The Veegaland Developers IPO will open for subscription on Thursday, 10 September, and will close on Tuesday, 15 September. The Veegaland Developers IPO price band has been set at ₹130- ₹140 per equity share, with a face value of ₹10 per share. The Veegaland Developers IPO lot size is 107 equity shares, and bids can be placed in multiples of 107 shares thereafter. Veegaland Developers IPO subscription for the public issue will open at 10:00 IST on Thursday during the deals.
Veegaland Developers IPO GMP today
Veegaland Developers IPO GMP today, or grey market premium, is +24. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Veegaland Developers share price was indicated at ₹164 apiece, which is 17.14% higher than the IPO price of ₹140.
According to grey market trends observed over the past 10 sessions, the current GMP of ₹24 suggests a pessimistic outlook. Throughout this timeframe, the GMP fluctuated between ₹18 and ₹33, according to expert analysis.
Under Veegaland Developers IPO reservation structure, up to 50% of the issue is reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail investors.
The Veegaland Developers IPO allotment basis is expected to be finalised on Wednesday, 16 September. The company is likely to begin processing refunds on Thursday, 17 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
Veegaland Developers share price is likely to be listed on both the BSE and NSE on Friday, 18 September.
Veegaland Developers IPO review
Geojit Investments — Subscribe
Geojit Investments has assigned a “Subscribe” rating to Veegaland Developers for investors with a medium- to long-term investment horizon. At the upper price band of ₹140, the company is valued at around 1.4x FY26 post-issue P/BV, which the brokerage considers attractive compared with peers. It expects the company to benefit from strong growth in Kerala’s residential real estate market, supported by a scalable project pipeline, robust pre-sales and healthy revenue visibility. Strong execution, improving profitability, expanding margins and healthy return ratios further support its long-term growth profile.
Swastika Investmart — Positive, but limited listing upside
Swastika Investmart highlighted Veegaland Developers’ position as Kerala’s fastest-selling real estate developer, according to an ICRA report, with 100% sell-through across completed projects and a 45.10% sales value CAGR during FY24-FY26. The brokerage noted that the IPO is valued at 14.8x–16.0x FY26 P/E, slightly above Shriram Properties but below the industry average, while RoNW stands at 16.02%. However, RoNW has declined from 36.96% to 16.02% following equity expansion, while cash flows have remained weak in some periods. Swastika also flagged the company’s 100% exposure to Kerala, which increases its sensitivity to regional real estate cycles and climate risks. While promoter credibility and a debt-light balance sheet offer stability, the valuation and geographical concentration could limit aggressive short-term listing gains.
Choice Equity Broking — Subscribe for the long term
Choice Equity Broking has recommended “Subscribe for the Long Term”, citing reasonable pricing, a clean balance sheet and an order book that provides near-term revenue visibility. However, the brokerage expects the earnings required to justify the valuation multiple to materialise over the next two to three years. Investors should therefore expect muted return ratios until the IPO proceeds are deployed and cash flows improve.
Veegaland Developers IPO details
The IPO comprises a fresh issue of up to 1.50 crore equity shares aggregating to ₹210 crore, with no offer-for-sale (OFS) component, according to a company statement.
The company plans to use the IPO proceeds to fund its ongoing projects, acquire unidentified land parcels and meet general corporate requirements.
Cumulative Capital is the sole book-running lead manager for the issue, while MUFG Intime India Pvt Ltd is the registrar.
The company raised ₹63 crore from anchor investors on Wednesday, according to a circular filed with the stock exchanges.
The company allotted 45 lakh equity shares to anchor investors at ₹140 per share.
The anchor investors include EQ India Fund, Sworn India Alpha Fund, Tiger Strategies Fund-I, Taurus Mutual Fund, Innovative Vision Fund, Visionary Value Fund and CP Capital, according to the circular.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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