Veegaland Developers Files Draft Papers for Rs 250-Crore IPO to Fund Expansion
Veegaland Developers, part of V-Guard group, filed draft papers with Sebi for Rs 250-crore IPO comprising fresh equity shares. The company will use Rs 111.60 crore for project development, Rs 18.49 crore for land acquisition, with remaining funds for expansion. As of October 31, 2025, it has completed 10 projects (11.05 lakh sq ft) and has 9 ongoing projects (12.67 lakh sq ft) across Kerala's residential segments.
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Veegaland Developers, the real estate development subsidiary of the V-Guard group, has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 250 crore through its maiden initial public offering. The Kerala-based developer submitted the regulatory filing on Tuesday to support its ambitious expansion plans across the state's residential real estate market.
IPO Structure and Fund Utilization
The public offering comprises entirely fresh equity shares with no Offer-for-Sale component from existing shareholders. The company has outlined a strategic allocation plan for the IPO proceeds across multiple growth initiatives.
| Fund Allocation | Amount (Rs Crore) | Purpose |
|---|---|---|
| Project Development | 111.60 | Ongoing and upcoming residential projects |
| Land Acquisition | 18.49 | Identified land parcels for new projects |
| Future Expansion | Remaining funds | Land acquisitions and corporate purposes |
Business Operations and Market Position
Veegaland Developers specializes in planning, developing, and selling multi-storied residential apartment projects across Kerala. The company strategically targets diverse market segments including mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury residential categories, positioning itself across the entire spectrum of Kerala's residential real estate market.
Project Portfolio and Development Pipeline
As of October 31, 2025, the company demonstrates substantial operational scale with a balanced portfolio of completed and ongoing developments.
| Project Status | Number of Projects | Saleable Area |
|---|---|---|
| Completed Projects | 10 | 11.05 lakh sq ft |
| Ongoing Projects | 9 | 12.67 lakh sq ft |
| Total Portfolio | 19 | 23.72 lakh sq ft |
Land Reserves and Future Development
The company maintains strategic land reserves aggregating 7.20 acres across key locations in Kochi and Trivandrum, Kerala. These land parcels are earmarked for future residential development projects, subject to obtaining necessary statutory approvals, completing feasibility assessments, and favorable market conditions.
IPO Management
Cumulative Capital has been appointed as the sole book-running lead manager for the public offering, responsible for managing the entire IPO process from pricing to listing.
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