Mumbai, January 9, 2026 – The SME initial public offering of Victory Electric Vehicles International Limited closed on Friday with a sharp pickup in demand during the final hours, ending the issue at 0.95 times subscription, just short of full coverage.
The IPO, which opened on January 7 and closed today, received strong last-day participation, particularly from qualified institutional investors and retail bidders, significantly improving the overall subscription from 0.40x at the end of Day 2.
Final Subscription Status (As of 17:58 hrs, January 9)
By the close of bidding, the issue received bids for 80.28 lakh shares against an issue size of 84.30 lakh shares.| Category | Applications | Shares Bid For |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 4 | 25,59,000 |
| Non-Institutional Investors (NIIs) | 34 | 15,09,000 |
| Retail Individual Investors (RIIs) | 660 | 39,60,000 |
| Total | 698 | 80,28,000 |
IPO Snapshot
| Particulars | Details |
|---|---|
| Issue Size | ₹35 crore |
| Total Shares Offered | 84.30 lakh |
| Issue Price | ₹41 per share |
| Lot Size | 3,000 shares |
| IPO Open | January 7, 2026 |
| IPO Close | January 9, 2026 |
| Listing Date | January 14, 2026 |
Trend Through the Issue Period
The IPO witnessed a gradual build-up in demand over the three-day bidding window. Subscription stood at 0.26x after Day 1, improved to 0.40x by the end of Day 2, and surged to 0.95x on the final day, reflecting typical last-session participation seen in several SME offerings.About Victory Electric Vehicles International
Victory Electric Vehicles International Limited is engaged in the manufacturing of electric vehicles, primarily focusing on electric three-wheelers and last-mile mobility solutions. The company’s portfolio includes electric rickshaws, passenger and cargo three-wheelers, e-loaders, electric scooters, and customised electric vehicles for commercial applications. It operates through an in-house manufacturing setup and distributes products via a dealer-led network across multiple Indian states under the “Victory” brand.With the issue now closed, investor focus will shift to allotment finalisation scheduled for January 12 and the company’s proposed listing on January 14, 2026.
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