Pvt Ltd is the registrar, and Cumulative Capital Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Veegaland Developers IPO GMP before listing was +₹8 (+5.71% against the upper price band of ₹140), implying an estimated listing price of ₹148. Across 10 days of tracking, GMP ranged from +₹5 (16 Sep) to +₹25 (10 Sep).
| Last GMP | +₹8 |
|---|---|
| GMP vs upper band | +5.71% |
| Estimated listing price | ₹148 |
| Highest (10 Sep) | +₹25 |
| Lowest (16 Sep) | +₹5 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Veegaland Developers IPO day-wise GMP.
Subscription
Day-wise subscription →Veegaland Developers IPO was subscribed 14.60x overall: QIB 19.13x, NII 19.41x and retail 9.95x.
| Category | Subscribed |
|---|---|
| QIB | 19.13x |
| NII | 19.41x |
| └ bNII (above ₹10 lakh) | 18.59x |
| └ sNII (₹2–10 lakh) | 21.06x |
| Retail | 9.95x |
| Total | 14.60x |
Final figures at the close of bidding on 15 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Veegaland Developers IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 45,00,000 | 30.00% |
| Qualified Institutions | 30,00,000 | 20.00% |
| Non-Institutional | 22,50,000 | 15.00% |
| └ SNII | 7,50,000 | 5.00% |
| └ BNII | 15,00,000 | 10.00% |
| Retail Investors | 52,50,000 | 35.00% |
| Total | 1,50,00,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Veegaland Developers IPO lot size
| 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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹140, the issue is priced at 17.74x pre-issue earnings and 25.64x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 48.58x (2 companies).
Promoter holding falls from 92.00% before the issue to 63.69% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹7.89 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 17.74x |
| EPS (post-issue) EPS on the enlarged share capital | ₹5.46 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 25.64x |
| Promoter holding (pre-issue) | 92.00% |
| Promoter holding (post-issue) | 63.69% |
Veegaland Developers Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹196.22 Cr to ₹254.16 Cr, and profit after tax rose from ₹20.37 Cr to ₹26.61 Cr. The PAT margin for 31 Mar 2026 was 10.47%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 483.81 | 326.65 | 221.01 |
| Total Income | 254.16 | 196.22 | 114.61 |
| Profit After Tax | 26.61 | 20.37 | 7.83 |
| EBITDA | 42.64 | 33.77 | 16.72 |
| Net Worth | 266.90 | 65.44 | 45.07 |
| Reserve & Surplus | 233.15 | 60.44 | 40.07 |
| Total Borrowings | 85.59 | 176.97 | 120.23 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 16.02 | 36.96 | 19.12 |
| ROCE % | 11.89 | 13.75 | 9.85 |
| Debt / Equity | 0.32 | 2.70 | 2.67 |
| RoNW % | 16.02 | 36.96 | 19.12 |
| Pat Margin % | 10.47 | 10.41 | 6.87 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Veegaland Developers Limited | 10 | — | 8.77 | 8.77 | 16.02% | 79.08 |
| Shriram Properties Limited | 10 | 12.91 | 5.91 | 5.91 | 7.16% | 85.55 |
| Puravankara Limited | 5 | 84.24 | 2.69 | 2.69 | 3.23% | 75.37 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding a part of the expense to be incurred in the development of our Ongoing Projects and Upcoming Projects |
| 2 | Acquisition of identified land parcel for development of residential real estate projects |
| 3 | Funding unidentified acquisition of land and general corporate purposes |
About Veegaland Developers Limited
Incorporated in 2007, Veegaland Developers Ltd is a Kerala-focused residential real estate developer engaged in the planning, development, and sale of multi-storied apartment projects across the mid-premium, premium, ultra-premium, luxe, and ultra-luxury segments. Operating under the Veegaland Homes brand, the company has established a presence in Kochi, Thiruvananthapuram, Kozhikode, and Thrissur, catering to first-time homebuyers, upper-middle-class families, and high-net-worth individuals.
The company follows an integrated, process-driven development model that combines outright land acquisitions with selective joint development agreements (JDAs), enabling efficient execution throughout the project lifecycle.
As of 30 June 2026, Veegaland Developers had a portfolio of 25 projects with a total saleable area of approximately 34.24 lakh sq. ft., comprising:
10 Completed Projects
12 Ongoing Projects
3 Upcoming Projects
The company has completed 10 residential projects spanning 11.05 lakh sq. ft. of saleable area, delivering 692 units (including 43 units allocated to landowners under JDAs). Notably, the completed portfolio has achieved 100% sales, while 63.62% of the saleable area in ongoing projects had already been sold.
For FY2026, Veegaland reported pre-sales of ₹405.82 crore and maintained a contracted order book of ₹909.42 crore, with pre-sales growing at a 40.12% CAGR between FY2024 and FY2026. The company also has a pipeline of 4.62 lakh sq. ft. of upcoming developments supported by 6.51 acres of land reserves.
As of 30 June 2026, the company employed 127 full-time employees.
Competitive Strengths
Strong track record of timely project execution and sales absorption.
Kerala-focused brand with an established presence across key cities.
Integrated, process-driven development model covering the entire project lifecycle.
Balanced portfolio of completed, ongoing, and upcoming projects.
Diversified land sourcing through outright acquisitions and joint development agreements.
Experienced promoters and an in-house management team with strong execution capabilities.
Promoters
- Kochouseph Thomas Chittilappilly
- K. Chittilappilly Trust
Contact details
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
Website: https://www.veegaland.com/
Veegaland Developers IPO FAQs
- What is the Veegaland Developers IPO price band?
- The Veegaland Developers IPO price band is ₹130 to ₹140 per share.
- What is the Veegaland Developers IPO lot size and minimum investment?
- The Veegaland Developers IPO lot size is 107 shares. The minimum retail investment is ₹14,980 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,391 shares), costing ₹1,94,740.
- When was Veegaland Developers IPO open for subscription?
- Veegaland Developers IPO was open for subscription from Thu, 10 Sep 2026 to Tue, 15 Sep 2026.
- What is the Veegaland Developers IPO subscription status?
- Veegaland Developers IPO was subscribed 14.60x overall: QIB 19.13x, NII 19.41x and retail 9.95x. Day-wise and category-wise figures are on the subscription page.
- What was the Veegaland Developers IPO GMP before listing?
- The last Veegaland Developers IPO GMP before listing was +₹8 (+5.71% against the upper price band of ₹140), implying an estimated listing price of ₹148. Across 10 days of tracking, GMP ranged from +₹5 (16 Sep) to +₹25 (10 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Veegaland Developers IPO allotment date?
- The Veegaland Developers IPO basis of allotment was finalised on Wed, 16 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Veegaland Developers IPO listing date?
- Veegaland Developers IPO listed on BSE & NSE on Fri, 18 Sep 2026.
- Is the Veegaland Developers IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Veegaland Developers IPO?
- The registrar for the Veegaland Developers IPO is MUFG Intime India Pvt Ltd, and the book running lead manager is Cumulative Capital Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.