Veegaland draws ₹63 crore from anchor investors

Veegaland Developers successfully attracted ₹63 crore from anchor investors ahead of its ₹210 crore initial public offering. This provided the Kerala-focused property company with an institutional base before the public bidding commenced on Thursday. The anchor investors received 45 lakh equity shares at ₹140 each, which constituted 30% of the total 1.5 crore shares offered in the issue.

The public subscription opened on September 10 and will conclude on September 15. The price band set for the shares was ₹130 to ₹140, requiring investors to bid for a minimum lot of 107 shares in multiples of 107. At the upper limit, the minimum retail application amounted to ₹14,980. The IPO is a fresh issue of shares, with no offer-for-sale component.

Upon listing on the BSE and NSE, scheduled for September 18, the company aims to raise up to ₹210 crore through the public offering. EQ India Fund secured the largest share of the anchor allocation, acquiring approximately 10.71 lakh shares worth around ₹15 crore. Other anchor participants included Swyom India Alpha Fund, Tiger Strategies Fund-I, and various mutual funds and investment trusts.

Veegaland plans to utilize ₹119.82 crore of the net proceeds for part-financing its ongoing real estate projects, while the remaining funds will go towards land acquisitions and general corporate purposes. The company reported a total income of ₹254.16 crore and a profit after tax of ₹26.61 crore for the year ended March 2026, with assets valued at ₹483.81 crore and borrowings at ₹85.59 crore.