Veegaland Developers IPO shares make decent debut; stock lists at 10% premium on NSE

Shares of Veegaland Developers made a decent stock market debut on Friday, September 18 as the real estate player was listed at Rs 154 on NSE, a premium of 10 per cent over the issue price of Rs 140 apiece. Similarly, the stock was listed with a premium of 7.68 per cent at Rs 151 on BSE Ltd.

As of the listing price, investors of Veegaland Developers made a profit of up to Rs 1,500 on each lot allotted to them. Listing of Veegaland Developers has been slightly above the expectations. Ahead of the debut, the stock was commanding a grey market premium of 8-9 per shares, suggesting a listing pop of nearly 10 per cent for the investors.

IPO of Veegaland Developers was open for bidding between September 10-15 as the company raised a total of Rs 210 crore from its primary offering, which was entirely a fresh share sale of 1,50,00,000 lakh equity shares. The company sold its shares in the range of Rs 130-140 apeice, with a lot size of 107 equity shares.

According to the data from BSE, the IPO of Rajputana Stainless was subscribed 13.55 times during the bidding process, fetching bids for 2,145 crore via 4.35 lakh applications. On an individual basis, portion for non-institutional investors was booked 18.03 times, while qualified institutional bidders' (QIB) quota was subscribed 17.76 times. Retail portion was booked 9.24 times.

Incorporated in 2007, Ernakulam-headquartered Veegaland Developers is engaged in real estate development, focusing on residential, commercial, and mixed-use projects. The company undertakes planning, construction, and execution of property developments. It emphasizes quality construction, modern design, and timely project delivery.

Brokerage firms were mostly positive on the issue from a long-term perspective. Cumulative Capital is the sole book running lead manager of Veegaland Developers IPO and MUFG Intime India is the registrar of the issue.