Veegaland Developers IPO Day 2: Subscribed 1.14x; Retail surges to 1.62x; NII bHNI hits 1.11x

2 min read | Published on 11 Sept 2026, 11:34 AM |Updated on 15 Sept 2026, 03:56 PM

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Ritika DScanX News Team

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Key Highlights

Veegaland Developers IPO subscribed 1.14x by end of Day 2
Retail category surged to 1.62x, leading overall demand
NII (bHNI) rose to 1.11x, up 56.3% intraday
QIB subscription remained flat at 0.45x
Issue closes on 2026-09-15 with price band ₹130-₹140

*this image is generated using AI for illustrative purposes only.

Veegaland Developers IPO subscription raced ahead on Day 4, closing at 9.51x. Qualified Institutional Buyers (QIB) drove the momentum with a staggering 2013.3% jump to 9.51x, while NII (bHNI) demand hit 15.56x.

Subscription Status

The Veegaland Developers IPO witnessed explosive growth in the final hours of bidding on Day 4. Total subscription more than tripled from 2.82x at 11:15 AM to 9.51x by the close. QIB interest spiked sharply after noon, jumping from 0.45x to 9.51x. The NII (bHNI) category recorded the highest absolute multiple at 15.56x, reflecting strong high-net-worth individual participation.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	10-09-2026	0.45x	0.52x	0.31x	0.80x	0.61x
Day 2	11-09-2026	0.45x	1.11x	0.84x	1.62x	1.14x
Day 3	14-09-2026	0.45x	1.11x	0.84x	1.62x	1.14x
Day 4	15-09-2026	9.51x	15.56x	12.79x	7.72x	9.51x

Category-wise Breakdown

Qualified Institutional Buyers emerged as the standout segment, subscribing 9.51x by the end of Day 4, a substantial increase from 0.45x earlier in the day. The NII (bHNI) category recorded the highest absolute multiple at 15.56x, while NII (sHNI) closed at 12.79x. Retail investors subscribed 7.72x, reflecting strong individual appetite. Employee category subscription stood at 0 x.

Intra-day Timeline

Subscription figures for Day 2 (11-09-2026) showed consistent upward movement:

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.45x	0.71x	1.16x	0.87x
12:15	0.45x	0.81x	1.27x	0.93x
13:15	0.45x	0.85x	1.36x	0.98x
14:15	0.45x	0.90x	1.43x	1.02x
15:15	0.45x	0.96x	1.49x	1.06x
16:15	0.45x	1.03x	1.56x	1.10x
17:15	0.45x	1.11x	1.62x	1.14x

NII (bHNI) jumped +56.3% today (from 0.71x to 1.11x), while Retail jumped +39.7% (from 1.16x to 1.62x). The total subscription jumped +31.0% from 0.87x to 1.14x during this period.

Offer Details

Company: Veegaland Developers
Price Band: ₹130.00000 - ₹140.00000
Issue Size: 14980 - 500000
Min Bid Qty: 107
Open Date: 2026-09-10
Close Date: 2026-09-15

About the Company

Veegaland Developers is a real estate development company engaged in the planning, development and sale of multi-storied residential apartment projects in Kerala, India. Operating under the brand name 'Veegaland Homes', the company develops projects across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. As of December 8, 2025, ICRA ranked the company as Kerala's fastest-selling real estate developer.

Financial Highlights

Metric	FY 2026	FY 2025	FY 2024
Revenue from Operations (₹ crores)	250.98	192.38	110.77
Total Profit (₹ crores)	26.61	20.43	7.87
Total Assets (₹ crores)	483.81	326.65	221.01

Objects of the Issue

Funding a part of the expense to be incurred in the development of Ongoing Projects: ₹119.83 crores.
Funding unidentified acquisition of land and general corporate purposes.