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Veegaland Developers IPO opens Sept. 10 with grey market premium
At the ₹140 upper price band and a current GMP of ₹24, the implied listing price is about ₹164, roughly 17.1% above the offer price.
Veegaland Developers’ IPO opens for subscription on Thursday, 10 September and closes on Tuesday, 15 September, with a price band set at ₹130 to ₹140 per equity share, LiveMint Markets reports. The issue uses a lot size of 107 shares, and bids must be placed in multiples of 107 thereafter.
The IPO’s grey market premium is currently quoted at +₹24, which implies an estimated listing price of about ₹164 at the upper end of the price band. That indicated level is 17.14% higher than the ₹140 offer price, after GMP readings over the past 10 sessions have ranged between ₹18 and ₹33.
The reservation structure allocates up to 50% of the issue to qualified institutional buyers, at least 15% to non-institutional investors, and at least 35% to retail investors, according to LiveMint Markets. Allotment is expected to be finalized on Wednesday, 16 September, with refunds processed from Thursday, 17 September and shares credited to demat accounts on the same day.
Listing is expected to begin on Friday, 18 September on both BSE and NSE. LiveMint Markets notes Geojit Investments has assigned a “Subscribe” view for medium- to long-term investors, citing what it describes as an attractive valuation on the upper band, and expectations tied to growth in Kerala’s residential real estate market.