The stock opened at ₹154 on the NSE, a premium of 10% over the IPO price of ₹140. On the BSE, it debuted at ₹151, translating into a premium of 7.86%.
Ahead of the listing, Veegaland Developers shares were commanding a grey market premium (GMP) of ₹8 in the unlisted market. This indicated a potential listing premium of around 6% over the upper end of the IPO price band. However, grey market premiums are indicative and may not translate into actual listing prices.
The company’s ₹210 crore IPO was subscribed 14.60 times overall. The retail investor portion was subscribed 9.95 times, while the non-institutional investors (NIIs) category saw 19.41 times subscription. The qualified institutional buyers (QIBs) portion was subscribed 19.13 times.
The IPO was open for subscription from September 10 to September 15 and comprised an entirely fresh issue of 1.50 crore shares. The price band was fixed at ₹130-140 per share, valuing the company at ₹682.5 crore at the upper end of the band.
Promoted by Kochouseph Thomas Chittilappilly, Veegaland Developers operates under the Veegaland Homes brand and focuses on residential projects in Kerala. The company entered the real estate business in 2011 and has completed 10 projects comprising 692 units and 1.11 million square feet of saleable area as of June 2026.
The company’s development pipeline includes 12 ongoing projects with 994 units and 1.86 million square feet of saleable area, along with three upcoming projects comprising 212 units and 0.46 million square feet.
Veegaland Developers’ portfolio spans mid-premium, premium, ultra-premium, luxe and ultra-luxury residential projects. Its unit sales increased from 167 in FY24 to 261 in FY26, while sales value more than doubled from ₹187 crore to ₹394 crore during the same period. Pre-sales rose 96% to ₹406 crore, while average realisations increased from ₹6,935 per square foot to ₹8,021 per square foot.
Gross collections also increased 134% from ₹125 crore in FY24 to ₹292 crore in FY26.
Of the IPO proceeds, ₹119.8 crore will be used to fund part of the development costs of ongoing projects. The remaining proceeds will be used for land acquisition and general corporate purposes.
The company reported revenue of ₹250.97 crore, up more than 30% year-on-year, while profit stood at ₹26.6 crore.
