Victory Electric Vehicles IPO Day 2: Issue Receives 0.28x Subscription So Far; GMP Remains Nil

Victory Electric Vehicles IPO GMP: The initial public offering (IPO) of Victory Electric Vehicles International Ltd is witnessing its second day of bidding today, Thursday, January 8. The price band of the Rs 34.56-crore NSE SME IPO has been fixed at Rs 41. Till 10:13 am on the second day of bidding on Thursday, the IPO received a total of 0.28x times subscription, garnering bids for 22,20,000 shares as against 80,07,000 shares on offer.

Its retail category got a 0.47x subscription, while its non-institutional investor (NII) quota got a 0.08x subscription.

Victory Electric Vehicles International Limited, incorporated in October 2018, designs, manufactures, and distributes electric vehicles. The company provides sustainable and eco-friendly mobility

solutions by offering a wide range of electric two-wheelers, three-wheelers, and commercial vehicles.

Victory Electric Vehicles IPO GMP Today

According to market observers, unlisted shares of Victory Electric Vehicles International Ltd are currently trading at Rs 41 apiece in the grey market, which is a zero premium over the IPO price of Rs 41. It indicates a flat or negative listing. Its listing will take place on January 14, Wednesday.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Victory Electric Vehicles IPO: More Details

Victory Electric Vehicles has entered the primary market with a fixed-price IPO of Rs 34.56 crore, consisting entirely of a fresh issue of 0.84 crore equity shares.

The public issue opened for subscription on January 7, 2026, and will close on January 9, 2026. The basis of allotment is expected to be finalised on January 12, 2026, while the company’s shares are proposed to be listed on the NSE SME platform, with a tentative listing date of January 14, 2026.

The IPO has been priced at Rs 41 per share. Investors can apply in lots of 3,000 shares each. At this price, retail investors are required to invest a minimum of Rs 2.46 lakh for two lots, or 6,000 shares, while high net-worth investors need to apply for at least three lots, or 9,000 shares, involving an investment of Rs 3.69 lakh.

Corpwis Advisors Pvt Ltd is acting as the book-running lead manager for the issue, while Maashitla Securities Pvt Ltd has been appointed as the registrar. Alacrity Securities Ltd will serve as the market maker for the IPO.