Veegaland Developers Plans Rs 250 Crore IPO for Expansion

Veegaland Developers has filed papers to raise Rs 250 crore through an IPO to support expansion. The funds aim to finance current and future real estate projects in Kerala. Without an Offer-for-Sale component, the IPO reflects plans for acquisition and development in the residential real estate market.

Veegaland Developers, a significant player in Kerala's real estate market, is set to raise Rs 250 crore through an initial public offering (IPO) as part of its ambitious expansion plans. The company, under the V-Guard group, filed draft papers with the Securities and Exchange Board of India (Sebi) outlining their intent.

The IPO is a fresh issue of shares without any Offer-for-Sale component, as noted in the draft red herring prospectus (DRHP) filed. The primary goal is to allocate funds to current and future real estate projects, with an estimated cost of Rs 111.60 crore earmarked for ongoing developments.

Veegaland Developers, known for its multi-storied residential apartment projects across Kerala, completed 10 projects covering 11.05 lakh square feet as of October 2025. It has also secured land reserves of 7.20 acres to aid future expansions. Cumulative Capital is handling the issue as the sole book-running lead manager.

(With inputs from agencies.)