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₹130 - 140Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Veegaland Developers Ltd
RealtyIPO
₹130 - 140
We are a real estate development Company engaged in the planning, development and sale of multi-storied residential apartment projects in the state of Kerala, India. Our projects are developed across our mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments and are implemented in accordance with the applicable provision of RERA. We operate under our brand name `Veegaland Homes' and as on date we have undertaken projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur in the state of Kerala, India.
Lot107Min Invest₹14,980Face Value₹10Issue Size₹210 CrFresh Issue₹210 CrListing Price₹154CMP₹127
Timeline
10 Sept
Bidding opens
15 Sept
Bidding closes
16 Sept
Allotment
17 Sept
Refund & demat credit
18 Sept
Listing
Subscription · As of 7:37 PM, 15 Sept
Demand by day
CategoryDay 1Day 2Day 6Now+0.45x+0.00x+17.31x17.8x+0.39x+0.55x+17.09x18.0x+0.82x+0.83x+7.58x9.24xOverall+0.62x+0.54x+12.39x13.6x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB17.8x69.64 L12.37 Cr1,731.77NII18.0x20.89 L3.77 Cr527.23Retail9.24x48.75 L4.50 Cr630.30Total13.6x1.50 Cr20.32 Cr2,845.50
Reports
Offer Details
Terms
Issue Size₹210 Cr1.50 Cr shares
Fresh Issue₹210 Cr
Face Value₹10
Lot Size107 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9801-13 lots
sNII₹2,09,720from 14 lots
bNII₹10,03,660from 67 lots
Managers & Registrar
Lead ManagerCumulative Capital Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group91.99%63.69%Public8.01%36.31%
Objects of the Issue
- Funding a part of the expense to be incurred in the development of its Ongoing Projects
- Funding unidentified acquisition of land and general corporate purposes
Anchor Book
Bid Date09-Sep-2026Bid Price₹140Shares45,00,000Amount₹1 CrMutual Funds7.94% of the book30-day lock-in15-Oct-202690-day lock-in14-Dec-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 109 | 111 | 192 | 251 |
| Operating ProfitCr | 23 | 13 | 30 | 39 |
| OPM% | 21.2 | 11.6 | 15.6 | 15.7 |
| PBTCr | 19 | 11 | 28 | 36 |
| PATCr | 15 | 8 | 20 | 27 |
| EPS | 6 | 3 | 8 | 9 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 5 | 5 | 5 | 34 |
| ReservesCr | 32 | 40 | 60 | 233 |
| BorrowingsCr | 122 | 120 | 177 | 86 |
| Total AssetsCr | 196 | 221 | 327 | 484 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 42 | 9 | -44 | -74 |
| Investing Cash FlowCr | 1 | 2 | 0 | -20 |
| Financing Cash FlowCr | -19 | -7 | 52 | 78 |
| Net Cash FlowCr | 24 | 4 | 7 | -16 |
Strengths & Risks
Strengths · as stated in the DRHP
- Proven execution and complete sell-through in delivered projects - We have a demonstrated track record of completing residential projects within or ahead of RERA timelines, with 100% sell-through achieved in all completed projects.
- Strong sales absorption across Ongoing Projects - Our Ongoing Projects have witnessed significant sales absorption during the construction phase, supporting milestone-based collections and revenue visibility.
- Recognised sales velocity in core operating markets - According to the ICRA Report, we are ranked as Kerala's fastest-selling real estate developer, reflecting demand across our residential portfolio.
- Improving sales performance and revenue visibility - Our sales value has grown at a CAGR of 45.10% from Fiscal 2024 to Fiscal 2026, supported by higher realizations.
- Balanced portfolio across stages of development - Our portfolio comprises Completed, Ongoing and Upcoming projects, providing continuity of operations and visibility into future development activity.
- Experienced Promoter and professional management team - Our operations are led by an experienced Promoter and professional management team supported by strong in-house execution capabilities.
Strategies · as stated in the DRHP
- Ensuring timely execution of ongoing and Upcoming Projects.
- Expansion through disciplined land acquisition and phased project development.
- Strengthening product positioning with strategic expansion of the Luxe portfolio.
- Deepening market presence through structured brand-building, multi-channel outreach and customer-centric sales initiatives.
- Expanding our digital footprint to widen our market reach.
- Expanding the use of IT-driven processes across the development and customer lifecycle.
Risks · as stated in the DRHP
- The company's business is entirely concentrated in the state of Kerala, and its performance is therefore highly dependent on residential real estate market conditions, regulatory developments, economic factors and climatic events in Kerala, any of which could adversely affect its business, financial condition, results of operations and cash flows.
- The timely execution and completion of the company's Ongoing and Upcoming Projects involve significant risks and uncertainties, and any delays, cost overruns or inability to complete such projects could adversely affect its business, results of operations and financial condition.
- The company dependence on independent contractors and other specialist for construction and project execution may exposes it to risks relating to delays, cost overruns, quality issues and execution failures, which could adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's revenues, profitability and return ratios fluctuate significantly over periods due to the project based and milestone-linked nature of its real estate development business, which may make period to- period comparisons difficult.
- The company is subject to risks arising from increases in construction input costs, price volatility of key materials and potential disruptions in supply chains, which may adversely affect project execution, profitability, cash flows and financial condition.
- The company's projects are subject to risks relating to obtaining, maintaining and renewing statutory and regulatory approvals and any delay, failures or withdrawal of such approvals could adversely affect its project timelines, business and financial performance.