Kerala-based real estate firm Veegaland Developers will open its Rs 210-crore IPO for public subscription on September 10, according to the red herring prospectus filed with the Registrar of Companies on August 31.
The price band for the issue has been fixed at Rs 130-140 per share, valuing the company at Rs 682.5 crore.
The V-Guard Group company has reduced the IPO size from the Rs 250 crore planned in its draft red herring prospectus (DRHP) filed in December 2025. SEBI cleared the draft document in June 2026.
The initial public offering (IPO), which comprises entirely a fresh issue of shares, will close on September 15. The one-day anchor book for institutional investors will open on September 9.
Veegaland Developersis expected to finalise the IPO share allotment by September 16, while trading in its equity shares is likely to commence on the bourses on September 18.
Half of the public issue has been reserved for qualified institutional buyers (QIBs), while 35 percent has been allocated to retail investors and the remaining 15 percent to non-institutional investors (NIIs).
Investors can bid for a minimum of 107 equity shares and thereafter in multiples of 107 shares. Accordingly, the minimum investment for retail investors would be Rs 14,980, while the maximum investment would be Rs 1,94,740.
Promoted by Kochouseph Thomas Chittilappilly, Veegaland Developers develops residential apartment projects in Kerala under the brand name Veegaland Homes. The company has completed 10 projects since commencing its real estate activities in 2011. It currently has 12 ongoing projects with a saleable area of 18.57 lakh square feet, along with three upcoming projects with a saleable area of 4.62 lakh square feet.
Of the net IPO proceeds, the company plans to use Rs 119.8 crore to fund a portion of the expenses related to the development of its ongoing projects. The remaining proceeds will be used for the unidentified acquisition of land and general corporate purposes.
The company has reported healthy financial performance in recent years, with revenue and profit growing by more than 30 percent year-on-year to Rs 250.97 crore and Rs 26.6 crore, respectively.
Cumulative Capital has been appointed as the merchant banker to manage the public issue ofVeegaland Developers.
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