Veegaland Developers IPO
Veegaland Developers IPO is a mainboard IPO raising ₹210 Cr at ₹130 – ₹140 a share. The smallest application you can make is 107 shares, costing ₹14,980 at the top of the band. Bidding closes on 15 Sept 2026 and the shares list on 18 Sept 2026. So far it has been subscribed 1.15× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 15 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Veegaland Developers Limited is a Kerala-based real estate developer that plans, builds and sells multi-storey residential apartment projects under the brand 'Veegaland Homes'. It operates across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. Construction is outsourced to third-party civil contractors, while design, engineering and quality supervision are handled by an in-house team backed by external architects and consultants.
How it earns
Earns revenue from the sale of residential apartments, recognised under the percentage-of-completion method (Ind AS 115), with customer collections received in phased milestones linked to RERA-approved construction schedules.
Who buys
End-user retail homebuyers (B2C); no named key customers or customer-concentration percentages are disclosed. Geographic concentration is entirely within the state of Kerala (Kochi, Thiruvananthapuram, Kozhikode, Thrissur).
Scale
25 projects in Kerala (10 Completed, 12 Ongoing, 3 Upcoming) aggregating 34,24,479 sq ft (~34.24 lakh sq ft) of saleable area across 1,898 units, with a 6.51-acre land reserve in Kochi and Kozhikode; supported by 127 full-time employees as of June 30, 2026, including 45 in-house project-monitoring engineers.
What it says sets it apart
- All 10 Completed Projects (692 units) have achieved 100% sales absorption upon completion; Ongoing Project sales range from 2.70% to 100% as of June 30, 2026.
- Ranked as Kerala's fastest-selling real estate developer by ICRA Analytics (per ICRA Report dated December 26, 2025, updated August 7, 2026).
- Land sourcing is split between outright purchase and asset-light joint development arrangements (JDAs); Completed Projects land mix is ~69.68% outright / 30.32% JDA, with a 6.51-acre land reserve maintained across Kochi and Kozhikode for future development.
- Contracted order book of Rs 90,942.07 lakh (~Rs 909.42 crore) as of June 30, 2026, providing near-term revenue visibility.
- Sales value grew at a CAGR of 45.10% from Rs 18,696.01 lakh in Fiscal 2024 to Rs 39,361.92 lakh in Fiscal 2026; pre-sales CAGR of ~40.12% over the same period.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs140 / stated EPS Rs8.77 (Fiscal 2026 diluted EPS (₹), restated consolidated under Ind AS). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹251 Cr+30% | ₹27 Cr+30% | 10.6% | ₹267 Cr | ₹86 Cr |
| FY2025 | ₹192 Cr+74% | ₹20 Cr+160% | 10.6% | ₹65 Cr | ₹177 Cr |
| FY2024 | ₹111 Cr | ₹8 Cr | 7.1% | ₹45 Cr | ₹120 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
Retail: 1.65× their allocation. QIB: 0.45×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Cumulative Capital Private Limited — median +51.1% across the 3 of its issues we can price. All lead managers →
What to watch
- Priced at 16× earnings — 67% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.