● Price Band fixed at ₹130 to ₹140 per equity share of face value of ₹10 each
● Anchor Investor Bidding Date - Wednesday, September 9, 2026
● Bid /Issue opening date - Thursday, September 10, 2026, closing date - Tuesday, September 15, 2026
● Bids can be made for a minimum of 107 Equity Shares and in multiples of 107 Equity Shares thereafter
Veegaland Developers Limited announced its initial public offering (IPO) details: Thursday, September 10, 2026, the bids will open and, Tuesday, September 15, 2026 the bids will close. The Anchor Investor Bidding Date is set for Wednesday, September 9, 2026. The Price Band of the Issue has been fixed from ₹130 - ₹140 per Equity Share. Bids can be made for a minimum of 107 Equity Shares and multiples of 107 Equity Shares thereafter. Cumulative Capital Private Limited is the sole Book Running Lead Manager to the Issue. The Issue comprises Fresh Issue of up to 1,50,00,000 Equity Shares of face value of ₹10 each aggregating up to ₹210 crore and no offer for sale (OFS) components.
Veegaland Developers is a real estate development company engaged in planning, development and sale of multi-storied residential apartment projects in the state of Kerala, India. The Company’s projects are developed across the mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments and are implemented in accordance with the applicable provision of RERA. As of December 8, 2025, as per the ICRA Report, the Company is ranked as Kerala’s fastest-selling real estate developer and is also one of the recognized residential real estate developers in the state of Kerala.
Veegaland Developers is part of the broader ‘V-Guard Group’, which traces its origins to 1977, when its Promoter, Kochouseph Thomas Chittilappilly, established V-Guard Industries for the manufacture of voltage stabilisers. Over the decades, the group has evolved into a diversified business ecosystem.
As of June 30, 2026, Veegaland Developers completed 10 residential projects aggregating 11.05 lakh square feet of saleable area. These comprised 692 units (including 43 units allocated to landowners under Joint Development Agreement). All units across these Completed Projects have been fully sold, demonstrating complete absorption of delivered inventory and supporting the credibility of their execution track record in the state of Kerala. The Company has ongoing 12 projects aggregating 18,57,460 square feet of saleable area and it comprises 987 units.
The Equity Shares are proposed to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). For the purpose of the Issue, BSE Limited shall be the Designated Stock Exchange.
The Issue:
This Issue is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. This Issue is being made for at least 25% of the post-Issue paid-up Equity Share capital of our Company. This Issue is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”), provided that our Company in consultation with the BRLM may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with SEBI ICDR Regulations (“Anchor Investor Portion”) of which 40% of the Anchor Investor Portion shall be reserved as follows: (i) 33.33% for domestic Mutual Funds; and (ii) 6.67% for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Issue Price, in accordance with the SEBI ICDR Regulations.
In the event of under-subscription in the Life Insurance Companies and Pension Funds portion, the same may be allocated to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids being received at or above the Issue Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares each available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs.
Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders (“NIBs”) of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹2.00 lakhs and up to ₹10.00 lakhs; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹10.00 lakhs, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of NIBs and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations subject to valid Bids being received at or above the Issue Price.
All Potential Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts.
Disclaimer:
VEEGALAND DEVELOPERS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP dated August 31, 2026 with RoC and the Stock Exchanges. The RHP shall be available on the website of SEBI at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.veegaland.com and the website of the BRLM, i.e., Cumulative Capital Private Limited at www.cumulativecapital.group. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 28 of the RHP. Potential investors should not rely on the RHP filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of our Company and the Issue, including the risks involved, for making any investment decision.
The Equity Shares have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be Offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold outside of the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering in the United States.
