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Anand Rathi Report
Veegaland Developers IPO: 10 Key Things to Know Before Investing
1. IPO dates
Veegaland Developers Ltd.'s IPO will open for subscription today, September 10, 2026, and close on September 15, 2026.
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2. Price band
Kerala based residential real estate developer has fixed the IPO price band at Rs 130-140 per share with a face value of Rs 10 each.
3. IPO size
Veegaland Developers IPO is entirely a fresh issue of 1.5 crore shares aggregating up to Rs 210 crore. There is no offer-for-sale (OFS).
4. Minimum lot size and investment
Investors can bid for a minimum of 107 shares and in multiples thereafter. Minimum investment at the upper price band works out to Rs 14,980.
5. Objects of the issue
- Funding development and construction costs for ongoing and upcoming projects.
- Funding unidentified land acquisitions in Kerala.
- General corporate purposes.
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6. BRLM
Cumulative Capital Private Ltd. is the book running lead manager for the issue while MUFG Intime India Private Ltd.is the registrar to the offer.
7. About the Company
Incorporated in 2007, Veegaland is a Kerala-focused residential real estate developer operating under the"Veegaland Homes" brand.
It develops projects across Kochi, Thiruvananthapuram, Kozhikode and Thrissur.
As of June 30, 2026, it had 10 completed projects, 12 ongoing projects and 3 upcoming projects.
8. Financial performance
- Revenue rose to Rs 251 crore in FY26 from Rs 192 crore in FY25 and Rs 110.8 crore in FY24.
- PAT increased to Rs 26.6 crore crore in FY26 from Rs 20.4 crore in FY25.
- EBITDA stood at Rs 39.5 crore in FY26.
- Revenue grew from Rs 111 crore in FY24 to Rs 251 crore in FY26, reflecting strong growth.
9. Peer comparison
Shriram Properties, Puravankara are the other listed peers in the segment.
10. Strengths, risks
Key strengths
- Kerala's fastest-selling real estate developer, according to the cited ICRA report.
- 100% sales absorption across completed projects.
- Strong project pipeline with 25 projects and healthy order book visibility.
- Revenue and pre-sales growth momentum.
Key risks
- Entire business concentrated in Kerala.
- Execution and project completion risk.
- Dependence on contractors and regulatory approvals.
- Exposure to construction cost inflation and land acquisition risks.
Brokerage view
Anand Rathi Research has assigned a"Subscribe for Long Term" rating, citing strong execution, healthy pipeline and growth prospects in Kerala's residential real estate market.
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