Veegaland Developers IPO

Veegaland Developers Limitedveegaland.com

ListedMainboardReal EstateNSE · BSE

Price band: ₹130 – ₹140
Issue size: ₹210 Cr
Lot size: 107 sh
Bidding: 10 – 15 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Veegaland Developers builds and sells multi-storeyed residential apartments in Kerala and raised Rs 210 Cr in a Rs 130-140 band, shown in the record as entirely a fresh issue with an offer for sale of Rs 0 Cr. Revenue from operations was Rs 110.77 Cr in FY24, Rs 192.38 Cr in FY25 and Rs 250.98 Cr in FY26, with profit after tax of Rs 7.87 Cr, Rs 20.43 Cr and Rs 26.61 Cr over the same three years. The record's business-model note gives net cash used in operating activities of Rs 44.00 Cr in FY25 and Rs 74.26 Cr in FY26, against Rs 8.83 Cr generated in FY24. The issue was subscribed 14.60 times overall; it listed on 18 September 2026 at Rs 154 against a band top of Rs 140 and last traded at Rs 126.71 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

79Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Veegaland Developers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2007 · Kakkanad, Thrikkakara, Ernakulam (Kochi), Kerala, India · 127 employees

Veegaland Developers plans, builds and sells multi-storeyed residential apartments in Kerala under the "Veegaland Homes" brand, with projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. Its buyers are individual home purchasers across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments. As of 30 June 2026 the portfolio was 25 projects totalling 34,24,479 sq ft of saleable area: 10 completed projects (692 units, all sold), 12 ongoing (994 units, 63.62% of saleable area sold) and 3 upcoming (212 units). It held land reserves of 6.51 acres in Kochi and Kozhikode. Construction is executed by third-party civil contractors, with architecture, structural and MEP design by outside consultants; an in-house engineering team handles planning, supervision and RERA compliance. It employed 127 full-time staff. The company is part of the V-Guard group founded by its promoter.

Revenue is apartment sale consideration, recognised under Ind AS 115 in line with the percentage of completion of construction, so reported income tracks build progress rather than bookings. Operating cost — land, approvals and contractor billings — is the dominant expense: gross margin was 27.94% in FY26 on revenue from operations of ₹250.98 crore, giving EBITDA of ₹42.64 crore (16.78% margin) and PAT of ₹26.61 crore. The structural constraint is cash timing: construction is funded ahead of RERA-linked customer collections, so net cash used in operating activities was ₹74.26 crore in FY26 and ₹44.00 crore in FY25, against ₹8.83 crore generated in FY24. Contracted order book was ₹909.42 crore at 30 June 2026.

The company on paper

Legal name: Veegaland Developers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 10 Aug 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U45201KL2007PLC021107
Sector: Real Estate · Development and sale of multi-storeyed residential apartment projects in Kerala
Employees: 127
Registered office: Kakkanad, Thrikkakara, Ernakulam (Kochi), Kerala, India
Promoters: Kochouseph Thomas Chittilappilly, K. Chittilappilly Trust
Promoter holding, pre-issue: 92.0%
Promoter holding, post-issue: 63.7%
Website: veegaland.com

The numbers

Financial performance

Revenue has compounded at 50.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹210 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹210 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.3% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription14.60×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹140.00
Listed at: ₹154.00
Listing gain: up 10.0%
Since listing: down 15.0%
Against the issue price: down 6.5%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 107
At cut-off price: ₹140.00
Amount blocked: ₹14,980

One lot is 107 shares at ₹14,980. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~10%

chance of one lot, per application

Retail subscription: 9.95×
Applicants per share available: 9.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹154.00

listed at, 10.0% against the issue price

Issue price: ₹140.00
Premium said: —
If allotted 107 shares: ₹1,498

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 110.77 Cr in FY24, Rs 192.38 Cr in FY25 (73.68% higher) and Rs 250.98 Cr in FY26 (30.46% higher). Profit after tax moved in the same direction across all three years on record: Rs 7.87 Cr in FY24, Rs 20.43 Cr in FY25 (159.59% higher) and Rs 26.61 Cr in FY26 (30.25% higher).
EBITDA was Rs 16.72 Cr in FY24, and was Rs 33.77 Cr in FY25 and Rs 42.64 Cr in FY26. For FY26 the record's business-model note states a gross margin of 27.94% and an EBITDA margin of 16.78% on revenue from operations of Rs 250.98 Cr.
Total borrowings were Rs 85.59 Cr at FY26 against net worth of Rs 266.90 Cr, a ratio of 0.32 times. The same two figures were Rs 120.23 Cr against Rs 45.07 Cr at FY24 (2.67 times) and Rs 176.97 Cr against Rs 65.44 Cr at FY25 (2.70 times), so borrowings did not move in one direction across the three years on record.
The record puts the contracted order book at Rs 909.42 Cr on 30 June 2026, which is 3.62 times FY26 revenue from operations of Rs 250.98 Cr. As of the same date it describes 25 projects totalling 34,24,479 sq ft of saleable area: 10 completed (692 units, all sold), 12 ongoing (994 units, 63.62% of saleable area sold) and 3 upcoming (212 units).

What to weigh against it

The business-model note records net cash used in operating activities of Rs 44.00 Cr in FY25 and Rs 74.26 Cr in FY26, in years when profit after tax was Rs 20.43 Cr and Rs 26.61 Cr; FY24 is given as Rs 8.83 Cr generated. The record itself attributes the pattern to construction being funded ahead of RERA-linked customer collections.
The record places the business entirely in one state: the industry field reads development and sale of multi-storeyed residential apartment projects in Kerala, the projects named are in Kochi, Thiruvananthapuram, Kozhikode and Thrissur, and the 6.51 acres of land reserves are in Kochi and Kozhikode. The keyCustomers, segments, facilities and geographies fields are empty, and exportSharePct is null.
The record states that revenue is recognised under Ind AS 115 in line with the percentage of completion of construction, so reported income tracks build progress rather than bookings. It also states that construction is executed by third-party civil contractors and that architecture, structural and MEP design are done by outside consultants, with 127 full-time employees.
The stock listed at Rs 154 against a band top of Rs 140, a 10% listing gain, and last traded at Rs 126.71 on 23 October 2026 - 9.49% below the band top of Rs 140 and 17.72% below the Rs 154 listing price.

Easy to miss in the prospectus

Net worth was Rs 65.44 Cr at FY25 and Rs 266.90 Cr at FY26, an increase of Rs 201.46 Cr in a year when profit after tax was Rs 26.61 Cr. The record gives no breakdown of the remaining Rs 174.85 Cr: totalAssetsCr, expensesCr and cashFlowOpsCr are null in every period and the valuation and allocation blocks are null.
The record carries one subscription row, the final-day entry dated 15 September 2026: 19.13 times QIB, 19.41 times NII, 9.95 times retail and 14.60 times overall. Its own source list contains a Business Standard item headlined at 13.55 times subscription and a Kotak Neo page labelled as a divergent subscription set noted in corrections, so the headline multiple differs between the record's sources.
Promoter holding is given as 92% pre-issue and 63.69% post-issue, a fall of 28.31 percentage points, against an issue of Rs 210 Cr recorded wholly as fresh with ofsCr of Rs 0 Cr. The anchor block, anchor bid date and both anchor lock-in dates are null in the record.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Veegaland Developers — Prospectus dated 2026-09-1515 Sep 2026Filed after pricing, with every placeholder filled in.Opens on sebi.gov.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Cumulative Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

How these figures were checked

Reconciled to Veegaland Developers's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Veegaland Developers Limited — Prospectus dated September 15, 2026 (SEBI filing, 473 pp) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 10 Sep 2026
Closes: 15 Sep 2026
Allotment: 16 Sep 2026
Lists: 18 Sep 2026
Revenue (FY26): ₹251 Cr
Profit (FY26): ₹26.61 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.