Minerva Capital Research Solutions

Veegaland Developers

RHP
ListedListed 18 Sep 2026MainboardNSE: VEEGALANDCheck allotment
Current price₹ 133.52−4.63% since issue
Listing day+10%
Issue price
₹ 140
Issue size
₹ 210 Cr.
Min. investment
₹ 14,980
Listing price
₹ 154
Subscribed
13.55x
Lot size
107 shares
P/E
25.64
RoNW
16.02%
RoCE
11.89%
Debt / Equity
0.32
PAT margin
10.47%
EBITDA margin
16.78%
RoE
16.02%
EPS
₹ 5.46
NAV
₹ 79.08
Promoter stake
63.69%

About

Veegaland Developers Limited was started in 2007. It is a real estate development company that plans, builds and delivers residential, commercial and mixed use projects. Its projects fall into three groups. As on 30 June 2026 it had 10 completed projects, 12 ongoing projects and 3 upcoming projects. The 10 completed projects were all residential and added up to 11.05 lakh square feet of saleable area, covering 692 units. Of those 692 units, 43 went to landowners under joint development agreements, which is the arrangement where a developer builds on someone else's land and shares the finished units with them. The company says it works through an integrated model covering the whole project cycle, from sourcing land to construction to handing over, with in house teams for the main functions. As on 30 June 2026 it had 127 full time employees.

Timeline

  1. Opens
    10 Sep
    done
  2. Closes
    15 Sep
    done
  3. Allotment
    16 Sep
    done
  4. Refunds
    17 Sep
    done
  5. Demat credit
    17 Sep
    done
  6. Listing
    18 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 33 on 8 Sep 2026
Lowest
₹ 5 on 16 Sep 2026
First quoted
₹ 18 on 1 Sep 2026

Subscription

How many times each investor group bid for its share, as of 18 Sep 2026, 06:32 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1107₹ 14,980
Retail (Max)131,391₹ 1,94,740
S-HNI (Min)141,498₹ 2,09,720
B-HNI (Min)677,169₹ 10,03,660

Company overview

Financials

Financials by year
Assets483.81326.65221.01
Total Income254.16196.22114.61
Profit After Tax26.6120.437.87
EBITDA42.6433.7716.72
NET Worth266.965.4445.07
Reserves and Surplus233.1560.4440.07
Total Borrowing85.59176.97120.23

Strengths

  • Profit has grown strongly, from Rs 7.87 crore in FY2024 to Rs 20.43 crore in FY2025 and Rs 26.61 crore in FY2026.
  • Sales have more than doubled in two years, from Rs 114.61 crore in FY2024 to Rs 196.22 crore in FY2025 and Rs 254.16 crore in FY2026.
  • EBITDA improved from Rs 16.72 crore in FY2024 to Rs 42.64 crore in FY2026.
  • The company cut its debt by more than half in one year, from Rs 176.97 crore in FY2025 to Rs 85.59 crore in FY2026.
  • Net worth rose sharply from Rs 65.44 crore to Rs 266.90 crore in FY2026.
  • The PAT margin of 10.47% is healthy for a construction and development business.
  • There is a visible pipeline, with 12 ongoing projects and 3 upcoming projects on top of the 10 already completed.
  • The whole issue is fresh capital with no offer for sale, and Rs 119.83 crore of it goes into building out the ongoing and upcoming projects.

Risks

  • The issue is priced at about 25.64 times earnings on an EPS of Rs 5.46, while RoCE is only 11.89%, so the return on capital is modest for that valuation.
  • A part of the money is kept for an unidentified acquisition of land along with general corporate purposes. No specific land has been named, so investors do not know where that money will go.
  • Net worth jumped from Rs 65.44 crore to Rs 266.90 crore in a single year, so the earlier year ratios are not comparable with the latest year.
  • Real estate is capital heavy and cyclical. Money stays locked in land and construction for years before a project earns anything.
  • Project delivery depends on approvals, land titles and RERA compliance. Delays in any of these push out both revenue and cash flow.
  • The company works partly through joint development agreements, where a share of the finished units goes to the landowner. Of the 692 units completed so far, 43 went to landowners.
  • The completed portfolio is still modest at 10 projects and 11.05 lakh square feet, so the company is small compared with listed national developers.
  • The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
  • Home demand and buyer sentiment move with interest rates, and a rise in home loan rates slows bookings quickly.

What the money is for

Objects of the issue
Funding a part of the expense to be incurred in the development of the Ongoing Projects and Upcoming Projects119.83
Funding unidentified acquisition of land and general corporate purposes—

Promoters

  • Kochouseph Thomas Chittilappilly
  • K.Chittilappilly Trust
Promoter holding92%→63.69%before → after the issue · down 28.31 points

Anchor investors

10 anchors put in ₹ 62.99 Cr., including 2 mutual funds.

Anchor investors
EQ INDIA FUND10,71,07014.9923.8%
NAVBHARAT INVESTMENT TRUST-NAVBHARAT INVESTMENT OPPORTUNITIES FUND3,57,16657.94%
TAURUS MID CAP FUND1,78,5832.53.97%
TAURUS FLEXI CAP FUND1,78,5832.53.97%
SWYOM INDIA ALPHA FUND7,14,3321015.87%
INNOVATIVE VISION FUND3,57,16657.94%
VISIONARY VALUE FUND3,57,16657.94%
VBCUBE VENTURES FUND II3,57,16657.94%
CP Capital Ltd.3,57,16657.94%
TIGER STRATEGIES FUND 15,71,602812.7%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Cumulative Capital Pvt. Ltd.
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.