The SME IPO of Victory Electric Vehicles International has opened for subscription on Wednesday, January 7, with the grey market premium (GMP) currently at 0%, indicating muted expectations of listing gains. The NSE-bound IPO is a fixed price issue of about Rs 35 crore, entirely comprising a fresh issue of shares.
The company is offering 84.3 lakh shares at Rs 41 apiece, valuing the business at a pre-IPO market cap of nearly Rs 99 crore. The issue will remain open till January 9, with listing scheduled for January 14 on NSE SME.
At the issue price, retail investors are required to invest a minimum of Rs 2.46 lakh for one application, as the lot size is fixed at 3,000 shares and retail investors must apply for two lots, or 6,000 shares. High net-worth individuals need to bid for at least three lots, translating to an investment of Rs 3.69 lakh.
Victory Electric Vehicles operates in the electric mobility space, designing and manufacturing electric two-wheelers, three-wheelers and small commercial EVs. Its product portfolio 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 presence across 12 states and also caters to select international markets.
Financially, the company has reported sharp growth in profitability over the last two years, though revenue has been uneven. For the year ended March 2025, total income stood at Rs 51.06 crore, compared with Rs 48.76 crore a year earlier. Profit after tax rose to Rs 5.17 crore in FY25 from Rs 4.89 crore in FY24. For the six months ended September 2025, the company reported revenue of Rs 16.9 crore and PAT of Rs 1.62 crore.
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Proceeds from the issue will primarily be used to fund capital expenditure, working capital requirements and general corporate purposes.
Despite the EV theme, market sentiment around the IPO appears cautious. The absence of a grey market premium suggests investors are not expecting near-term listing gains. The IPO’s subscription response over the next three days is likely to determine whether institutional and retail investors see value beyond the subdued grey market cues.
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