NEW DELHI: Veegaland Developers, a real estate firm under the V-Guard group, has submitted draft papers to market regulator Sebi to raise ₹250 crore through an initial public offering (IPO) aimed at fueling its expansion efforts.
This IPO is a completely new issue of shares, with no Offer-for-Sale (OFS) element, as detailed in the draft red herring prospectus (DRHP) submitted on Tuesday.
Funds from the IPO will be allocated to cover part of the ongoing and upcoming project costs, estimated at ₹111.60 crore, alongside ₹18.49 crore earmarked for purchasing specific land parcels for residential projects.
The remainder will be utilized for future land acquisitions and general corporate expenses.
Veegaland Developers specializes in planning, developing, and selling multi-storied residential apartments across Kerala, targeting various market segments, including mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury properties.
As of October 31, 2025, the company has completed 10 residential projects covering a total saleable area of 11.05 lakh square feet, with an additional nine projects ongoing that encompass 12.67 lakh square feet of saleable area.
The firm also holds land reserves totaling 7.20 acres in Kochi and Trivandrum, Kerala, designated for future residential development, pending necessary approvals and market conditions.
Cumulative Capital is the appointed sole book-running lead manager for this issue.
