Victory Electric shares to list today. Here's what GMP indicates

Victory Electric Vehicles International is set to make its stock market debut on the NSE SME platform on January 14, with grey market signals indicating a flat listing. The GMP for the issue is currently at 0%, suggesting that the stock is expected to list around its issue price of Rs 41, in line with muted investor expectations ahead of listing.

The Rs 35 crore fixed price IPO, which opened for subscription between January 7 and January 9, saw a lukewarm response from investors and was subscribed 0.95 times overall. Retail investors subscribed their portion 0.99 times, while the non-institutional investor segment was subscribed 0.91 times.

The issue did not have a QIB portion, in line with SME IPO norms. A total of 698 applications were received, reflecting cautious participation amid broader selectivity in the SME IPO space.


The IPO comprised a fresh issue of 84.30 lakh shares, aggregating to Rs 34.56 crore. The issue was priced at a fixed price of Rs 41 per share.

Victory Electric Vehicles International, incorporated in 2018, operates in the electric vehicle segment, focusing on the design, manufacture and distribution of electric two-wheelers, three-wheelers and commercial electric vehicles.

Its product portfolio includes e-rickshaws, cargo and loader e-rickshaws, scooters and customised electric three-wheelers for niche use cases such as food vending and ice cream carts. The company claims a presence across 12 states through its dealer network and positions itself as a provider of cost-effective and environmentally friendly mobility solutions.

Financially, the company has shown mixed performance over recent years. For the half-year ended September 2025, it reported total income of Rs 16.90 crore and a profit after tax of Rs 1.62 crore. For the full year ended March 2025, total income stood at Rs 51.06 crore, with profit after tax of Rs 5.17 crore.

The IPO proceeds are planned to be used primarily for capital expenditure of Rs 5 crore, working capital requirements of Rs 18 crore and general corporate purposes of Rs 6.78 crore.

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