The price band for the IPO has been fixed at ₹130-140 per share, valuing the company at ₹682.5 crore. The lot size is 107 shares, with the minimum investment for a retail investor at ₹14,980, based on the upper price band.
In the unlisted market, shares of Veegaland Developers are commanding a premium of ₹20 today, indicating a potential listing gain of 14.29% over the upper issue price.
However, it is important to note that grey market premiums are only an indicator of market sentiment in the unlisted market and can change rapidly.
Veegaland Developers IPO: Should you apply?
Anand Rathi: Subscribe for long term
Anand Rathi said Veegaland Developers has established a strong presence in Kerala’s residential real estate market, with 10 completed, 12 ongoing and three upcoming projects. The brokerage highlighted the company’s strong execution track record, healthy sales absorption and growing presence in premium residential segments.
At the upper price band, the company is valued at 25.6 times FY26 P/E and 18.95 times FY26 EV/EBITDA. Given its execution track record, project pipeline and growth prospects in Kerala, Anand Rathi has recommended a “Subscribe – Long Term” rating.
Geojit: Subscribe
Geojit said the IPO valuation of around 1.4 times FY26 price-to-book value is attractive compared with peers. It expects Veegaland Developers to benefit from Kerala’s growing residential real estate market, supported by its project pipeline, pre-sales momentum and improving profitability.
The brokerage has assigned a “Subscribe” rating for investors with a medium- to long-term investment horizon.
IPO details
The company has reduced the IPO size from the ₹250 crore proposed in its draft red herring prospectus (DRHP) filed in December 2025. SEBI cleared the draft document in June 2026.
Half of the issue has been reserved for qualified institutional buyers (QIBs), while 35% has been allocated to retail investors and the remaining 15% to non-institutional investors (NIIs).
Promoted by Kochouseph Thomas Chittilappilly, Veegaland Developers develops residential apartment projects in Kerala under the Veegaland Homes brand. The company has completed 10 projects since entering the real estate business in 2011.
It currently has 12 ongoing projects with a saleable area of 18.57 lakh square feet and three upcoming projects with a saleable area of 4.62 lakh square feet.
Of the IPO proceeds, the company plans to use ₹119.8 crore to fund part of the development costs of its ongoing projects. The remaining proceeds will be used for the unidentified acquisition of land and general corporate purposes.
Veegaland Developers has reported healthy financial growth in recent years, with revenue rising more than 30% year-on-year to ₹250.97 crore and profit increasing to ₹26.6 crore.
Cumulative Capital has been appointed as the merchant banker to manage the IPO.
The allotment for the Veegaland Developers IPO is expected to be finalised on September 16, while the shares are expected to list on the NSE and BSE on September 18.
