Timetable
Issue Summary
Lot Size Strengths & Risks Financials Company Subscription GMP History Anchor Investors
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Veegaland Developers IPO
Veegaland Developers IPO — dates, price band, GMP & allotment.
Grey Market Premium
▲ ₹8
+5.71% over issue price
Updated 18 Sep 2026, 08:24 AM IST
Subscribed
13.55×
Overall, across all categories
Min Investment
₹14,980
Lot size 107 shares
Listing Gain
10%
CMP ₹140.62
Timetable
Issue Summary
| Price Band | ₹130-140 |
| Face Value | ₹10 |
| Lot Size | 107 Shares |
| Issue Size | ₹210 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| NSE Symbol | VEEGALAND.NS |
| BSE Scrip Code | 7959 |
| Min Investment | ₹14,980 |
Reservation
QIB
Retail
NII
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| Retail (Max) | 13 | 1,391 | ₹194,740 |
| S-HNI (Min) | 14 | 1,498 | ₹209,720 |
| B-HNI (Min) | 67 | 7,169 | ₹1,003,660 |
Strengths & Risks
Strengths
- Profit has grown strongly, from Rs 7.87 crore in FY2024 to Rs 20.43 crore in FY2025 and Rs 26.61 crore in FY2026.
- Sales 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.
- EBITDA improved from Rs 16.72 crore in FY2024 to Rs 42.64 crore in FY2026.
- The 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.
- Net worth rose sharply from Rs 65.44 crore to Rs 266.90 crore in FY2026.
- The PAT margin of 10.47% is healthy for a construction and development business.
- There is a visible pipeline, with 12 ongoing projects and 3 upcoming projects on top of the 10 already completed.
- The 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
- The 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.
- A 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.
- Net 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.
- Real estate is capital heavy and cyclical. Money stays locked in land and construction for years before a project earns anything.
- Project delivery depends on approvals, land titles and RERA compliance. Delays in any of these push out both revenue and cash flow.
- The 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.
- The completed portfolio is still modest at 10 projects and 11.05 lakh square feet, so the company is small compared with listed national developers.
- The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- Home demand and buyer sentiment move with interest rates, and a rise in home loan rates slows bookings quickly.
Valuation & Key Ratios
P/E Ratio
25.64
EPS (₹)
5.46
RoE
16.02%
RoCE
11.89%
RoNW
16.02%
PAT Margin
10.47%
EBITDA Margin
16.78%
Debt / Equity
0.32
NAV (₹)
79.08
Financials (Rs. Crore)
| 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 |
About The Company
Veegaland Developers Limited was started in 2007. It is a real estate development company that plans, builds and delivers residential, commercial and mixed use projects.
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 17.76× | 3,230,768 | — |
| Non-Institutional Investors (NII) | 18.03× | 2,423,077 | — |
| Retail Individual Investors (RII) | 9.24× | 5,653,847 | — |
| Total | 13.55× | 11,307,692 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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Grey Market Premium and pre-listing figures are unofficial, unregulated indicators and are not a forecast of listing performance. This page does not constitute investment advice. NSE & BSE Registered Authorised Person · AMFI Registered Mutual Fund Distributor · ARN 309054.
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