Kerala-based real estate developer Veegaland Developers is set to open its ₹210 crore initial public offering (IPO) for subscription on September 10. The company filed its red herring prospectus with the Registrar of Companies on August 31.
The IPO has a price band of ₹130 to ₹140 per share, giving the company a valuation of around ₹682.5 crore. The issue size has been reduced from the ₹250 crore proposed in the draft red herring prospectus (DRHP) filed in December 2025. The Securities and Exchange Board of India (SEBI) approved the draft in June 2026.
The IPO consists entirely of a fresh issue of shares and will remain open until September 15. The anchor book for institutional investors will open for one day on September 9.
Veegaland Developers is expected to finalise the share allotment on September 16, with the company’s shares likely to begin trading on the stock exchanges on September 18.
Half of the issue has been reserved for qualified institutional buyers (QIBs), while retail investors have been allocated 35 percent and non-institutional investors (NIIs) 15 percent.
Investors can bid for a minimum of 107 shares and in multiples of 107 thereafter. At the upper price band of ₹140, the minimum investment for retail investors will be ₹14,980, while the maximum investment will be ₹1,94,740.
Promoted by Kochouseph Thomas Chittilappilly, Veegaland Developers operates in Kerala’s residential real estate market under the Veegaland Homes brand. Since entering the sector in 2011, the company has completed 10 residential projects.
The developer currently has 12 ongoing projects with a combined saleable area of 18.57 lakh square feet. It also has three upcoming projects covering another 4.62 lakh square feet of saleable area.
Of the IPO proceeds, ₹119.8 crore will be used to partially fund the development costs of its ongoing projects. The balance will be used for potential land acquisitions that have not yet been identified and for general corporate purposes.
Veegaland Developers has reported strong financial growth in recent years. Its revenue increased by more than 30 percent year-on-year to ₹250.97 crore, while profit rose to ₹26.6 crore.
Cumulative Capital has been appointed as the merchant banker for the IPO.
