Veegaland Developers shares list at 10% premium over IPO price on NSE

Shares of Veegaland Developers made their D-Street debut on Friday, listing at a premium of up to 10% on the bourses. The stock opened at Rs 154 apiece on the NSE, up 10% from the issue price of Rs 140.

On the BSE, Veegaland Developers shares listed at Rs 151, marking a 7.86% premium over the IPO price.

The listing exceeded grey market expectations, where sentiment remained subdued. The IPO was commanding a grey market premium (GMP) of 4% ahead of the debut, indicating expectations of a nearly flat listing, albeit slightly above the issue price.


The Rs 210-crore public issue was priced at Rs 140 per share and comprised entirely of a fresh issue of 1.50 crore shares. Since the IPO had no offer-for-sale (OFS) component, the proceeds will go directly to the company.

The issue was open for subscription from September 10 to September 15, 2026, and was subscribed 14.60 times overall. The retail portion was subscribed 9.95 times, while the Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) categories were subscribed 19.41 times and 19.13 times, respectively.

Veegaland Developers had set the IPO price band at Rs 130–Rs 140 per share, with a lot size of 107 shares. At the upper end of the price band, retail investors would need to invest Rs 14,980 to apply for one lot.

Cumulative Capital Pvt. Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is acting as the registrar.

Read more: Axiom Gas Engineering IPO opens today: Check GMP and other key details

Veegaland Developers IPO: Objects of the Issue

The company plans to use the net proceeds from the IPO primarily to fund part of the development costs for its ongoing and upcoming projects. Around Rs 119.83 crore has been earmarked for this purpose.

The remaining proceeds will be used for potential land acquisitions that have not yet been identified and for general corporate purposes. Overall, the IPO proceeds are aimed at supporting the company’s project pipeline and future expansion.

Read more: NSE IPO Tracker: Catch all the highlights here

Financial Performance

Veegaland Developers Ltd. reported a 30% year-on-year increase in total income, rising from Rs 196.22 crore in FY25 to Rs 254.16 crore in FY26, indicating healthy growth in the company’s revenue during the period.

Profitability also improved, with profit after tax (PAT) climbing 30% from Rs 20.43 crore in FY25 to Rs 26.61 crore in FY26. The growth in both income and profit points to a stronger financial performance in FY26.

About Veegaland Developers

Incorporated in 2007, Veegaland Developers Ltd. is a real estate developer focused on residential, commercial and mixed-use projects. The company handles the planning, construction and execution of its developments, with an emphasis on quality, modern design and timely delivery. As of June 30, 2026, the company had 10 completed, 12 ongoing and 3 upcoming projects. It has completed 10 residential projects covering 11.05 lakh sq. ft. of saleable area, comprising 692 units. The company had 127 full-time employees as of the same date. Its key strengths include a track record of timely project completion, an integrated land-sourcing and development model, a diversified project pipeline, and an experienced promoter and management team.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here