Q1. What is the business of Veegaland Developers Limited?

It is a Kerala‑based real estate firm focused on planning, developing and selling multi‑storied residential apartment projects across mid‑premium to ultra‑luxury segments.

Q2. Why is the company raising funds via IPO?

Veegaland Developers is raising funds via IPO to fund ongoing/upcoming project costs, acquire land and to support future development.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is ~₹250 Cr via fresh issue. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Risk factors include sector cyclicality, project execution delays, regulatory hurdles and market demand fluctuations.

Q5. What are the potential upsides?

Upsides include a strong regional brand, growing Kerala real estate market and funds to accelerate project execution.

Q6. How to apply for the IPO?

You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Veegaland Developers Limited: New IPO, GMP, Price, Analysis

Open

Veegaland Developers Limited: New IPO, GMP, Price, Analysis

Market Cap

₹ 683 Crore

IPO Issue Size

₹ 210 Crore

Expected Price by IPOCorner

₹ 135 – 158

IPO Score

*Score varies on actual price

Veegaland Developers Limited is a Kerala-based real estate developer engaged in planning, development and sale of multi-storied residential apartment projects across mid-premium to ultra-luxury segments.
Veegaland Developers Limited was incorporated in 2007 & currently Mr. Kochouseph Thomas Chittilappilly serves as the Managing Director of the company.
Veegaland Developers Limited filed its DRHP with SEBI on December 30, 2025. The IPO features entirely as a Fresh Issue up to ₹ 210 Crore.

It is engaged in planning, development and sale of multi-storied residential apartment projects across mid-premium to ultra-luxury segments in Kerala. It has completed 10 projects totaling 11.05 lakh sq ft and 9 ongoing projects totaling 12.67 lakh sq ft with 7.20 acres of land reserved in Kochi and Trivandrum.

Subscription date to apply for Veegaland Developers Limited opens on 10th Sep’26 & Closes on 15th Sep’26. Price band for the IPO is ₹ 130 – ₹ 140.

Year	2025
Networth	₹ 65.44 Cr
Revenue	₹ 192.37 Cr
EBITDA	₹ 33.77 Cr
PAT	₹ 20.42 Cr
EBITDA Margin	17.21%
PAT Margin	10.41%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	10-Sep'26
Close Date	15-Sep'26
Anchor Investor Bidding	09-Sep'26
Allotment Date	16-Sep'26
Refunds& Demat Credit	17-Sep'26
Tentative Listing Date	18-Sep'26

Use Of Proceeds

Purpose	Amount
Capital Expenditure	18.49 Cr
Development of Ongoing & Upcoming Projects	111.6 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 108.9	₹ 110.8	₹ 192.4
PAT (₹ Cr)	₹ 14.5	₹ 7.9	₹ 20.4
Asset (₹ Cr)	₹ 196.0	₹ 221.0	₹ 326.7
Net Worth (₹ Cr)	₹ 37.2	₹ 45.1	₹ 65.4

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
05-Sep	₹ 130 - ₹ 140	₹ 2,354	₹ –
04-Sep	₹ 130 - ₹ 140	₹ 18	₹ 1,926
03-Sep	₹ 130 - ₹ 140	₹ 19	₹ 2,033
02-Sep	₹ 130 - ₹ 140	₹ 20	₹ 2,140
01-Sep	₹ 130 - ₹ 140	₹ 18	₹ 1,926

Pros

Operates in the high-growth Kerala residential real estate market.
Strong project execution track record with completed and ongoing developments.
Focus on mid-premium to luxury housing, offering better margins.
Fresh issue IPO, bringing direct funds for project development.
Healthy land bank and pipeline supporting future growth visibility.

Cons

Business is region-centric, primarily concentrated in Kerala.
Real estate sector is cyclical and interest-rate sensitive.
Project delays or regulatory approvals can impact cash flows.
No disclosed market share, making competitive positioning unclear.
Profitability depends heavily on property demand and sales velocity.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Kochouseph Thomas Chittilappilly	67.25%
K. Chittilappilly Trust	24.74%
-	-
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	107 Shares	1	107 Shares	₹ 13,910
Retail (Max)	107 Shares	13	1,391 Shares	₹ 1,94,740
HNI (Min)	107 Shares	14	1,498 Shares	₹ 2,09,720
HNI (Max)	107 Shares	66	7,062 Shares	₹ 9,88,680
Big HNI (Min)	107 Shares	67	7,169 Shares	₹ 10,03,660

Key Performance Index (KPI)

ROE	36.96%
ROCE	13.75%
RoNW	36.96%

Lead / Book Running Lead Managers

Cumulative Capital Private Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of Veegaland Developers Limited?
It is a Kerala‑based real estate firm focused on planning, developing and selling multi‑storied residential apartment projects across mid‑premium to ultra‑luxury segments.
Q2. Why is the company raising funds via IPO?
Veegaland Developers is raising funds via IPO to fund ongoing/upcoming project costs, acquire land and to support future development.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is ~₹250 Cr via fresh issue. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Risk factors include sector cyclicality, project execution delays, regulatory hurdles and market demand fluctuations.
Q5. What are the potential upsides?
Upsides include a strong regional brand, growing Kerala real estate market and funds to accelerate project execution.
Q6. How to apply for the IPO?
You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.