Veegaland Developers files papers with Sebi for an IPO of Rs 250-cr

Real estate developer Veegaland Developers, part of the V-Guard group, has filed draft documents with market regulator Sebi to raise Rs 250 crore through its initial public offering (IPO) to support its expansion plans.The company’s maiden public offering will be a completely new share issue without an Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company plans to use the money to finance part of the development costs of ongoing and upcoming projects, estimated at up to Rs 111.60 crore. It will also spend around Rs 18.49 crore to acquire identified land plots for residential real estate projects.

The remaining amount will be used for future land acquisitions and general corporate purposes.

Veegaland Developers is a real estate development company engaged in the planning, development and marketing of multi-storey residential apartment projects in Kerala, catering to the mid-range, premium, ultra-premium, luxury series and ultra-luxury residential segments.

As of October 31, 2025, the company has completed 10 residential projects with a total salable area of ​​11.05 lakh sq. ft. and has nine ongoing projects with a total salable area of ​​12.67 lakh sq. ft.

The company also maintains land reserves totaling 7.20 hectares spread across Kochi and Trivandrum, Kerala, which are intended to support future residential development, subject to receipt of applicable regulatory approvals, feasibility assessments and market conditions.

Cumulative Capital is the sole book-running lead manager for the issue.