Veegaland Developers IPO Day 3: Issue booked nearly 8x so far; how to check allotment status on NSE, BSE

The initial public offering (IPO) of Veegaland Developers continued to see strong demand on its third day of subscription with a total booking of 7.68 times so far on Tuesday, September 15.

Until 2:05 PM, the initial share sale of the firm had received bids for 8.74 crore shares as compared to 1.13 crore shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 10.50 times, while the retail individual investor (RII) segment saw 6.97 times subscriptions. However, the Qualified Institutional Buyers (QIB) portion was booked 6.99 times.

The IPO is a complete fresh issue with a price band set between ₹130 and ₹140 per share. With a size of ₹210 crore, the minimum lot size for an application was 107 shares, and the investor would have to apply for a minimum of 1 lot.

The real estate developer had raised ₹63 crore from anchor investors ahead of its IPO. The company had allotted 45 lakh equity shares to anchor investors at ₹140 apiece.

Among the anchor investors are EQ India Fund, Sworn India Alpha Fund, Tiger Strategies Fund-I, Taurus Mutual Fund, Innovative Vision Fund, Visionary Value Fund, and CP Capital.

The shares of the company will be listed on both the NSE and BSE.

Veegaland Developers objective

The money raised from the IPO will be used towards the following objectives:

Veegaland Developers IPO allotment and listing date

Steps to check Veegaland Developers IPO allotment status on NSE

• Chose ‘Equity & SME IPO bid details’

• Select ‘Veegaland Developers’ from the list of IPO names.

• Enter your application number and PAN details.

• Click ‘Submit’ to view the status of your IPO allotment.

Steps to check Veegaland Developers IPO allotment status BSE

• Visit the BSE IPO allotment status page: https://www.bseindia.com/investors/appli_check.aspx

• Select ‘Veegaland Developers’ as the issue type.

• From the dropdown menu, select ‘LCC Projects’. Identify yourself using either PAN details or the IPO application number.

• Click on the ‘I’m not a robot’ tab and press the ‘Search’ button to see the allotment details.

About the company

Incorporated in 2007, Veegaland Developers operates under the brand name Veegaland Homes, a Kerala-based residential real estate developer focused on multi-story apartment projects. Its portfolio includes the mid-premium, premium, ultra-premium, luxe, and ultra-luxury segments. The company has a presence in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. 

Veegaland is part of the V-Guard Group, founded by promoter Kochouseph Thomas Chittilappilly, which has interests in consumer electricals, entertainment and fashion through V-Guard Industries, Wonderla Holidays and V-Star Creations. The firm entered the residential real estate business in 2011 with its first project, Green Clouds, in Kochi.