Veegaland Developers IPO
LISTEDMAINBOARDVEEGALANDListing Performance
▲ 10.00%
Issue Price
₹140
Listing Price
₹154
Listed On
18 Sep 2026
- Price Band
- ₹130 – ₹140
- Lot Size
- 107
- Lot Value
- ₹14,980
- Open Date
- 10 Sep10 Sep 2026
- Close Date
- 15 Sep15 Sep 2026
- Min Investment
- ₹14,980
About Veegaland Developers
Veegaland Developers is a real estate development company primarily focused on residential projects across urban micro-markets in Kerala, including Kochi, Thiruvananthapuram, Kozhikode, and Thrissur. The company undertakes the development, construction, design, and marketing of residential properties, predominantly catering to the premium, ultra-premium, and luxe segments. Its core business model involves acquiring land outright or through joint development arrangements with landowners to construct apartments and boutique flats. The company generates revenue through the sale of these residential units, with payments typically linked to construction milestones. Veegaland relies on third-party contractors and specialist agencies for the execution of civil construction, architectural design, and structural engineering. The project portfolio includes a mix of completed properties, ongoing construction sites, and upcoming developments, positioning the company to address demand for higher-value residential spaces in its operational regions.
The company generates revenue from the sale of residential and commercial real estate units across multiple project locations in Kerala.
Use of IPO Proceeds
Promoters
Kochouseph Thomas Chittilappilly
Whole-Time Director and Vice Chairman · age 75
Pre-issue: 67.25%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Focuses on high-margin premium and luxe residential segments across Kerala.
- •Benefits from the established brand trust and goodwill of the V-Guard Group.
- •Utilizes a flexible, asset-light land acquisition strategy including joint developments.
- •Maintains a robust pipeline of completed, ongoing, and upcoming urban projects.
- •Uses professional management backed by digitalized Veega-NOVA ERP systems
Risk Factors (5)
- •Business operations and market demand are concentrated entirely within Kerala.
- •Relies heavily on third-party contractors for all project execution and construction.
- •Revenues fluctuate significantly due to the milestone-linked nature of real estate.
- •Highly exposed to price volatility and supply chain disruptions for building materials.
- •Operations depend significantly on personal financial guarantees provided by the promoter.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 10.60x (QIB 15.18x, NII 13.65x, Retail 6.67x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 5 |
|---|---|---|---|---|
| QIB | 0.45x | 0.45x | 15.18x | 15.18x |
| sNII (S-HNI) | 0.42x | 0.87x | 14.38x | 14.37x |
| bNII (B-HNI) | 0.29x | 0.79x | 13.29x | 13.29x |
| Retail | 0.61x | 1.20x | 6.68x | 6.67x |
| Total | 0.50x | 0.91x | 10.61x | 10.60x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
6.67x
Allotment Ratio
1 lot per 7 applicants
Allotment Probability
~15.0%
Non-Institutional Investors (NII / HNI)
Subscription
13.65x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
15.18x
Allotment Type
Discretionary allotment
Total Subscription
10.60x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
10 Sep 2026 · Thu
Issue Closes
15 Sep 2026 · Tue
UPI Deadline
15 Sep 2026 · Tue
Allotment
16 Sep 2026 · Wed
Refund
17 Sep 2026 · Thu
Share Credit
17 Sep 2026 · Thu
Listing
18 Sep 2026 · Fri
Issue Opens
10 Sep 2026 · Thu
Issue Closes
15 Sep 2026 · Tue
UPI Deadline
15 Sep 2026 · Tue
Allotment
16 Sep 2026 · Wed
Refund
17 Sep 2026 · Thu
Share Credit
17 Sep 2026 · Thu
Listing
18 Sep 2026 · Fri
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹210.00 Cr |
| Fresh Issue | ₹210.00 Cr |
| OFS Size | — |
| Lead Managers | Cumulative Capital Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 192.38 | 20.43 | 8.77 | — | 16.02% |
| FY24 | 110.77 | 7.87 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| Total Income | 114.61 | 196.22 |
| EBITDA | 16.72 | 33.77 |
| Net Worth | 45.07 | 65.44 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
16.0x
Price ÷ EPS
EPS (FY25)
₹9
Earnings per share
RoNW
16.02%
Return on net worth
ROCE
11.89%
as reported in filing
EBITDA margin
17.6%
EBITDA ÷ revenue
Price/NAV
1.77x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹33.75 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Veegaland Developers offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Veegaland Developers's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Veegaland Developers's filing.
Source: Veegaland Developers offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Veegaland Developers offer document (DRHP/RHP).
Board & Management
Board of Directors (7)
- Kochouseph Thomas Chittilappilly₹0.45 Cr p.a.
Whole-time Director
Over 30 years of experience in real estate and construction industry
- Bijoy Ambattu Bahuleyan
Whole-Time Director
Over 20 years of experience in real estate and construction
- Kurian Thomas
Whole-Time Director
Over 25 years of experience in construction and project management
- Jayaraj Balakrishnan
Non-Executive Director
Bachelor of Commerce from University of Kerala
Over 39 years of overall experience, including more than 14 years in real estate industry
- George Joseph
Independent Director / Chairman
- Saraladevi Mecheriparambil
Independent Director
Bachelor of Arts in Economics from University of Calicut; Certified Associate of Indian Institute of Bankers
Over 37 years of experience in banking industry
- Varriam Kandi Vijayakumar
Independent Director
Master of Arts from University of Calicut; Doctor of Philosophy in Economics from University of Calicut
Over 16 years of experience in financial services
Key Managerial Personnel (2)
- Varun Saranga Kumar
Chief Financial Officer
- Akshay Anand T S
Company Secretary and Compliance Officer
Source: Veegaland Developers offer document (DRHP/RHP).
Industry & Market
Kerala's fastest-selling real estate developer as of December 8, 2025
Per ICRA, IMARC, KRERA, Knight Frank, PropEquity, Nasscom, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Veegaland Developers Limited | — | 8.77 | 16.02 | 79.08 |
Material Litigation
The company faces a trademark opposition proceeding from Vega Industries Private Limited regarding the mark "VEEGALAND" filed in 2017, and a writ petition against Kerala authorities challenging property tax assessment methodology for a completed residential project. Additionally, directors face a civil suit regarding right of way to a property.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Veegaland Developers IPO opening?
The Veegaland Developers IPO opens on 10 Sep 2026 and closes on 15 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Veegaland Developers IPO?
The price band for the Veegaland Developers IPO is ₹130 to ₹140. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Veegaland Developers IPO?
The minimum lot size is 107 shares with a minimum investment of ₹14,980. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Veegaland Developers IPO today?
The latest Grey Market Premium for Veegaland Developers is ₹10 (+7.14%). GMP is unofficial data and is not a guarantee of listing price.
When will the Veegaland Developers IPO list on NSE and BSE?
The Veegaland Developers IPO is expected to list on 18 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Veegaland Developers IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Veegaland Developers IPO a mainboard or SME issue?
Veegaland Developers is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Veegaland Developers IPO?
You can apply for the Veegaland Developers IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Veegaland Developers IPO?
The GMP-implied price (unofficial, not a forecast) is ₹150: the upper price band of ₹140 plus the latest grey market premium of ₹10, as of 25 Sep 2026, 05:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Veegaland Developers IPO?
Based on the retail subscription of 6.67x, the estimated allotment ratio is 1 lot per 7 applicants (approximately 15.0% chance of allotment). This is an estimate and actual allotment may vary.
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