New Delhi, 14 January (H.S.): Victory Electric Vehicles International Ltd, manufacturer of electric two-wheelers and three-wheelers, delivered a rude shock to IPO investors on Wednesday with a feeble listing followed by an immediate plunge to the lower circuit on the NSE SME platform.

Shares issued at ₹41 apiece through its ₹35 crore IPO, open for subscription from January 7 to 9, debuted at a 15.98 percent discount of ₹34.45. Selling pressure ensued swiftly, driving the stock to the ₹32.75 lower circuit within minutes and inflicting a 20.12 percent loss on investors in the inaugural trading session.

The offering achieved a lukewarm overall subscription of 0.95 times, falling short of full coverage. Non-Institutional Investors (NIIs) subscribed 0.91 times their reserved portion, while retail investors managed 0.99 times. Proceeds from 84.30 lakh fresh shares of ₹5 face value will fund capital expenditure, working capital requirements, and general corporate purposes.

Financials in the SEBI-filed Draft Red Herring Prospectus (DRHP) indicate strengthening profitability: net profit rose from ₹79 lakh in FY23 to ₹4.89 crore in FY24 and ₹5.17 crore in FY25, reaching ₹1.62 crore by September 30, 2025. Revenue fluctuated modestly from ₹52.14 crore in FY23 to ₹48.76 crore in FY24 and ₹51.06 crore in FY25, with ₹16.90 crore recorded year-to-date.

Debt levels escalated steadily, from ₹2.90 crore at FY23-end to ₹5.30 crore in FY24, ₹9.29 crore in FY25, and ₹4.85 crore by September 2025. Reserves and surplus grew from ₹2.20 crore in FY23 to ₹7.09 crore in FY24, dipped slightly to ₹7.04 crore in FY25, and climbed to ₹8.67 crore year-to-date. EBITDA advanced from ₹1.80 crore in FY23 to ₹6.99 crore in FY24 and ₹7.79 crore in FY25, registering ₹2.60 crore by September 30, 2025.

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Hindusthan Samachar / Jun Sarkar