Veegaland Developers IPO is subscribed 1.14 times on Day 3 of the book-building process. Retail investors lead the subscription with a 1.62x multiple, while Qualified Institutional Buyers (QIB) demand remains subdued at 0.45x. The issue continues to see steady interest from non-institutional buyers as the window remains open until September 15, 2026.

Subscription Status

The Veegaland Developers IPO has crossed the fully subscribed mark, reaching a total subscription of 1.14x by the end of Day 3. The progression shows a significant jump from Day 1 to Day 2, with further consolidation on Day 3.

Category-wise Breakdown

Retail investors have emerged as the primary drivers of demand for the Veegaland Developers IPO. As of Day 3, the retail quota is subscribed 1.62 times. Non-Institutional Investors (NII) show varied participation, with small HNI (sHNI) subscribing at 1.11x and big HNI (bHNI) at 0.84x. The QIB segment remains under-subscribed at 0.45x throughout the three days.

Intra-day Timeline

On Day 3 (14-09-2026), subscription figures remained stable compared to the previous day's close. The intra-day snapshot at 11:15 IST reflects the cumulative totals.

Offer Details

Veegaland Developers has priced its IPO in the band of ₹130.00000 to ₹140.00000 per share. The issue size ranges from ₹14,980 lakh to ₹5,00,000 lakh. Investors can bid for a minimum lot size of 107 shares. The book opened on September 10, 2026, and will close on September 15, 2026.

About the Company

Veegaland Developers is a real estate development company engaged in planning, developing, and selling 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. According to an ICRA Report dated December 8, 2025, the company is ranked as Kerala's fastest-selling real estate developer.

The company maintains a balanced portfolio comprising 10 completed projects (11.05 lakh sq. ft.), 12 ongoing projects (18.57 lakh sq. ft.), and 3 upcoming projects (4.62 lakh sq. ft.). It follows an integrated development model spanning land identification to customer handover.

Financial Highlights

Veegaland Developers has shown consistent growth in revenue and profit over the last three fiscal years. Revenue from operations increased from ₹110.77 crore in FY2024 to ₹250.98 crore in FY2026. Total profit grew from ₹7.87 crore in FY2024 to ₹26.61 crore in FY2026.

Objects of the Issue

The company proposes to utilize the net proceeds from the IPO for the following purposes:

• Funding Ongoing Projects: ₹119.83 crore towards part-funding the construction and development costs of eight residential real estate projects in Kerala.
• Land Acquisition and Corporate Purposes: Funding acquisitions of land through outright land acquisitions and/or selective joint development arrangements, along with general corporate purposes.

Risk Factors

Investors should note the following material risks associated with the company:

• Geographic Concentration: The business is entirely concentrated in Kerala, making it dependent on local market conditions and regulatory developments.
• Project Execution Risks: Delays, cost overruns, or regulatory approval delays in its 12 ongoing and 3 upcoming projects could adversely affect performance.
• Dependence on Contractors: The company relies on independent contractors for construction, exposing it to risks of delays and quality issues.
• Revenue Fluctuations: Revenue recognition linked to construction milestones causes significant period-to-period fluctuations.
• Input Cost Volatility: Exposure to price volatility of key construction materials like steel and cement.