Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹210 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹682.50 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Cumulative Capital |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 114.61 | 196.22 | 254.16 | +30% |
| EBITDA | 16.72 | 33.77 | 42.64 | +26% |
| PAT | 7.87 | 20.43 | 26.61 | +30% |
| Total Borrowing | 120.23 | 176.97 | 85.59 | -52% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Veegaland Developers | 25.6x | 16.02% | 10.5% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Kochouseph Thomas Chittilappilly & K. Chittilappilly Trust |
| Pre-issue | 92% |
| Post-issue | 63.69% |
| Objects of Issue | |
|---|---|
| Funding ongoing & upcoming project development | ₹119.83 Cr |
| Land acquisition & general corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Marquee, credible promoter — Kochouseph Chittilappilly, founder of V-Guard and Wonderla.
- Strong growth — income and profit both up ~30% in FY26 (income ₹115 → ₹254 Cr over three years).
- Sharply deleveraged — borrowings cut from ₹177 Cr to ₹86 Cr; debt/equity ~0.32.
- All-fresh issue (no OFS) — ₹210 Cr goes to the company for project development and land.
- Established Kochi developer since 2007 — 10 completed projects, 12 ongoing, 3 upcoming; grey market ~₹10 (~7%).
- Full-ish valuation — ~25.6x post-issue P/E for a modest ~16% RoNW regional developer.
- Real estate is cyclical and approval-heavy — project timelines, approvals and sales absorption can slip.
- Heavy regional concentration — the portfolio is focused on Kerala / the Kochi region.
- Execution and working-capital intensity across 12 ongoing and 3 upcoming projects.
- Net worth rose steeply in FY26 (₹65 → ₹267 Cr) — understand the equity change; on the Sep 15 final day the book is firmly oversubscribed (6.02× overall, QIB 3.90×, NII 8.02×, retail 6.38×) but the grey market has cooled and trackers diverge (~₹8–20).
Did the signal hold up? Updates after Sep 18
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Veegaland Developers IPO FAQs
Common questions about the Veegaland Developers IPO — GMP, price, dates, allotment and more.
What is Veegaland Developers IPO GMP today?
As of the latest update (Subscription: Sep 15, 12:54 PM IST (Day 3 / final day — BSE & NSE) · GMP: Sep 15, ~12:50 PM IST (trackers diverge)), the grey market premium (GMP) for Veegaland Developers IPO is around ₹8–20 (trackers diverge), implying an estimated listing price of about ≈ ₹148–160. GMP is unofficial & indicative
What is Veegaland Developers IPO price band?
The price band is ₹130 – ₹140 per share (face value ₹10).
What is Veegaland Developers IPO lot size?
The lot size is 107 · min ₹14,980 per application.
When is Veegaland Developers IPO allotment?
The tentative basis-of-allotment date is Sep 16.
When will Veegaland Developers IPO be listed?
The tentative listing date is Sep 18, 2026 on BSE · NSE.
What is the expected listing price of Veegaland Developers IPO?
Based on the current grey market premium of ₹8–20 (trackers diverge), the estimated listing price is around ≈ ₹148–160 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Veegaland Developers IPO?
Our view: Apply · Subscribe
In simple terms, Veegaland builds homes and commercial projects in and around Kochi, Kerala, and it is run by a well-known, credible promoter — Kochouseph Chittilappilly, the founder of V-Guard and Wonderla. Its sales and profit have both grown about 30%, it has sharply cut its debt (it now owes only about a third of its net worth), and the entire issue is fresh money for the company to build projects and buy land — no promoter selling. The things to weigh: the shares are priced fairly fully (about 26 times earnings) for a modest ~16% return; property development is cyclical and approval-heavy; and almost all its projects sit in one region (Kerala). On the Sep 15 final day demand is strong — the book is about 6.02 times overall (the big institutions ~3.9 times, wealthy investors ~8 times, retail ~6.4 times) — while the grey market has cooled and the trackers disagree (roughly ₹8–20), pointing to a listing gain of roughly 6–14%. On balance the credible promoter, clean balance sheet, all-fresh capital and healthy final-day demand make it look worth applying for, if you are comfortable with a regional real-estate play held for the medium term. This is IPOSignal's research view, not investment advice.
What is Veegaland Developers IPO subscription status?
As of Day 3 (final day) · Sep 15, 12:54 PM IST — latest available (bidding closes ~5 PM), the issue was subscribed 6× overall — NII / HNI 8×, Retail 6.4×, QIB 3.9×.
Who is the registrar of Veegaland Developers IPO?
The registrar is MUFG Intime India; the lead manager(s): Cumulative Capital.