Victory Electric Vehicles International made a weak stock market debut on Tuesday, January 14, with its shares listing at ₹34.45 on the NSE SME platform, marking a decline of 15.98 percent from the IPO issue price of ₹41.
The stock opened at ₹34.45 during the special pre open session and stayed at the same level in early trade, indicating muted demand at the time of listing. The discounted debut was in line with expectations, as the IPO had carried a zero grey market premium ahead of listing.
Listing Day Performance
At the time of listing, the stock showed limited price discovery, with the opening price also emerging as the day’s high and low in initial trade. The volume weighted average price stood at ₹34.45, reflecting restrained buying interest.Early order book data indicated selling pressure, with a significantly higher quantity on the sell side compared with buy orders.
IPO Snapshot
The SME IPO was a fixed price issue of ₹35 crore, entirely comprising a fresh issue of 84.3 lakh equity shares priced at ₹41 each. At the issue price, the company was valued at a pre IPO market capitalisation of nearly ₹99 crore.The issue had opened for subscription on January 7 and closed on January 9, with market sentiment remaining cautious throughout the bidding period.
Business Overview
Victory Electric Vehicles operates in the electric mobility segment, engaged in the design and manufacturing of electric two wheelers, three wheelers and small commercial electric vehicles.Its product range includes e rickshaws, electric cargo loaders and customised three wheelers for applications such as food vending and cold storage transport. The company has a dealer network spread across 12 states and also caters to select overseas markets.
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