Veegaland Developers IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 19.13x |
| NII | 19.41x |
| sNII (₹2L–₹10L) | 21.06x |
| bNII (above ₹10L) | 18.59x |
| Retail (RII) | 9.95x |
| Total | 14.6x |
Bidding day 6 · final figures at close of bidding: 18 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 10 Sept 2026
- Close Date
- 15 Sept 2026
- Listing Date
- 18 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹210 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| Retail (Max) | 14 | 1,498 | ₹2,09,720 |
| B-HNI (Min) | 67 | 7,169 | ₹10,03,660 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 45,00,000 | 30% |
| QIB (ex-anchor) | 30,00,000 | 20% |
| NII | 22,50,000 | 15% |
| — sNII (< ₹10L) | 7,50,000 | 5% |
| — bNII (> ₹10L) | 15,00,000 | 10% |
| Retail | 52,50,000 | 35% |
| Total | 1,50,00,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 114.61 | 7.87 | 16.72 | 45.07 | 221.01 | 120.23 | — |
| FY 2025 | 196.22 | 20.43 | 33.77 | 65.44 | 326.65 | 176.97 | — |
| FY 2026 | 254.16 | 26.61 | 42.64 | 266.9 | 483.81 | 85.59 | 7.89 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 17.74x
- P/E (post-issue)
- 25.64x
- RoNW
- 16.02%
- RoE
- 16.02%
- RoCE
- 11.89%
- Debt / Equity
- 0.32
- EPS (pre-issue)
- ₹7.89
- EPS (post-issue)
- ₹5.46
- EBITDA Margin
- 16.78%
- PAT Margin
- 10.47%
- P/BV
- 1.77x
- NAV / share
- ₹79.08
- Market Cap
- ₹682.5 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding a part of the expense to be incurred in the development of the Ongoing Projects and Upcoming Projects | ₹119.83 Cr |
| Funding unidentified acquisition of land and general corporate purposes | ₹68.86 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM’ fees and commissions (including underwriting commission) | ₹15.36 Cr |
| Brokerage, selling commission, bidding charges, processing fees and bidding charges for the Members of the Syndicate, Registered Brokers, SCSBs, RTAs and CDPs | ₹0.28 Cr |
| Fees payable to the Registrar to the Issue | ₹0.51 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹1 Cr |
| Printing and stationery expenses | ₹0.19 Cr |
| Fees payable to the legal counsels | ₹0.6 Cr |
| Fees payable to the Statutory Auditors | ₹0.81 Cr |
| Advertising and marketing expenses for the Issue | ₹2.26 Cr |
| Miscellaneous: fees payable to other parties to the Issue including but not limited to the industry report provider, Independent Architect, Practicing Company Secretary and Monitoring Agency | ₹0.31 Cr |
Promoters & Shareholding
Promoters: <p>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>
- Holding (pre-issue)
- 92%
- Holding (post-issue)
- 63.69%
- Dilution
- 28.31%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| EQ INDIA FUND | Other | 10,71,070 | ₹140 | 14.99 | 23.8% |
| SWYOM INDIA ALPHA FUND | Other | 7,14,332 | ₹140 | 10 | 15.87% |
| TIGER STRATEGIES FUND 1 | Other | 5,71,602 | ₹140 | 8 | 12.7% |
| VISIONARY VALUE FUND | Other | 3,57,166 | ₹140 | 5 | 7.94% |
| CP Capital Ltd. | Other | 3,57,166 | ₹140 | 5 | 7.94% |
| NAVBHARAT INVESTMENT TRUST-NAVBHARAT INVESTMENT OPPORTUNITIES FUND | Other | 3,57,166 | ₹140 | 5 | 7.94% |
| INNOVATIVE VISION FUND | Other | 3,57,166 | ₹140 | 5 | 7.94% |
| VBCUBE VENTURES FUND II | Other | 3,57,166 | ₹140 | 5 | 7.94% |
| TAURUS MID CAP FUND | Other | 1,78,583 | ₹140 | 2.5 | 3.97% |
| TAURUS FLEXI CAP FUND | Other | 1,78,583 | ₹140 | 2.5 | 3.97% |
Anchor bidding took place on 9 Sept 2026. Anchor lock-in: 50% of shares unlock on 16 Oct 2026, the remainder on 15 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Veegaland Developers | 8.77 | 79.08 | — | 16.02% |
| Puravankara | 2.69 | 75.37 | 84.24x | 3.23% |
| Shriram Properties | 5.91 | 85.55 | 12.91x | 7.16% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Veegaland Developers IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Veegaland Developers IPO
The Veegaland Developers mainboard IPO is open between 10 Sept 2026 and 15 Sept 2026, offered at a price band of ₹130–140 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹210 crore. Retail investors bid in lots of 107 shares, a minimum application of ₹14,980.
Issue structure
The IPO is structured entirely as a fresh issue of ₹210 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding a part of the expense to be incurred in the development of the ongoing projects and upcoming projects (₹119.83 crore), alongside funding unidentified acquisition of land and general corporate purposes (₹68.86 crore).
Financials
In FY2026, Veegaland Developers reported revenue of ₹254.16 crore and a net profit of ₹26.61 crore. Revenue grew from ₹114.61 crore in FY2024 to ₹254.16 crore in FY2026 (+122.0%). Net worth stood at ₹266.9 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 25.64× post-issue earnings and 1.77× book value, against a return on net worth of 16.02% and a debt-to-equity ratio of 0.32. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Puravankara and Shriram Properties, with a median peer P/E of about 48.6×. The issue's own post-issue P/E works out to 25.64×.
Promoters
The promoters of the company are <p>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>. Promoter holding stands at 92% before the issue and comes down to 63.69% after listing.
Grey market premium (GMP)
In the unofficial grey market, Veegaland Developers shares are quoted at a premium of ₹8.5 implying an expected listing around ₹148.5, about +6.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Veegaland Developers IPO was subscribed 14.6 times overall. The strongest demand came from non-institutional investors (NII) at 19.41 times, with qualified institutional buyers (QIB) at 19.13× and retail investors at 9.95×.
Listing performance
Veegaland Developers listed on 18 Sept 2026 at ₹151, a premium of +7.9% over the issue price of ₹140.
What to weigh
When evaluating the Veegaland Developers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Veegaland Developers
Veegaland Developers Limited is engaged in real estate development, focusing on residential, commercial, and mixed-use projects. The company undertakes planning, construction, and execution of property developments. The company emphasizes quality construction, modern design, and timely project delivery. Its portfolio typically includes housing projects, commercial complexes, and integrated developments catering to diverse customer segments. Veegaland Developers Limited aims to create sustainable and value-driven properties by adopting efficient construction practices, customer-centric approaches, and compliance with regulatory standards in the real estate sector. As of October 31, 2025, the company has completed 10 residential projects aggregating to 11.05 lakh square feet of saleable area. As of October 31, 2025, the company had employed 100 full-time employees. Competitive Strengths: Established track record of timely completion and sales absorption across completed and ongoing projects Integrated land source approach and balanced multi-stage development portfolio Integrated and process-driven development model covering the entire project lifecycle Experienced Promoters and competent management team supported by strong in-house functional capabilities
Veegaland Developers — Contact Details
- Registered office
- XXXV/564, 4th Floor,, K C F Tower, Bharat Matha College Road,, Kakkanadu, Thrikkakara,, Ernakulam, Kerala, 682021
- Phone
- +91 484 258 4000
- cs@veegaland.in
- Website
- www.veegaland.com/
- Registrar (IPO queries)
- veegalanddevelopers.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Veegaland Developers IPO price band?
- The Veegaland Developers IPO price band is ₹130 to ₹140 per share, with a lot size of 107 shares.
- What was the Veegaland Developers IPO GMP before listing?
- The final grey market premium recorded before the Veegaland Developers IPO listed was ₹8.5. The IPO listed on 18 Sept 2026 at ₹151, +7.9% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Veegaland Developers IPO open and close?
- The Veegaland Developers IPO opens on 10 Sept 2026 and closes on 15 Sept 2026.
- When is the Veegaland Developers IPO allotment and listing date?
- Allotment is expected on 16 Sept 2026. The shares are scheduled to list on 18 Sept 2026 on NSE and BSE.
- How many times was the Veegaland Developers IPO subscribed?
- The Veegaland Developers IPO was subscribed 14.6 times in total across all investor categories.
- What is the reservation split in the Veegaland Developers IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Veegaland Developers and what is their holding?
- The promoters are <p>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>. Promoter holding is 92% before the issue and 63.69% after listing.
- What is the P/E ratio of the Veegaland Developers IPO?
- At the upper price band, the Veegaland Developers IPO is valued at 17.74× pre-issue earnings and 25.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Veegaland Developers IPO?
- The net proceeds go primarily toward funding a part of the expense to be incurred in the development of the ongoing projects and upcoming projects, among 2 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Veegaland Developers IPO?
- The book-running lead manager is Cumulative Capital Pvt.Ltd..
- Is Veegaland Developers a Mainboard or SME IPO?
- Veegaland Developers is a Mainboard IPO, listing on NSE and BSE.