Veegaland Developers Limited is a Kerala-based real estate developer engaged in the planning, development and sale of multi-storied residential apartments under the “Veegaland Homes” brand, across mid-premium to ultra-luxury segments.
The company entered the real estate sector in 2011 with its first project, Green Clouds, in Kochi, and has since expanded to Thiruvananthapuram, Kozhikode and Thrissur. It is part of the V-Guard Group.
The company’s projects can be classified into the following categories:
- Completed Projects: 10 projects
- Ongoing Projects: 12 projects
- Upcoming Projects: 3 projects
The company follows an integrated project development process covering land evaluation, approvals, planning, construction, marketing and sales. Construction is executed through third-party contractors, with an in-house engineering team overseeing supervision, quality and compliance.
The company develops projects through outright land purchases and Joint Development Agreements (JDAs), supporting its expansion across selected micro-markets.
Veegaland Developers IPO – Details
| IPO Opening Date | 10 September 2026 |
| IPO Closing Date | 15 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,50,00,000 Shares Worth ₹210.00 Crore Fresh Issue: 1,50,00,000 Shares Worth ₹210.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹130 – ₹140 per share |
| Market Lot | 107 Shares |
| Min Order | 107 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Veegaland Developers IPO – Date Schedule
| IPO Open Date | 10 September 2026 |
| IPO Close Date | 15 September 2026 |
| Basis of Allotment | 16 September 2026 |
| Initiation of Refund | 17 September 2026 |
| Credit of Shares to Demat Account | 17 September 2026 |
| IPO Listing Date | 18 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 15, 2026 |
Veegaland Developers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| Retail (Max) | 13 | 1,391 | ₹1,94,740 |
| S-HNI (Min) | 14 | 1,498 | ₹2,09,720 |
| S-HNI (Max) | 66 | 7,062 | ₹9,88,680 |
| B-HNI (Min) | 67 | 7,169 | ₹10,03,660 |
Competitive Strength
- 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 a competent management team supported by strong in-house functional capabilities.
Company Promoters
- Kochouseph Thomas Chittilappilly
- K.Chittilappilly Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹114.61 Cr | ₹103.39 Cr | ₹7.87 Cr | ₹120.23 Cr |
| 31 March 2025 | ₹196.22 Cr | ₹167.95 Cr | ₹20.43 Cr | ₹176.97 Cr |
| 31 March 2026 | ₹254.16 Cr | ₹217.96 Cr | ₹26.61 Cr | ₹85.59 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 16.02% |
| ROCE | 11.89% |
| Debt/Equity | 0.32 |
| RoNW | 16.02% |
| PAT Margin | 10.47% |
| EBITDA Margin | 16.78% |
| NAV | 79.08 |
| Price to Book Value | 1.77 |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.89 | 5.46 |
| P/E (x) | 17.74 | 25.64 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding a part of the expense to be incurred in the development of the Ongoing Projects and Upcoming Projects. | ₹119.83 |
| Funding unidentified acquisition of land and general corporate purposes. | – |
Veegaland Developers IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Shriram Properties Limited | 12.91 |
| 2 | 5 | Puravankara Limited | 84.24 |
✅Strengths
- Strong execution track record with completed projects fully sold.
- Fast-selling developer with an established presence in Kerala.
- V-Guard Group backing and strong brand reputation.
- Growing project pipeline with 12 ongoing and 3 upcoming projects.
⚠️Risks
- High dependence on Kerala/Kochi real estate market.
- Intense competition from regional and larger developers.
- Land availability and litigation risks.
- Interest rate and regulatory risks.
- Dependence on third-party contractors for construction.
Veegaland Developers IPO Promoter Holding
| Pre Issue Share Holding | 92.00% |
| Post Issue Share Holding | 63.69% |
Veegaland Developers IPO Prospectus
Company Contact Information
| Veegaland Developers Ltd. XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road, Kakkanadu, Thrikkakara, Ernakulam, Kerala, 682021 Phone: +91 484 258 4000 Email: cs@veegaland.in Website: https://www.veegaland.com/ |
Veegaland Developers IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: veegalanddevelopers.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Veegaland Developers IPO Lead Manager(s)
| 1. Cumulative Capital Pvt. Ltd. |
Veegaland Developers IPO FAQs
| What is the Veegaland Developers IPO? Veegaland Developers IPO is a main-board IPO. The issue is priced at ₹130 to ₹140 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Veegaland Developers IPO open? The IPO is to open on 10 September 2026 for QIB, NII, and Retail Investors. |
| What is Veegaland Developers IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Veegaland Developers IPO Size? Veegaland Developers IPO size is ₹210 Crore. |
| What are the Veegaland Developers IPO Minimum and maximum lot sizes for Retail? The minimum bid is 107 Shares with ₹14,980, while the maximum bid is 1391 Shares with ₹1,94,740. |
| What is the Veegaland Developers IPO Allotment Date? Veegaland Developers IPO allotment date is 16 September 2026. |
| What is the Veegaland Developers IPO Listing Date? Veegaland Developers IPO listing date is 18 September 2026. The IPO is to be listed on the BSE and the NSE. |
