Veegaland Developers’ ₹210 crore IPO was subscribed 14.6x overall, with retail 9.95x and non‑institutional 19.41x, signalling robust demand.
Grey‑market trading pushed the pre‑listing price to ₹148, a ₹8 premium over the ₹140 upper band, hinting at a potential 7.9% listing premium on the BSE.
The company will allocate ₹119.8 crore of the proceeds to fund development costs of its 12 ongoing projects, while the balance will support land acquisition and corporate needs.
Founded in 2011, Veegaland Homes has delivered 692 units across 10 completed projects, with a 96% jump in pre‑sales to ₹406 crore and a 15% rise in average realised price per square foot.
FY24 revenue of ₹250.97 crore rose 30% YoY, while net profit hit ₹26.6 crore. The firm’s pipeline now spans 994 units across 12 active projects and 212 units in three upcoming launches.
Analysts note that the high subscription multiples and premium debut position Veegaland favorably against peers like Sarda Energy. The next milestone will be the FY27 earnings call, expected on November 12, where the board will discuss debt‑free status and further expansion plans.