After delivering significant wealth to investors through the successful public listings of V-Guard Industries and Wonderla Holidays, veteran industrialist Kochouseph Chittilappilly is now preparing for his third market debut. Veegaland Developers Limited, the real estate arm of the V-Guard Group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO).
Chittilappilly’s previous ventures have been market favourites: V-Guard Industries debuted in 2008, followed by Wonderla Holidays in 2014. He is now targeting an IPO of around ₹250 crore for Veegaland Developers in the first half of 2026.
Incorporated in 2007, Veegaland Developers began its real estate operations in 2011. The company focuses on the planning, development, and sale of residential apartment projects in Kerala, catering to segments ranging from mid-premium to ultra-luxury. It operates under the brand name Veegaland Homes.
The company has completed 10 residential projects. It has nine ongoing projects and four upcoming ones with a presence across Kochi, Thiruvananthapuram, Kozhikode, and Thrissur.
Veegaland Developers reported revenue of ₹192 crore and a profit after tax (PAT) of ₹20 crore in 2024-25. In the first half of 2025-26, the company recorded a revenue of ₹124 crore and a PAT of ₹12 crore.
According to the Draft Red Herring Prospectus (DRHP) filed with SEBI, the proposed IPO will be a 100% fresh issue, with no offer-for-sale (OFS) component. The entire proceeds of the issue will be utilised by the company, primarily for funding the construction of ongoing and upcoming residential projects, as well as for the acquisition of land parcels for future developments.
Kochouseph Chittilappilly who is the promoter and whole-time director of the company and K. Chittilappilly Trust together hold 92% stake in Veegaland Developers.
