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Victory Electric Vehicles IPO Day 1: Issue Receives 0.28x So Far; GMP Remains Nil
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Unlisted shares of Victory Electric Vehicles International are trading at Rs 41 apiece in the grey market, which is zero premium over IPO price of Rs 41, indicating weak listing.
Victory Electric Vehicles IPO.
Victory Electric Vehicles IPO GMP: The initial public offering (IPO) of Victory Electric Vehicles International Ltd opened for public subscription today, Wednesday, January 7. The price band of the Rs 34.56-crore IPO has been fixed at Rs 41. Till 5:20 pm on the first day of bidding on Wednesday, the IPO received a total of 0.28x times subscription, garnering bids for 22,35,000 shares as against 80,07,000 shares on offer.
Its retail category got a 0.38x subscription, while its non-institutional investor (NII) quota got a 0.18x 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 ₹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.
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January 07, 2026, 15:13 IST
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A Southwest Airlines Boeing 737 airplane lands at Los Angeles International Airport after arriving from Chicago on March 7, 2026 in Los Angeles, California.
Kevin Carter | Getty Images
Southwest Airlines forecast second-quarter earnings below analyst estimates, citing higher fuel prices, while holding off on updating its full-year 2026 forecast.
Southwest expects to earn between 35 cents and 65 cents a share in the current quarter, while analysts polled by LSEG expected 55 cents a share.
The airline in January forecast earnings per share of $4 this year, saying that it expected its new initiatives would pay off. Southwest has sought to increase revenue with checked bag fees and seat assignment fees.
“Achieving this outcome would require lower fuel prices and/or stronger revenue performance to offset higher fuel expense. The Company expects to provide updates to this guidance as appropriate,” Southwest said in an earnings release Wednesday.
Airlines have been either cutting their full-year forecasts or holding off on further forecasts because of volatile prices for jet fuel, generally their biggest expense after labor. They are also pulling back on their capacity growth plans to cut costs, which can drive up airfare when fewer seats are for sale.
Southwest said it expects its capacity to be flat to up no more than 1% in the second quarter, and unit revenues to rise by 16.5% to as much as 18.5% over last year.
“Demand continues to be strong, and we remain focused on controlling what we can control by managing costs, optimizing revenue initiatives, and directing capacity toward higher‑return opportunities,” CEO Bob Jordan said in the earnings release.
Here’s what the company reported for first quarter compared with Wall Street expectations, according to consensus estimates from LSEG:
- Earnings per share: 45 cents vs. 47 cents cents expected
- Revenue: $7.25 billion vs. $7.27 billion expected
Southwest swung to a profit of $227 million, or 45 cents a share in the first quarter, compared with a $149 million loss, or a loss of 26 cents per share, a year earlier.
Revenue rose nearly 13% to $7.25 billion compared with $6.43 billion in the year-earlier period.
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