Veegaland Developers shares list at 10% premium in decent market debut; should you buy, sell or hold?

New business data points to the fact that Veegaland Developers shares made a decent market debut on Friday, following a 13.55 times subscription to its initial public offering (IPO) in the primary market between September 10 – 15.

Shares of Veegaland Developers were listed at Rs 154 per share on the NSE, a premium of 10 percent. The Rs 210-crore offering had a price range of Rs 130-140 per share.

On the BSE, the shares of the real estate developer were listed at Rs 151 per share. The firm's market capitalisation post stock-exchange debut of shares stood at Rs 736.13 crore.

Veegaland Developers market debut was better than expectations in the grey market, which had anticipated a stock-exchange debut gain of 3-6 percent.

Earlier, it boosted Rs 63 crore from anchor market participants.

Proceeds from the offering will be used to partly fund the firm's ongoing projects, for unidentified land acquisition, and general corporate purposes.