Veegaland Developers makes strong stock market debut, shares list at 10% premium

Kochi-based Veegaland Developers made a strong debut on the stock market on Friday, with its shares listing at a 10% premium on the National Stock Exchange (NSE). Against the initial public offering (IPO) price of ₹140, the stock opened at ₹154.
On the Bombay Stock Exchange (BSE), the shares opened at ₹151, translating into a listing gain of 7.86 per cent.

Veegaland Developers is the first real estate company from Kerala to enter the public market through an IPO. The listing also marks another milestone for industrialist Kochouseph Chittilappilly, making it the third company founded by him to list on Indian stock exchanges, after V-Guard Industries and Wonderla Holidays.

The ₹210-crore public issue received strong investor response during the bidding period, with the IPO subscribed 14.60 times overall. The retail investor portion was subscribed 9.95 times, while the non-institutional investor (NII) category was subscribed 19.41 times. Qualified institutional buyers (QIBs) bid for 19.13 times the shares reserved for them.

At the listing price of ₹154, Veegaland Developers' market capitalisation stood at around ₹713.21 crore.

Established in 2011, Veegaland Developers focuses on premium residential projects under its 'Veegaland Homes' brand. The company has completed 10 residential projects and currently has another 12 under construction.

The company plans to use the IPO proceeds primarily to fund ongoing construction activities and acquire land for future residential projects.