The SME initial public offering of Victory Electric Vehicles International opens for subscription today, Wednesday, January 7. The public issue is entering the market with a grey market premium of 0 percent, indicating muted expectations around immediate listing gains.
The IPO is set to be listed on the NSE SME platform and is entirely a fresh issue, with no offer for sale component.
IPO Structure and Price Details
Victory Electric Vehicles is offering 84.3 lakh equity shares at a fixed price of Rs 41 per share. The issue size aggregates to approximately Rs 35 crore and values the company at a pre-IPO market capitalisation of nearly Rs 99 crore.The subscription window will remain open until January 9, with the shares scheduled to debut on the exchange on January 14.
Minimum Investment and Lot Size
The lot size for the IPO has been fixed at 3,000 shares. Retail investors are required to apply for a minimum of two lots, translating to 6,000 shares and an investment of Rs 2.46 lakh per application.High net worth individuals must bid for at least three lots, which amounts to an investment of Rs 3.69 lakh.
Business Overview
Victory Electric Vehicles operates in the electric mobility segment, focusing on the design and manufacturing of electric two wheelers, three wheelers and small commercial electric vehicles.Its product portfolio includes e rickshaws, electric cargo loaders and customised three wheelers designed for use cases such as food vending and cold storage transportation. The company has an established dealer network across 12 states and also supplies vehicles to select international markets.
Financial Performance
The company has reported a steady improvement in profitability over the last two financial years, although revenue growth has been uneven.For the year ended March 2025, total income stood at Rs 51.06 crore, compared with Rs 48.76 crore in the previous year. Profit after tax increased to Rs 5.17 crore in FY25 from Rs 4.89 crore in FY24.
For the six months ended September 2025, Victory Electric Vehicles reported revenue of Rs 16.9 crore and a profit after tax of Rs 1.62 crore.
Use of IPO Proceeds
Funds raised through the public issue will be used primarily for capital expenditure, working capital requirements and general corporate purposes.Market Sentiment and GMP Trend
Despite operating in the electric vehicle segment, market sentiment around the IPO remains cautious. The absence of a grey market premium reflects restrained expectations of short term listing gains.With the IPO opening today, investor response over the three day subscription period is expected to provide clearer signals on demand from retail and high net worth participants beyond the current subdued grey market indicators.
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