Veegaland Developers IPO subscribed 34% so far on Day 1; check price band, lot size and key dates

The initial public offer of real estate developer Veegaland Developers Ltd has been subscribed 34% so far on the first day of bidding on Thursday, September 10.

It received bids for 38,62,807 shares against 1,13,07,692 shares on offer, according to the NSE data until 1:56 pm.

The ₹210 crore initial share sale comprises a fresh issuance of up to 1.50 crore shares, with no offer for sale component.

The fresh issue proceeds will be used to fund a part of the expense incurred in the development of ongoing projects, unidentified acquisition of land and general corporate purposes.

"We believe that listing our equity shares on the Stock Exchanges will significantly enhance our corporate image and increase the visibility of our brand. Additionally, it will provide our company with the benefits associated with being listed, such as improved access to capital markets and increased credibility with stakeholders. The listing will also establish a public trading market for our equity shares, providing liquidity for our investors and potentially broadening our shareholder base," the company said in its red herring prospectus (RHP).

With a price band of ₹130 to ₹140 per share, a lot consists of 107 shares.

Veegaland Developers IPO: Allotment and listing date

Before the IPO, the company raised ₹63 crore from anchor investors, including EQ India Fund, Tiger Strategies Fund-I, Taurus Mutual Fund, Innovative Vision Fund, Sworn India Alpha Fund, Visionary Value Fund, and CP Capital.

Veegaland Developers is a real estate developer engaged in the planning, development and sale of multi-storied residential apartment projects in Kerala. Its projects are developed across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments. It operates under the brand name 'Veegaland Homes'.