Victory Electric Vehicles International IPO: GMP, Lot Size & Share Price

Victory Electric Vehicles International IPO

Victory Electric Vehicles International Limited — a Delhi-based electric mobility company — has launched its Initial Public Offering (IPO) on the NSE SME platform, marking its entry into the public markets. The IPO is a fixed-price issue aimed at raising around ₹34.56 crore, entirely through a fresh issue of shares to support expansion and working capital needs.

IPO Key Details

Parameter	Details
IPO Open Date	7 Jan 2026
IPO Close Date	9 Jan 2026
Listing Date	14 Jan 2026 (Tentative)
Issue Price	₹41 per share
Face Value	₹5 per share
Total Issue Size	84.30 lakh shares (~₹34.56 cr)
Lot Size	3,000 shares
Minimum Investment	₹1,23,000 (for 3,000 shares)
Retail Allocation	50%
Exchange	NSE – SME
Lead Manager	Corpwis Advisors Pvt. Ltd.
Registrar	Maashitla Securities Pvt. Ltd.

Investors must apply for a minimum of 6,000 shares (2 lots of 3,000 each) which totals ₹2,46,000 at the ₹41 price point. Higher lots can be applied in multiples of 3,000 thereafter.

What the Company

Victory Electric Vehicles specialises in the electric vehicle segment, focusing on last-mile and commercial mobility. Its portfolio includes:

• E-Rickshaws
• E-Cargo/Loader variants
• Electric Scooters
• Custom-built 3-wheelers for niche applications (like food delivery and ice-cream vending)

The company is among the first in India to secure a government ICAT license to sell certain advanced three-wheel EV models.

GMP (Grey Market Premium)

What is GMP?

Grey Market Premium (GMP) is the unofficial price difference between an IPO’s issue price and the price at which its shares are traded informally before listing. A positive GMP often suggests market optimism for listing gains (i.e., shares likely to list above IPO price), whereas zero or negative GMP suggests neutrality or bearish expectations.

Victory Electric Vehicles IPO GMP

As of the latest market updates:

• GMP stands at around ₹0 — meaning the grey market currently reflects no expected premium above the ₹41 issue price. This implies that traders do not foresee significant listing gains at this point.

This is typical for smaller SME IPOs where early demand indicators are subdued or still developing.

Subscription & Demand

While subscription figures for the IPO are still being updated, SME issues with strong business prospects (especially in the EV space) can attract attention from retail and smaller institutional investors. However, muted GMP suggests expectations of a neutral debut, and it’s important for investors to anchor decisions not just on grey market sentiment but also on fundamentals and long-term prospects.

Investor Takeaways

Pros

• Strong presence in India’s growing electric mobility segment.
• First-mover advantages in specialised electric 3-wheelers.
• Fixed-price issue simplifies valuation decisions.
• Retail quota (50%) gives individual investors good access.

Things to Watch

• GMP signals are neutral, suggesting limited listing upside as of now.
• SME IPOs tend to have lower liquidity and higher volatility compared to mainboard listings.
• The company faces competition in a rapidly evolving EV market.

Conclusion

The Victory Electric Vehicles International IPO offers investors a way to participate in the electric vehicle manufacturing story — a sector that the Indian government and market participants are increasingly bullish on. However, with a GMP currently at ₹0, it suggests that the market isn’t pricing in significant gains on listing day. Investors should consider both fundamental prospects and risk appetite before applying.