Veegaland Developers, part of the V-Guard Group, has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise ₹250 crore through an initial public offering (IPO).

The proposed issue is a wholly fresh equity offering with no offer-for-sale component, with proceeds earmarked for funding ongoing and upcoming residential projects, land acquisitions and general corporate purposes, as the company looks to scale its presence in the mid-premium to ultra-luxury housing segments, PTI reported.

The company’s maiden public offering is a completely fresh issue of shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company plans to use the funds to finance a portion of the cost of developing its ongoing and upcoming projects, estimated at up to Rs 111.60 crore. It will also spend about Rs 18.49 crore to acquire identified land parcels for residential real estate projects.

The remaining amount will be used for future land acquisitions and general corporate purposes.

Veegaland Developers is a real estate development company engaged in the planning, development, and sale of multi-storied residential apartment projects in Kerala, catering to the mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury residential segments.

As of October 31, 2025, the company has completed 10 residential projects aggregating to 11.05 lakh square feet of saleable area, and has nine ongoing projects aggregating 12,67 lakh square feet of saleable area.

The company also maintains land reserves aggregating 7.20 acres across Kochi and Trivandrum, Kerala, which are intended to support future residential development, subject to receipt of applicable statutory approvals, feasibility assessments and market conditions.

Cumulative Capital is the sole book-running lead manager for the issue.