Veegaland Developers Limited IPO
ListedMainboardRealty
14.60×
Subscribed
Price band
₹130 – ₹140
Lot size
107
1 lot = ₹14,980
Issue size
₹210 Cr
Open – close
10 Sept 2026
to 15 Sept 2026
Listing
18 Sept 2026
Listing gain
+10.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 5 of 5 signals read positive
Strength94/100
- Undemanding valuation16.0× earnings at the upper band, with no peer set published to compare against
- Strong revenue growthRevenue compounding at 50.5% across the reported years
- Conservative balance sheetDebt/equity of 0.32×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 19.13×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens10 Sept 2026
- Closes15 Sept 2026
- Allotment16 Sept 2026
- Listing18 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB19.13x
Non-institutionalNII / HNI19.41x
Big NIIabove ₹10L18.59x
Small NII₹2L – ₹10L21.06x
Retail individualRII9.95x
4,34,482 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 15 Sept 2026.
Chance of allotment
Retail9.95× subscribed
~1 in 10
Minimum 1 lot · 107 shares · ₹14,980 blocked
Retail is 9.95× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 10 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII19.41× subscribed
~1 in 19.4
Minimum 14 lots · 1,498 shares · ₹2,09,720 blocked
HNI is 19.41× subscribed. This category is allotted proportionately, so a bid receives roughly 1/19.4 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹33+23.6%
over the upper band · last seen 22 Sept 2026 · flat since 10 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹130 – ₹140
Face value₹10
Lot size107shares
Minimum application₹14,980at cut-off
Total issue size₹210 Cr
Fresh issue₹210 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band15.96×
EPS₹7.63pre-issue
NAV per share₹79.08
Debt / equity0.32×
ROE16.02%
ROCE11.89%
RoNW16.02%
PAT Margin10.47%
EBITDA Margin16.78%
NAV79.08
Price to Book Value1.77
ISININE1JTV01015
RegistrarLINK
Lead managersCumulative Capital Private Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 75,00,000 | — |
| Anchor Investor | 45,00,000 | — |
| QIB (Ex. Anchor) | 30,00,000 | — |
| NII (HNI) | 22,50,000 | — |
| bNII > ₹10L | 15,00,000 | 1001.00% |
| sNII < ₹10L | 7,50,000 | 500.00% |
| Retail | 52,50,000 | 49065.00% |
Total issue 1,50,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9801 lot · 107 sh
Retail (Max)₹1,94,74013 lots · 1,391 sh
S-HNI (Min)₹2,09,72014 lots · 1,498 sh
S-HNI (Max)₹9,88,68066 lots · 7,062 sh
B-HNI (Min)₹10,03,66067 lots · 7,169 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted45,00,000
Anchor portion₹63 Cr
Bid date09 Sept 2026
Lock-in ends (50%)16 Oct 2026
Lock-in ends (rest)15 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding a part of the expense to be incurred in the development of our Ongoing Projects₹119.83 Cr
- 02Funding unidentified acquisition of land and general corporate purposes₹68.86 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 110.768 | — | — | 45.071 | 120.227 |
| 2025 | 192.375 | — | — | 65.444 | 117.99 |
| 2026 | 250.976 | — | — | 266.9 | 85.589 |
Revenue CAGR 50.5%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Veegaland Developers Limitedthis issue | 8.77 | 15.96 | 79.08 | 16.02% |
| Shriram Properties Limited | 5.91 | 12.85 | 85.55 | 7.16% |
| Puravankara Limited | 2.69 | 80.22 | 75.37 | 3.23% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur business is entirely concentrated in the state of Kerala, and our performance is therefore highly dependent on residential real estate market conditions, regulatory developments, economic factors and climatic events in Kerala.
mediumKerala is periodically exposed to natural and climatic events such as heavy monsoons, flood and related disruptions, which may adversely affect construction activity, site accessibility, availability of labour and materials, and buyer sentiment.
mediumThe timely execution and completion of our Ongoing and Upcoming Projects involve significant risks and uncertainties, and any delays, cost overruns or inability to complete such projects could adversely affect our business, results of operations and financial condition.
Litigation
Except as stated in this Section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes; or (d) Material Litigation involving the Company, its Directors, the Promoters, Group Company, KMPs and SMPs. There are no disciplinary actions imposed by SEBI or the Stock Exchanges against the Promoters in the last five FYs.
Positives the filing discloses (3)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.32x.
Strong revenue growth
Restated revenue CAGR of 50.5%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Veegaland Developers Limited
Veegaland Developers is a real estate development company engaged in the planning, development and sale of multi-storied residential apartment projects in Kerala, India. The company develops residential projects across the mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury segments under the ‘Veegaland Homes’ brand. Its projects are developed in accordance with applicable RERA provisions. Veegaland Developers has undertaken residential projects across different cities in Kerala. The company commenced its residential real estate operations in 2011 with the development of its first project, Green Clouds, in Kochi. The company carries out construction through independent third-party civil contractors, subcontractors, and vendors, while external consultants provide architectural, structural engineering, and MEP design services. The company’s in-house engineering team oversees project planning, supervision, quality control, and regulatory compliance. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding a part of the expense to be incurred in the development of the ongoing projects — Rs 119.82 crore Funding unidentified acquisition of land and general corporate purposes
Founded 2007MD Kochouseph Thomas ChittilappillySector Realty
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Veegaland Developers Limited IPO GMP today?
The most recent grey-market premium recorded for Veegaland Developers Limited is ₹33 per share — about 23.6% over the ₹140 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Veegaland Developers Limited IPO subscribed?
Veegaland Developers Limited is subscribed 14.60× overall (QIB 19.13×, NII 19.41×, retail 9.95×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Veegaland Developers Limited IPO?
One lot is 107 shares, so a retail application at the ₹140 cut-off price blocks ₹14,980. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Veegaland Developers Limited IPO?
The retail portion is subscribed 9.95×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 10. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Veegaland Developers Limited IPO allotment date?
Allotment is scheduled for 2026-09-16, with listing on 2026-09-18. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.