 "Veegaland Developers files DRHP for IPO, eyes ₹250-crore via fresh issue")
Real estate developer Veegaland Developers, a part of the V-Guard Group, has filed its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
The proposed maiden public issue comprises a fresh issue of equity shares of face value ₹10 each aggregating up to ₹250 crore. There is no offer for sale (OFS) component.
According to the DRHP, the company proposes to utilise the net fresh issue proceeds for funding a part of the expenses to be incurred in the development of their ongoing projects and for upcoming projects, estimated at up to ₹111.60 crore. Additionally, funds will be used for the acquisition of an identified land parcel for undertaking residential real estate projects, estimated at ₹18.49 crore. The remaining funds will be used for funding the unidentified acquisition of land and general corporate purposes.
MUFG Intime is the registrar for the issue. Cumulative Capital is the sole book-running lead manager.
Veegaland Developers financial overview
For the six-month period ended September 30, 2025, Veegaland Developers reported a revenue from operations of ₹124.15 crore and a profit after tax (PAT) of ₹11.52 crore. In the fiscal 2025 (FY25), the company posted revenue from operations of ₹192.37 crore, up 73.67 per cent from ₹110.76 crore in the previous fiscal. The company's earnings before interest, tax, depreciation, and amortisation (Ebitda) increased to ₹33.77 crore, almost twice compared to ₹16.72 crore in FY24. Its PAT surged to ₹20.42 crore against ₹7.86 crore in the previous fiscal.
About Veegaland Developers
Veegaland Developers is engaged in the planning, development and sale of multi-storied residential apartment projects in the state of Kerala. It caters to mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments. It has undertaken projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur in the state of Kerala, India. According to the ICRA Report, as of December 8, 2025, the company is ranked as Kerala’s fastest-selling real estate developer.
As of October 31, 2025, Veegaland has completed 10 residential projects aggregating to 11.05 lakh square feet of saleable area, and has ongoing 9 projects aggregating 12.67 lakh square feet of saleable area. The company also maintains land reserves aggregating 7.20 acres across Kochi and Trivandrum, Kerala.