Veegaland Developers Files DRHP with Sebi for Rs 250-Crore IPO

Real estate developer Veegaland Developers, a part of the V-Guard group, has filed draft papers with markets regulator Sebi to raise ₹250 crore through an initial public offering (IPO) to fund its expansion plans.

According to the draft red herring prospectus (DRHP) filed on Tuesday, the proposed IPO will be a 100 per cent fresh issue of equity shares, with no Offer-for-Sale (OFS) component by existing shareholders.

The company plans to utilise the proceeds primarily to support its real estate development activities. Of the total issue size, up to ₹111.60 crore will be used to fund a portion of the cost of developing its ongoing and upcoming projects. Additionally, around ₹18.49 crore will be allocated for the acquisition of identified land parcels for future residential real estate projects.

Veegaland Developers is engaged in the development of residential and mixed-use projects and aims to strengthen its project pipeline and growth prospects through the proposed public issue.