Shares of Veegaland Developers are scheduled to list on the BSE and NSE today, September 18. However, sentiment in the grey market has turned subdued. The IPO is currently commanding a grey market premium (GMP) of 4%, indicating expectations of a nearly flat listing, albeit slightly above the issue price.
The Rs 210-crore public issue was priced at Rs 140 per share and comprised entirely of a fresh issue of 1.50 crore shares. Since the IPO had no offer-for-sale (OFS) component, the proceeds will go directly to the company.
The issue was open for subscription from September 10 to September 15, 2026, and was subscribed 14.60 times overall. The retail portion was subscribed 9.95 times, while the Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) categories were subscribed 19.41 times and 19.13 times, respectively.
Veegaland Developers has set the IPO price band at Rs 130–Rs 140 per share, with a lot size of 107 shares. At the upper end of the price band, retail investors would need to invest Rs 14,980 to apply for one lot.
Cumulative Capital Pvt. Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is acting as the registrar.
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Veegaland Developers IPO GMP today
The Veegaland Developers IPO is commanding a grey market premium (GMP) of Rs 6 per share, or around 4%, over the upper issue price of Rs 140. Based on the current GMP, the estimated listing price stands at approximately Rs 146 per share.
However, investors should note that GMP is an unofficial indicator and does not guarantee the company’s actual listing price. The premium can fluctuate before listing, depending on investor sentiment, subscription demand and overall market conditions.
Veegaland Developers IPO: Objects of the Issue
The company plans to use the net proceeds from the IPO primarily to fund part of the development costs for its ongoing and upcoming projects. Around Rs 119.83 crore has been earmarked for this purpose.
The remaining proceeds will be used for potential land acquisitions that have not yet been identified and for general corporate purposes. Overall, the IPO proceeds are aimed at supporting the company’s project pipeline and future expansion.
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Veegaland Developers Ltd. reported a 30% year-on-year increase in total income, rising from Rs 196.22 crore in FY25 to Rs 254.16 crore in FY26, indicating healthy growth in the company’s revenue during the period.
Profitability also improved, with profit after tax (PAT) climbing 30% from Rs 20.43 crore in FY25 to Rs 26.61 crore in FY26. The growth in both income and profit points to a stronger financial performance in FY26.
Incorporated in 2007, Veegaland Developers Ltd. is a real estate developer focused on residential, commercial and mixed-use projects. The company handles the planning, construction and execution of its developments, with an emphasis on quality, modern design and timely delivery. As of June 30, 2026, the company had 10 completed, 12 ongoing and 3 upcoming projects. It has completed 10 residential projects covering 11.05 lakh sq. ft. of saleable area, comprising 692 units. The company had 127 full-time employees as of the same date. Its key strengths include a track record of timely project completion, an integrated land-sourcing and development model, a diversified project pipeline, and an experienced promoter and management team.
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