Veegaland Developers raises Rs 63 crore from 9 anchor investors ahead of IPO

Fresh updates from the financial markets indicate that Veegaland Developers, a Kerala-based real estate developer, on September 9 mobilised Rs 63 crore by allotting 45 lakh shares to nine anchor market participants ahead of the IPO opening.

The Rs 210-crore initial public offering, which comprises entirely a fresh offering, will open for public subscription on September 10, with the price range set at Rs 130-140 per share. The offer will close on September 15.

A total of nine institutional market participants participated in the firm's anchor book, with EQ India Fund emerging as the largest investor. It acquired 10.71 lakh shares for Rs 15 crore at the upper end of the price range.

This was followed by Swyom India Alpha Fund and Tiger Strategies Fund, which picked up 7.14 lakh shares for Rs 10 crore and 5.71 lakh shares for Rs 8 crore, respectively.

Other market participants, including Taurus Mutual Fund, Innovative Value Fund, Visionary Value Fund, VBCUBE Ventures Trust and CP Capital, each bought 3.57 lakh shares for Rs 5 crore.

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Veegaland Developers intends to utilise Rs 119.82 crore of the net IPO proceeds to fund part of the expenses to be incurred on the development of its ongoing projects. The remaining proceeds will be used to fund unidentified land acquisitions and for general corporate purposes.

The V-Guard Group firm, which operates under the Veegaland Homes brand in Kerala, has a portfolio of 12 ongoing projects and three upcoming projects, including Elanza, Symphony, Green Fort, Queens Park, Casebella, Amora, Fortune and East Fort.

As of June 2026, it had completed 10 real estate projects with a total saleable area of 11.05 lakh square feet.

Cumulative Capital is managing the Veegaland Developers IPO as the merchant banker.