The Rs 210-crore IPO, which comprises entirely a fresh issue, is open for subscription from September 10 to September 15. The company has fixed the price band at Rs 130-140 per share.
In the grey market, Veegaland Developers shares were commanding a premium of 7.14 percent on the morning of September 11, as per InvestorGain. Investors must note that the GMP is an unofficial market indicator and can change before listing. It should not be treated as a guarantee of the eventual listing price.
The IPO had received a boost ahead of its public launch after Veegaland Developers raised Rs 63 crore from anchor investors. Nine institutional investors participated in the anchor book, with EQ India Fund emerging as the largest participant after purchasing 10.71 lakh shares for Rs 15 crore at the upper end of the price band.
Swyom India Alpha Fund and Tiger Strategies Fund acquired 7.14 lakh shares and 5.71 lakh shares for Rs 10 crore and Rs 8 crore, respectively. Taurus Mutual Fund, Innovative Value Fund, Visionary Value Fund, VBCUBE Ventures Trust and CP Capital each picked up 3.57 lakh shares for Rs 5 crore.
Veegaland Developers plans to deploy Rs 119.82 crore from the net IPO proceeds towards expenses related to the development of its ongoing projects.