About Veegaland Developers IPO
Veegaland Developers IPO Overview
Veegaland Developers Ltd. is a 100% book-built issue of ₹210 crore, entirely a fresh issue of 1.50 crore shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 30, 2025.
The price band of the issue is set between ₹130 and ₹140 per share and the lot size for an application is 107 shares. The minimum amount of investment required by an individual investor is ₹14,980 (107 shares). The IPO will open for subscription from September 10 to 15, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as September 18, 2026.
Cumulative Capital Private Ltd. serves as the Book Running Lead Manager and MUFG Intime India Private Limited is the appointed Registrar to the issue.
Veegaland Developers IPO Date & Timeline
The Veegaland Developers IPO is officially set to open for subscription on Sep 10, 2026 and will close on Sep 15, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 30, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 16, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 17, 2026. Finally, shares of Veegaland Developers Ltd. are tentatively scheduled to list on the stock exchanges on Sep 18, 2026.
Veegaland Developers IPO Timeline
| IPO Open Date | Thu, Sep 10, 2026 |
| IPO Close Date | Tue, Sep 15, 2026 |
| Tentative Allotment | Wed, Sep 16, 2026 |
| Initiation of Refunds | Thu, Sep 17, 2026 |
| Credit of Shares to Demat | Thu, Sep 17, 2026 |
| Tentative Listing Date | Fri, Sep 18, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Veegaland Developers IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 15 Sep, 2026 |
| Listing Date | 18 Sep, 2026 |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | ₹ 130 to ₹ 140 |
| Lot Size | 107 Shares |
| IPO Type | Fresh capital only |
| Total Issue Size | 1,50,00,000 shares (agg. up to ₹ 210 Cr) |
| Fresh Issue(Ex Market Maker) | 1,50,00,000 shares (agg. up to ₹ 210 Cr) |
| Offer for Sale | Not applicable |
| Issue Type | 100 % Book Built Issue |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,37,50,000 shares |
| Share Holding Post Issue | 4,87,50,000 shares |
Veegaland Developers IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Veegaland Developers IPO GMP is currently trading at ₹10, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹150, which is 7.14% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹140 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹15 and a lot size of 107 shares.
Veegaland Developers IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Sep 2026 | ₹140 | ₹15 | 13 Sep, 202605:38 PM |
| 12 Sep 2026 | ₹140 | ₹20 | 12 Sep, 202611:03 AM |
| 11 Sep 2026 | ₹140 | ₹20 | 12 Sep, 202611:03 AM |
| 10 Sep 2026 | ₹140 | ₹33 | 10 Sep, 202609:37 AM |
| 9 Sep 2026 | ₹140 | ₹33 | 9 Sep, 202611:00 AM |
| 8 Sep 2026 | ₹140 | ₹30 | 8 Sep, 202606:01 PM |
| 7 Sep 2026 | ₹140 | ₹30 | 7 Sep, 202609:58 AM |
| 6 Sep 2026 | ₹140 | ₹30 | 7 Sep, 202609:58 AM |
| 5 Sep 2026 | ₹140 | ₹22 | 5 Sep, 202610:44 AM |
| 4 Sep 2026 | ₹140 | ₹18 | 4 Sep, 202610:56 AM |
| 3 Sep 2026 | ₹140 | ₹18 | 3 Sep, 202605:12 PM |
| 2 Sep 2026 | ₹140 | ₹18 | 2 Sep, 202606:07 PM |
| 01 Sep, 2026 | ₹140 | ₹14 | 01 Sep, 202610:31 AM |
Company Background
Veegaland Developers Ltd. was incorporated on August 10, 2007, in Kerala and Lakshadweep as a private limited company named "Vintes Solutions Private Limited" with a vision to create sustainable and high-quality homes.
Then, on October 22, 2010, the company changed its name from Vintes Solutions to ‘Vintes Developers Private Limited'.The very next year, on August 11, 2011, the company changed its name to ‘Veegaland Developers Private Limited.' With its mission and vision of being the most trusted organisation constructing modern-day homes with high-quality, standardised commitment and care.
On November 6, 2025, the company transformed from a private limited company to a public limited company, with a fresh certificate of incorporation to proceed with its public listing procedures.
Operations & Product Range
Veegaland Developers Ltd.’s major business activity consists of planning, developing and selling multi-storied residential apartment complexes. Their product portfolio is very diversified in nature, as they operate in various segments of the business in the mid-premium segment, the premium segment, the ultra-premium segment, luxury series segment housing, as well as the ultra-luxury segment housing.
Veegaland Developers Ltd. undertakes the complete project lifecycle to attain the best possible outcome. By focusing entirely on the market in Kerala, the organisation derives expertise to comprehend the tastes and preferences of the people within the area, together with local regulations such as the Kerala RERA norms.
Facilities & Capacity
Veegaland Developers Ltd. operates basically as a residential real estate development company that has significant operating capabilities with 10 completed residential projects under the name of Veegaland Homes covering an 11.05 lakh sq ft of saleable area as of June 30, 2026.
The company's presented execution chain is healthy, as the firm is currently undertaking 12 ongoing projects with an aggregate area of 1.86 million square feet. Veegaland is a part of the broader V-Guard Group, now known as a premier real estate developer based in Kerala.
Brands & Market Presence
Veegaland Developers Ltd. operates under the brand name 'Veegaland Homes', which is a renowned name in terms of residential properties within the state of Kerala. Veegaland Developers Ltd. has established a strong brand identity in Kerala's real estate sector by leveraging market credibility. The firm focuses on delivering eco-friendly residential projects, home automation and modern building management systems across key urban hubs like Kochi, Thrissur and Kozhikode. By combining sustainable construction practices with technological integration, the company continues to enhance its visibility, customer trust and regional market presence.
Revenue Streams & Business Model
Veegaland Developers Ltd. operates an integrated real estate development model, executing residential apartment projects across key Kerala urban centres like Kochi, Thrissur and Kozhikode. The core revenue stream stems from direct home sales across mid-premium, premium and luxury housing segments. Revenue recognition follows milestone-linked construction progress and customer advance collections. Still, the revenue generation relies on managing project lifecycles from land acquisition to architectural design, green technology integration and final unit delivery to home buyers.
Financial Performance
Veegaland Developers Ltd. has demonstrated consistent top-line and bottom-line expansion over recent financial periods, driven by strong project execution and sales absorption. Revenue grew significantly from ₹192.37 crore in FY25 to ₹250.97 crore in FY26. Profit after tax surged concurrently, rising from ₹20.43 crore in FY25 to ₹26.61 crore in FY26. Operational efficiency is underscored by healthy return metrics, including a Return on Equity (ROE) of 16.02%.
Management & Shareholding
The promoters of Veegaland Developers Ltd. are Kochouseph Thomas Chittilappilly and the K. Chittilappilly Trust. Kochouseph Chittilappilly is a well-known figure in the Indian industrial landscape with decades of experience in building successful consumer and entertainment brands. Before the Veegaland Developers IPO, the promoters held a 92% stake in the company, but after the IPO, the promoters' shareholding will be slightly diluted as the offering includes 150,000,000 fresh equity shares.
Board & Key Management
The leadership team of Veegaland Developers Ltd. is headed by George Joseph, who serves as the Chairman and Independent Director. The board also includes Kochouseph Chittilappilly as a Whole-time Director, bringing his extensive business acumen to the company’s strategic decisions. Key managerial personnel include the CS and Compliance Officer of the company, both responsible for overseeing the financial and regulatory health of the firm.
Veegaland Developers IPO Financial Information
Latest Revenue
₹ 250.98 Cr
Profit After Tax
₹ 26.61 Cr
Net Worth
₹ 266.90 Cr
Total Borrowing
₹ 85.59 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 483.81 | 250.98 | 26.61 | 266.90 | 233.15 | 85.59 |
| 31 Mar 2025 | 326.65 | 192.38 | 20.43 | 65.44 | 60.44 | 176.97 |
| 31 Mar 2024 | 221.01 | 110.77 | 7.83 | 45.07 | 40.07 | 120.23 |
| Amount in ₹ Crore | ||||||
Veegaland Developers Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 16.02 % |
| ROCE | 11.89 % |
| Debt/Equity | 0.32 |
| RoNW | 16.02 % |
| PAT Margin | 10.47 % |
| EBITDA Margin | 16.78 % |
| NAV | 79.08 |
| Price to Book Value | 1.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.89 | 5.46 |
| P/E (x) | 17.74 | 25.64 |
IPO Objectives
The company intends to utilise the net proceeds of Veegaland Developers IPO for several key purposes:
- • Fund the construction and development expenses of 6 Ongoing and 2 Upcoming Projects.
- • Acquisition of identified land parcels for new residential projects.
- • General Corporate Purposes
Conclusion
Veegaland Developers IPO is a chance to invest in a growing real estate company that has carved a niche in the high-growth Kerala market. Building on its brand heritage and powerful execution pipeline, with demand for quality housing sustained in the urban areas, transparency and quality positioning. With this listing, the company aims to acquire the identified land parcels for new residential projects and to maintain its general corporate purposes.
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Competitive Strengths
Brand Heritage: Association with the V-Guard and Wonderla legacy provides a foundation of trust and quality.
Market Leadership: Recognized as Kerala’s fastest-selling real estate developer according to an ICRA Report.
Localized Expertise: Deep understanding of regional regulatory environments and architecture preferences in Kerala.
Execution Track Record: Proven ability to deliver projects consistently, even during challenging periods.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 107 | 14,980 |
| Individual investors (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 |