Veegaland Developers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 19.13×
- Big non-institutionalbNII · above ₹10 lakh
- 18.59×
- Small non-institutionalsNII · ₹2–10 lakh
- 21.06×
- Retail individualRII · up to ₹2 lakh
- 9.20×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 30,00,000 | 5,73,83,779 | ₹803 Cr | 19.13× |
| Non-institutional | 22,50,000 | 4,36,76,009 | ₹611 Cr | 19.41× |
| Big non-institutionalwithin NII | 15,00,000 | 2,78,82,274 | ₹390 Cr | 18.59× |
| Small non-institutionalwithin NII | 7,50,000 | 1,57,93,735 | ₹221 Cr | 21.06× |
| Total | 1,05,00,000 | 15,32,74,397 | ₹2,146 Cr | 14.60× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 15 Sep, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 10 Sep 2026 – 15 Sep 2026
- Listing date
- 18 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹130 – ₹140
- Issue price
- ₹140 per share
- Lot size
- 107 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹210 Cr
- Fresh issue
- ₹210 Cr 1,50,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹683 Cr
- Promoter holding
- 92.00% → 63.69% pre-issue → post-issue
- ISIN
- INE1JTV01015
- CIN
- U45201KL2007PLC021107
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road, Kakkanadu, Thrikkakara, Ernakulam – 682 021, Kerala, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 32,30,768 | 28.57% | 28.57% |
| Anchor investor · within QIB | 45,00,000 | — | 39.80% |
| NII (HNI) | 24,23,077 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 16,15,385 | — | 14.29% |
| sNII < ₹10L · within NII | 8,07,692 | — | 7.14% |
| Retail (RII) | 56,53,847 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 1,13,07,692 | — | 100.00% |
Net offer to the public of 1,13,07,692 shares, out of a total issue of 1,13,07,692. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 107 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 107 | ₹14,980 |
| Retail (max) | 13 | 1,391 | ₹1,94,740 |
| S-HNI (min) | 14 | 1,498 | ₹2,09,720 |
| S-HNI (max) | 66 | 7,062 | ₹9,88,680 |
| B-HNI (min) | 67 | 7,169 | ₹10,03,660 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.89 | 5.46 |
| P/E (×) | 17.74 | 25.64 |
| Price to book (×) | 1.77 | — |
| Market cap | — | ₹683 Cr |
Key performance indicators
- Return on net worth
- 16.02%
- ROCE
- 14.00%
- Debt / equity
- 0.32
- PAT margin
- 10.47%
- EBITDA margin
- 16.78%
- NAV per share
- ₹79.08
- Price to book
- 1.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 254.16 | 196.22 | 114.61 |
| Revenue from operations | 250.98 | 192.38 | 110.77 |
| Other income | 3.18 | 3.84 | 3.85 |
| Total expenses | 217.96 | 167.95 | 103.39 |
| Operating profit | 36.2 | 28.27 | 11.22 |
| Operating margin | 14.24% | 14.41% | 9.79% |
| Profit before tax | 36.2 | 28.27 | 11.23 |
| Profit after tax | 26.61 | 20.43 | 7.87 |
| PAT margin | 10.47% | 10.41% | 6.87% |
| Balance sheet | |||
| Total assets | 483.81 | 326.65 | 221.01 |
| Current assets | 412.95 | 311.1 | 207.96 |
| Current liabilities | 184.49 | 146.77 | 75.74 |
| Total liabilities | 216.91 | 261.21 | 175.94 |
| Net worth | 266.9 | 65.44 | 45.07 |
| Current ratio | 2.24× | 2.12× | 2.75× |
| Return on equity | 9.97% | 31.22% | 17.46% |
| Cash flow | |||
| Operating cash flow | -74.26 | -44 | 8.83 |
| Investing cash flow | -19.8 | -0.24 | 1.87 |
| Financing cash flow | 77.9 | 51.71 | -7.01 |
| Net cash flow | -16.16 | 7.48 | 3.69 |
Objects of the issue
1 Funding a part of the expense to be incurred in the development of Ongoing Projects ₹120 Cr
The company proposes to utilize funds towards part-funding the construction and development costs of eight residential real estate projects in Kerala. The deployment is intended to support ongoing construction activities, meet project-specific funding requirements, facilitate timely execution, and ensure completion of projects in accordance with their respective RERA-registered timelines.
2 Funding unidentified acquisition of land and general corporate purposes —
The company proposes to deploy funds towards funding acquisitions of land through outright land acquisitions and/or selective joint development arrangements, and general corporate purposes. The utilization includes strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting working capital requirements, and other purposes as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Veegaland Developers
Veegaland Developers Limited is a real estate development company operating exclusively in Kerala, India, under the brand name 'Veegaland Homes'. The company plans, develops and sells multi-storied residential apartment projects across five distinct segments: mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments, implemented in accordance with RERA provisions. As of December 8, 2025, the company is ranked Kerala's fastest-selling real estate developer per the ICRA Report. As of June 30, 2026, the company has a portfolio comprising 10 Completed Projects, 12 Ongoing Projects, and 3 Upcoming Projects located in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. The company's customer base is diverse and retail in nature, comprising individual homebuyers including end-users, NRIs, salaried individuals, business owners, retirees and long-term investors sourced from within Kerala, across India, and NRI hubs such as the Gulf region.
Management
George Joseph
MD
Kochouseph Thomas Chittilappilly
CEO
Strengths
As stated in the offer document
Established track record of timely completion and sales absorption across completed and ongoing projects
The company is ranked as Kerala's fastest-selling real estate developer as of December 8, 2025. The company has demonstrated ability to complete residential projects within stipulated timelines with 100% sales absorption across 692 completed units.
Integrated land source approach and balanced multi-stage development portfolio
The company follows a structured approach combining outright land acquisition with selective JDAs. The company maintains a balanced portfolio of 10 Completed Projects (11.05 lakh sq. ft.), 12 Ongoing Projects (18.57 lakh sq. ft.), and 3 Upcoming Projects (4.62 lakh sq. ft.).
Integrated and process-driven development model covering the entire project lifecycle
The company operates through an integrated development model spanning land identification to customer handover. The company maintains control over project planning, execution, and quality through documented processes and internal checks.
Experienced Promoters and competent management team supported by strong in-house functional capabilities
The company is led by Promoter with over 49 years of diversified experience including 16+ years in real estate. The company is supported by 45 engineers in project-monitoring roles and 127 full-time employees across various departments.
Risk factors
As stated in the offer document
Geographic concentration in Kerala state
The company's business is entirely concentrated in Kerala, with all completed, ongoing and upcoming projects located in the state. Performance is highly dependent on residential real estate market conditions, regulatory developments, economic factors and climatic events specific to Kerala, which could adversely affect business operations and financial condition.
Project execution and completion risks
The company has 12 ongoing projects and 3 upcoming projects representing significant future revenue sources. Timely execution involves risks including delays, cost overruns, regulatory approval delays, and contractor performance issues that could adversely affect business and financial performance.
Dependence on third-party contractors
The company does not undertake construction in-house and relies on independent contractors for construction activities. In Fiscal 2026, costs towards third-party contractors represented 44.92% of total operating costs, exposing the company to risks of delays, cost overruns and quality issues.
Revenue and profitability fluctuations
Revenue recognition is linked to construction progress milestones, causing significant period-to-period fluctuations. Revenue increased 73.67% from Fiscal 2024 to 2025, then 30.46% to Fiscal 2026, making financial performance comparisons difficult and unpredictable.
Construction input cost volatility
The company is exposed to price volatility of key construction materials including steel, cement and ready-mix concrete. Construction materials, labour and direct expenses represented 56.66% of total expenses in Fiscal 2026, and cost increases may not be fully passed to customers.
Company Analysis
from RHPVeegaland Developers Limited is a Kerala-based real estate development company engaged in planning, developing and selling multi-storied residential apartment projects across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments.
Veegaland Developers Limited is a real estate development company operating exclusively in Kerala, India, under the brand name 'Veegaland Homes'. The company plans, develops and sells multi-storied residential apartment projects across five distinct segments: mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments, implemented in accordance with RERA provisions. As of December 8, 2025, the company is ranked Kerala's fastest-selling real estate developer per the ICRA Report. As of June 30, 2026, the company has a portfolio comprising 10 Completed Projects, 12 Ongoing Projects, and 3 Upcoming Projects located in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. The company's customer base is diverse and retail in nature, comprising individual homebuyers including end-users, NRIs, salaried individuals, business owners, retirees and long-term investors sourced from within Kerala, across India, and NRI hubs such as the Gulf region.
Objects of the Issue
- Funding a part of the expense to be incurred in the development of Ongoing Projects ₹11,982.54 lakhs p.4
- Funding unidentified acquisition of land and general corporate purposes p.4
Issue Structure
- Total Issue
- ₹21,000.00 lakhs
- Fresh Issue
- Up to ₹21,000.00 lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹10/-
Business Model
Veegaland operates in the residential real estate sector, generating revenue from the sale of residential units to individual customers across multiple project segments. Revenue is recognized under the Percentage of Completion method as per Ind AS 115. The company does not serve institutional or corporate clients.
Business Segments
SWOT Analysis
- • Established track record of timely completion and sales absorption(p.3)
- • Integrated land source approach and balanced multi-stage development portfolio(p.3)
- • Integrated and process-driven development model(p.3)
- • Experienced Promoters with strong functional capabilities(p.3)
- • Ranked Kerala's fastest-selling real estate developer(p.2)
- • Diversified customer base across geographies and segments(p.2)
- • Strong financial growth with 30.46% YoY revenue growth in FY2026(p.6)
- • Business entirely concentrated in Kerala(p.7)
- • Significant revenue fluctuations due to project-based business model(p.7)
- • Dependence on independent contractors for project execution(p.7)
- • Capital intensive business model with upfront investment requirements(p.7)
- • Related party transactions without assurance of minority shareholder protection(p.7)
- • Promoter litigation risk(p.9)
- • Rapid growth in Kerala's boutique and premium apartment segment(p.3)
- • Shift from NRI-dominated to domestic buyer base(p.3)
- • Expansion of luxe portfolio and product positioning(p.3)
- • Disciplined land acquisition and phased project development(p.3)
- • Digital footprint expansion and IT-driven processes(p.3)
- • Broader Indian real estate market growth trajectory(p.3)
- • Risks from delays and cost overruns in project execution(p.7)
- • Construction input cost volatility and supply chain disruptions(p.7)
- • Regulatory and statutory approval delays(p.7)
- • Dependence on housing finance availability and affordability(p.7)
- • Skilled labor shortages and approval delays in industry(p.3)
- • Risk of Net Proceeds utilization not being achieved as planned(p.7)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kochouseph Thomas Chittilappilly | Promoter | 67.25% | — |
| K. Chittilappilly Trust | Promoter | 24.74% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Veegaland Developers THIS ISSUE | 8.77 | 79.08 | 25.64, computed at the offer price | 1.77, computed at the offer price | 16.02% |
| 5.91 | 85.55 | 12.91 | — | 7.16% | |
| 2.69 | 75.37 | 84.24 | — | 3.23% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.