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₹130 - 140
Veegaland Developers Ltd
RealtyIPO
₹130 - 140
Incorporated in 2007, Veegaland Developers Ltd develops multi-storied biophilic residential apartment projects designed to integrate greenery under the "Veegaland Homes" brand in Kerala, holding the rank of the state's fastest-selling residential developer. The company relies on in-house engineering supervision, disciplined land screening, and strict project execution registered under RERA (Real Estate Regulatory Authority, the statutory housing regulator) to build and sell homes across urban hubs.
Lot107Min Invest₹14,980Face Value₹10Issue Size₹210 CrFresh Issue₹210 Cr
Timeline
10 Sept
Bidding opens
15 Sept
Bidding closes
16 Sept
Allotment
17 Sept
Refund & demat credit
18 Sept
Listing
Subscription
Subscription opens 10 Sept
Reports
Offer Details
Terms
Issue Size₹210 Cr
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
- General corporate purposes
Anchor Book
Bid Date09-Sep-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 | - |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 5 | 5 | 5 | - |
| ReservesCr | 32 | 40 | 60 | - |
| BorrowingsCr | 122 | 120 | 177 | - |
| Total AssetsCr | 196 | 221 | 327 | - |
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
- Our 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, any of which could adversely affect our business, financial condition, results of operations and cash flows.
- The 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.
- Our dependence on independent contractors and other specialist for construction and project execution may exposes us to risks relating to delays, cost overruns, quality issues and execution failures, which could adversely affect our business, financial condition, results of operations and cash flows.
- Our revenues, profitability and return ratios fluctuate significantly over periods due to the projectbased and milestone-linked nature of our real estate development business, which may make periodto- period comparisons difficult
- We are 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.
- Our projects are subject to risks relating to obtaining, maintaining and renewing statutory and regulatory approvals and any delay, failure or withdrawal of such approvals could adversely affect our project timelines, business and financial performance.