Kochouseph Chittilappilly-promoted Veegaland Developers is set to launch its ₹210 crore initial public offering (IPO) on September 10, marking what is set to be the first real estate company from Keralam to go public.
The IPO will remain open until September 15, with the company expected to list on the BSE and NSE on September 18. The price band has been fixed at ₹130–140 per share.
Price band: ₹130–140 per equity share
IPO size: ₹210 crore
Lot size: 107 shares
Minimum retail investment: ₹14,980 at the upper end of the price band
Issue type: Fresh issue of 1.5 crore equity shares
Offer for sale: None
IPO opens: September 10
IPO closes: September 15
Allotment: September 16
Refunds: September 17
Share credit: September 17
Expected listing: September 18
Of the shares offered, 50 percent has been reserved for qualified institutional buyers (QIBs), 35 percent for retail investors and 15 percent for non-institutional investors.
Veegaland Developers has reported healthy growth in recent financial years.
Revenue increased 30 percent to ₹254.16 crore in 2025-26 from ₹196.22 crore in 2024-25.
Net profit rose 30 percent to ₹26.61 crore.
EBITDA increased from ₹33.77 crore to ₹42.64 crore, with an EBITDA margin of 16.78 percent.
Return on equity (ROE) stood at 16.02 percent, while return on capital employed (ROCE) was 11.89 percent.
The debt-to-equity ratio stood at 0.32. Total debt declined sharply to ₹85.59 crore from ₹176.97 crore in the previous year.
Veegaland Developers plans to use ₹119.83 crore from the IPO proceeds for the development of ongoing and upcoming real estate projects.
The remaining funds will be used for land acquisition and general corporate purposes.
Established in 2007, Veegaland Developers has completed 10 residential projects covering 11.05 lakh square feet.
The company is promoted by Kochouseph Chittilappilly, founder of V-Guard Industries and Wonderla Holidays. If the IPO goes through as planned, Veegaland Developers will become his third listed venture.
Promoters currently hold a 92 percent stake in the company.
At the upper end of the IPO price band of ₹140, Veegaland Developers would have a market capitalisation of around ₹682.5 crore. The post-issue price-to-earnings (P/E) ratio is estimated at 25.64 times.
The stock was commanding a grey market premium (GMP) of around ₹14 as of September 1. At the upper price band, this indicates an unofficial premium of about 10 percent over the IPO price. Grey market premiums, however, are unofficial indicators and should not be treated as a guarantee of listing gains.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult a SEBI-registered investment adviser before making investment decisions. Investments in the stock market are subject to market risks.
