Veegaland Developers, part of the V-Guard Group, has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The IPO comprises a fresh issue of equity shares of face value ₹10 each aggregating up to ₹250 crore, with no offer for sale component.
The company plans to utilise the net fresh issue proceeds for funding a part of the expenses to be incurred in the development of their ongoing projects and for upcoming projects, estimated at up to ₹111.60 crore. Additionally, funds will be used for the acquisition of an identified land parcel for undertaking residential real estate projects, estimated at ₹18.49 crore. The remaining funds will be used for funding the unidentified acquisition of land and general corporate purposes.
According to the DRHP, Veegaland Developers reported a revenue from operations of ₹124.15 crore and a profit after tax of ₹11.52 crore for the six-month period ended September 30, 2025. In the fiscal 2025, the company posted revenue from operations of ₹192.37 crore, up 73.67% from ₹110.76 crore in the previous fiscal. The company’s earnings before interest, tax, depreciation, and amortisation increased to ₹33.77 crore, almost twice compared to ₹16.72 crore in FY24. Its profit after tax surged to ₹20.42 crore against ₹7.86 crore in the previous fiscal.
Veegaland Developers is engaged in the planning, development, and sale of multi-storied residential apartment projects in Kerala, catering to mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury residential segments. MUFG Intime is the registrar for the issue, and Cumulative Capital is the sole book-running lead manager.
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