Veegaland Developers shares list at 10% premium on NSE; here's how much investors made per lot

On the BSE (formerly Bombay Stock Exchange), the stock is listed at ₹151 per share, up 7.86% from the issue price.

Veegaland Developers share price: Here's how much investors made per lot

The ₹210 crore initial public offering was only a fresh issuance of 1.50 crore shares, with no offer for sale (OFS) component.

The money raised will be utilised to partly fund the ongoing projects of the company, fund unidentified land acquisition, and fund 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 company said in its RHP.

The IPO was subscribed 13.55 times, as it got bids for 15,32,74,397 shares against 1,13,07,692 shares on offer, as per the NSE data.

The quota for non-institutional investors fetched 18.03 times subscription, while the category for qualified institutional buyers (QIBs) secured 17.76 times subscription. The retail individual investors' portion was booked 9.24 times.

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

Veegaland Developers Ltd is a Kerala-based real estate developer engaged in planning, developing and selling multi-storied residential apartment projects. It makes projects across multiple residential segments, including mid-premium, premium, ultra-premium, luxury and ultra-luxury series.

Its portfolio usually includes housing projects, commercial complexes, and integrated developments serving diverse customer segments.