Victory Electric Vehicles International shares list today with flat GMP indication
Victory Electric Vehicles International Limited lists on NSE SME platform today with 0% GMP indicating flat performance at ₹41 issue price. The ₹35 crore IPO received subdued response with 0.95 times subscription and 698 applications. The electric vehicle manufacturer plans to use proceeds for capital expenditure, working capital, and general corporate purposes.
*this image is generated using AI for illustrative purposes only.
Victory Electric Vehicles International Limited is set to make its stock market debut on the NSE SME platform today, January 14, with market indicators suggesting a subdued listing performance. The grey market premium (GMP) for the issue stands at 0%, indicating that shares are expected to list around the issue price of ₹41.
IPO Subscription Details
The ₹35 crore fixed price IPO, which remained open for subscription between January 7 and January 9, witnessed lukewarm investor interest. The subscription data reflects cautious market sentiment:
| Investor Category | Subscription Rate |
|---|---|
| Overall Subscription | 0.95 times |
| Retail Investors | 0.99 times |
| Non-Institutional Investors | 0.91 times |
| Total Applications Received | 698 |
The issue comprised entirely of a fresh issue of 84.30 lakh shares, aggregating to ₹34.56 crore at the fixed price of ₹41 per share. In line with SME IPO norms, the issue did not include a qualified institutional buyer (QIB) portion.
Company Profile and Operations
Victory Electric Vehicles International Limited, incorporated in 2018, operates in the electric vehicle segment with focus on sustainable mobility solutions. The company's business model encompasses design, manufacture, and distribution of electric vehicles across multiple categories.
The company's product portfolio includes:
- E-rickshaws for passenger transport
- Cargo and loader e-rickshaws for commercial use
- Electric scooters for personal mobility
- Customised electric three-wheelers for specialized applications including food vending and ice cream carts
The company has established its presence across 12 states through a dealer network, positioning itself as a provider of cost-effective and environmentally friendly mobility solutions.
Financial Performance
The company's recent financial performance shows steady operations across different reporting periods:
| Period | Total Income | Profit After Tax |
|---|---|---|
| Half-year ended September 2025 | ₹16.90 crore | ₹1.62 crore |
| Full year ended March 2025 | ₹51.06 crore | ₹5.17 crore |
Fund Utilization Plan
The company has outlined a clear roadmap for deploying the IPO proceeds across strategic business areas:
| Purpose | Allocation |
|---|---|
| Capital Expenditure | ₹5.00 crore |
| Working Capital Requirements | ₹18.00 crore |
| General Corporate Purposes | ₹6.78 crore |
The listing comes at a time when the SME IPO segment is experiencing selective investor participation, with market participants showing increased scrutiny toward smaller offerings in the electric vehicle space.
20
