Veegaland Developers IPO
Veegaland Developers IPO — date, price band, GMP & allotment 2026
Veegaland Developers Limited is a real estate developer working on residential, commercial and mixed use projects. Running since 2007, it had completed 10 residential projects totalling 11.05 lakh square feet and 692 units as on 30 June 2026, with 12 ongoing and 3 upcoming projects.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 September.
- Open 10 Sep 2026
- Close 15 Sep 2026
- Allotment 16 Sep 2026
- Refund/credit 17 Sep 2026
- Listing 18 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 10 to 15 Sep, 2026 |
|---|---|
| Price Band | ₹130 – ₹140 |
| Face Value | ₹10 |
| Lot Size | 107 Shares |
| Issue Size | ₹210 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,980 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 107 shares at the ₹140 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown strongly, from Rs 7.87 crore in FY2024 to Rs 20.43 crore in FY2025 and Rs 26.61 crore in FY2026.
- 02Sales have more than doubled in two years, from Rs 114.61 crore in FY2024 to Rs 196.22 crore in FY2025 and Rs 254.16 crore in FY2026.
- 03EBITDA improved from Rs 16.72 crore in FY2024 to Rs 42.64 crore in FY2026.
- 04The company cut its debt by more than half in one year, from Rs 176.97 crore in FY2025 to Rs 85.59 crore in FY2026.
- 05Net worth rose sharply from Rs 65.44 crore to Rs 266.90 crore in FY2026.
- 06The PAT margin of 10.47% is healthy for a construction and development business.
- 07There is a visible pipeline, with 12 ongoing projects and 3 upcoming projects on top of the 10 already completed.
- 08The whole issue is fresh capital with no offer for sale, and Rs 119.83 crore of it goes into building out the ongoing and upcoming projects.
Risks · 9
- 01The issue is priced at about 25.64 times earnings on an EPS of Rs 5.46, while RoCE is only 11.89%, so the return on capital is modest for that valuation.
- 02A part of the money is kept for an unidentified acquisition of land along with general corporate purposes. No specific land has been named, so investors do not know where that money will go.
- 03Net worth jumped from Rs 65.44 crore to Rs 266.90 crore in a single year, so the earlier year ratios are not comparable with the latest year.
- 04Real estate is capital heavy and cyclical. Money stays locked in land and construction for years before a project earns anything.
- 05Project delivery depends on approvals, land titles and RERA compliance. Delays in any of these push out both revenue and cash flow.
- 06The company works partly through joint development agreements, where a share of the finished units goes to the landowner. Of the 692 units completed so far, 43 went to landowners.
- 07The completed portfolio is still modest at 10 projects and 11.05 lakh square feet, so the company is small compared with listed national developers.
- 08The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- 09Home demand and buyer sentiment move with interest rates, and a rise in home loan rates slows bookings quickly.
Three years of numbers
All figures in ₹ crore, as reported in the Veegaland Developers offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 483.81 | 326.65 | 221.01 |
| Total Income | 254.16 | 196.22 | 114.61 |
| Profit After Tax | 26.61 | 20.43 | 7.87 |
| EBITDA | 42.64 | 33.77 | 16.72 |
| NET Worth | 266.90 | 65.44 | 45.07 |
| Reserves and Surplus | 233.15 | 60.44 | 40.07 |
| Total Borrowing | 85.59 | 176.97 | 120.23 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Veegaland Developers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Veegaland Developers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹7.89 | ₹5.46 |
| P/E Ratio (x) | 17.74 | 25.64 |
| Market Cap at Offer Price (₹ Cr) | ₹473.00 | ₹682.50 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹140 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹119.83 Cr of the issue is earmarked to named objects.
Veegaland Developers IPO Anchor Investors
10 anchor investors across 9 fund houses committed ₹62.99 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Eq India Fund | Equity Intelligence | 1,071,070 | 14.99 | 23.80% |
| Navbharat Investment Trust-Navbharat Investment Opportunities Fund | Navbharat | 357,166 | 5.00 | 7.94% |
| Taurus Mid Cap Fund | Taurus Mutual Fund | 178,583 | 2.50 | 3.97% |
| Taurus Flexi Cap Fund | Taurus Mutual Fund | 178,583 | 2.50 | 3.97% |
| Swyom India Alpha Fund | Swyom | 714,332 | 10.00 | 15.87% |
| Innovative Vision Fund | Innovative Vision | 357,166 | 5.00 | 7.94% |
| Visionary Value Fund | Visionary Value Fund | 357,166 | 5.00 | 7.94% |
| Vbcube Ventures Fund Ii | Vbcube | 357,166 | 5.00 | 7.94% |
| Cp Capital Ltd. | Cp Capital | 357,166 | 5.00 | 7.94% |
| Tiger Strategies Fund 1 | Tiger Strategies | 571,602 | 8.00 | 12.70% |
| Total anchor allocation | 62.99 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its projects fall into three groups. As on 30 June 2026 it had 10 completed projects, 12 ongoing projects and 3 upcoming projects. The 10 completed projects were all residential and added up to 11.05 lakh square feet of saleable area, covering 692 units. Of those 692 units, 43 went to landowners under joint development agreements, which is the arrangement where a developer builds on someone else's land and shares the finished units with them.
The company says it works through an integrated model covering the whole project cycle, from sourcing land to construction to handing over, with in house teams for the main functions. As on 30 June 2026 it had 127 full time employees.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 484 258 4000
The bankers & the filings
Who is running the book, and the documents this page is built from.
Veegaland Developers IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Cumulative Capital Pvt. Ltd.
3 issues handled (1 mainboard, 2 SME)Best listing: Goldline Pharmaceutical (+39.0%). Weakest: Hexagon Nutrition (+7.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Veegaland Developers?
The current Grey Market Premium is ₹10, or 7.14% over the issue price.
What is the Veegaland Developers IPO price band?
₹130 to ₹140, on a face value of ₹10.
When is the allotment?
The basis of allotment is 16 September 2026, with listing on 18 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
