New Delhi. The shares of electric two wheeler and three wheeler manufacturing company Victory Electric Vehicles International gave a shock to its IPO investors by making a weak start in the stock market today. Under the IPO, the company’s shares were issued at a price of Rs 41. Today its listing on the SME platform of NSE was done at the level of Rs 34.45 with a discount of 15.98 percent. After the listing, selling started, due to which within a short time these shares came to the lower circuit level of Rs 32.75. In this way, the company’s IPO investors suffered a loss of 20.12 percent in the first day of trading.
The Rs 35 crore IPO of Victory EV International was open for subscription between January 7 and 9. This IPO received a very weak response from investors, due to which it could not be fully subscribed. This IPO could be subscribed 0.95 times overall. Of these, only 0.91 times subscription came in the reserve portion for Non-Institutional Investors (NIIs). Similarly, the reserve portion for retail investors could be subscribed 0.99 times. Under this IPO, 84.30 lakh new shares with face value of Rs 5 have been issued. The company will use the money raised through the IPO to meet capital expenditure and working capital requirements and for general corporate purposes.
Talking about the financial condition of the company, as per the claim made in the Draft Red Herring Prospectus (DRHP) submitted to the capital market regulator SEBI, its financial health has continuously strengthened. The company had a net profit of Rs 79 lakh in the financial year 2022-23, which increased to Rs 4.89 crore in the next financial year 2023-24 and jumped to Rs 5.17 crore in the financial year 2024-25. By the end of the first half of the current financial year i.e. till 30 September 2025, the company has made a net profit of Rs 1.62 crore.
During this period, there were slight fluctuations in the company’s revenue receipts. It received a total revenue of Rs 52.14 crore in the financial year 2022-23, which slightly decreased to Rs 48.76 crore in the financial year 2023-24 and increased to Rs 51.06 crore in the financial year 2024-25. In the current financial year till September 30, 2025, the company has received a revenue of Rs 16.90 crore.
The company’s debt also increased continuously during this period. At the end of the financial year 2022-23, the company had a debt burden of Rs 2.90 crore, which increased to Rs 5.30 crore in the financial year 2023-24 and jumped to Rs 9.29 crore in the financial year 2024-25. In the current financial year, by September 2025, the debt burden on the company had reached the level of Rs 4.85 crore.
The reserves and surplus of the company also increased during this period. In the financial year 2022-23, it was at the level of Rs 2.20 crore, which increased to Rs 7.09 crore in 2023-24. Similarly, in 2024-25, the reserve and surplus of the company decreased slightly to the level of Rs 7.04 crore. In the current financial year, by 30 September 2025, it reached the level of Rs 8.67 crore.
Similarly, EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) was at the level of Rs 1.80 crore in 2022-23, which increased to Rs 6.99 crore in 2023-24. Similarly, in 2024-25, the EBITDA of the company came to the level of Rs 7.79 crore. Whereas in the current financial year till 30 September 2025, it remained at the level of Rs 2.60 crore.
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