Veegaland Developers IPO

About Veegaland Developers IPO

The Veegaland Developers IPO, a mainboard IPO, opens on Thursday, September 10, 2026 and closes on Tuesday, September 15, 2026. The allotment of shares will take place on Wednesday, September 16, 2026. The credit of shares to the demat account will take place on Thursday, September 17, 2026. The initiation of refunds will take place on Thursday, September 17, 2026. The listing of shares will take place on Friday, September 18, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 1,50,00,000 shares aggregating up to ₹210.00 crore. The total number of shares is 1,50,00,000 and the aggregate amount is ₹210.00 crore.

Veegaland Developers IPO's price band is set at ₹130 to ₹140 per share. The lot size for an application is 107 shares. The minimum amount of investment required by a retail investor is ₹14,980 (107 shares) based on the upper price band.

Veegaland Developers is a real estate development company engaged in the planning, development and sale of residential apartment projects in Kerala, operating under the ‘Veegaland Homes’ brand.

Objectives of Veegaland Developers IPO

• Funding a part of the expense to be incurred in the development of the Company’s Ongoing Projects.
  
• Funding unidentified acquisition of land and general corporate purposes.
  

Industry Outlook

India’s residential real estate sector is expanding quickly. The Indian real estate market was estimated at ₹39.44 trillion in FY2026 and is projected to reach ₹81.76 trillion by FY2032, per the ICRA Report relied upon in the RHP. Residential development is the largest contributor, at 60.7% of the overall real estate sector. India accounted for roughly 2.8% of the global real estate market by revenue in FY2026.

Boutique flats are the fastest-moving pocket of this market. The segment grew from ₹0.36 trillion in FY2021 to ₹5.77 trillion in FY2026, a compound annual growth rate of 73.7% over the period. Growth is expected to continue. It is forecast to rise from ₹7.16 trillion in FY2027 to ₹17.20 trillion by FY2032, at a projected CAGR of 19.2%.

Kerala anchors the Company’s addressable market. Veegaland Developers operates exclusively within the state, where the ICRA Report ranks it as the fastest-selling residential real estate developer, giving it a base from which to capture demand across the mid-premium to ultra-luxury spectrum.

About Veegaland Developers

Veegaland Developers was originally incorporated in 2007 as Vintes Solutions Private Limited. It develops and sells RERA-registered residential apartments under the ‘Veegaland Homes’ brand. The Company sources land through a combination of outright acquisition and joint development agreements with landowners. This blended approach supports both controlled expansion and capital-efficient growth. Execution is handled through an in-house, process-driven model that spans the full project lifecycle. As on June 30, 2026, the Company had sold 637 units, aggregating 11,72,182 square feet of saleable area, representing 63.62% of the total saleable area (excluding JDA) across its Ongoing Projects. All five of its Completed Projects — Exotica, Zinnia, Bliss, Thejus and Springbell — achieved full area sold on completion. Sales value grew at a CAGR of 45.10% between Fiscal 2024 and Fiscal 2026.

Strengths of Veegaland Developers

• The Company is ranked Kerala’s fastest-selling residential real estate developer, according to the ICRA Report dated December 8, 2025.
  
• An integrated land-sourcing approach combines outright acquisition with joint development agreements for capital-efficient growth.
  
• A process-driven, in-house development model spans the entire project lifecycle, from land identification to handover.
  
• The portfolio spans mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments across twelve Ongoing and three Upcoming Projects.
  

Risks of Veegaland Developers

• The company’s operations are entirely concentrated in Kerala, so any downturn in the state’s property market, regulatory shifts or climatic events could directly impair its revenue and cash flows.
  
• Ongoing and upcoming projects carry execution risk, and delays or cost overruns could raise costs, defer revenue recognition and erode profitability.
  
• The business is capital-intensive and depends on continuous funding for land, construction and approvals, so any shortfall in working capital could stall project execution.
  
• Demand depends on the availability and affordability of housing finance, and higher interest rates or adverse tax and stamp-duty changes could reduce buyer appetite and slow sales.
  
• The company relies on independent contractors for construction, exposing it to delays, cost overruns and quality lapses that could affect timely project delivery.
  

Anchor Investor Bidding Date

Wednesday, September 9, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private
Telephone: +91 810 811 4949
E-mail: veegalanddevelopers.ipo@in.mpms.mufg.com

Book Running Lead Manager
Cumulative Capital Private Limited

Veegaland Developers Contact Details
XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road, Kakkanadu,
Thrikkakara, Ernakulam – 682 021, Kerala, India
E-mail: cs@veegaland.in
Phone: +91 484 258 4000

Veegaland Developers Business Model

The company earns its revenue through the sale of residential units in its RERA-registered apartment projects, with customer consideration received in instalments linked to construction milestones under the percentage-of-completion approach. It serves buyers across the mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments in the Kerala markets of Kochi, Thiruvananthapuram, Kozhikode and Thrissur. Land for these projects is secured through a mix of outright acquisition and joint development agreements with landowners, allowing the company to control planning and execution while managing capital deployment across the project lifecycle.

Veegaland Developers Growth Trajectory

Veegaland Developers Limited’s Total Income for FY26 was ₹254.16 crore, whereas in FY25 and FY24 it was ₹196.22 crore and ₹114.61 crore, respectively.

The Profit After Tax for FY26 was ₹26.61 crore, whereas in FY25 and FY24 it was ₹20.43 crore and ₹7.87 crore, respectively.

Their EBITDA for FY26 was ₹42.64 crore, whereas in FY25 and FY24 it was ₹33.77 crore and ₹16.72 crore, respectively.

Veegaland Developers Market Position

Veegaland Developers operates exclusively in Kerala, with projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur developed under the ‘Veegaland Homes’ brand. As on June 30, 2026, its portfolio comprised twelve ongoing projects and three upcoming projects, and it had sold 637 units aggregating 11,72,182 square feet of saleable area, representing 63.62% of the total saleable area (excluding JDA) across its Ongoing Projects.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹254.16 crore, ₹26.61 crore, and ₹42.64 crore, respectively.

How to apply for Veegaland Developers IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.