Victory Electric Vehicles International postpones IPO despite positive market conditions

Victory Electric Vehicles International IPO

Electric vehicle maker Victory Electric Vehicles International has decided last week to postpone its initial public offering despite healthy equity market conditions.

The Rs 40.66-crore public issue was supposed to open for subscription on May 20 and close on May 23. This was a fixed price issue.

The issue price for the offer of 56.47 lakh shares was fixed at Rs 72 per share.

The New Delhi-based electric vehicles maker was planning to utilise IPO proceeds for capital expenditure, working capital requirements, and general corporate expenses.

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Corpwis Advisors was appointed as the merchant banker for Victory Electric Vehicles International IPO.

Earlier this month, Wagons Learning had withdrawn its Rs 38.38-crore public issue which was opened for subscription during May 2-6 with a price band of Rs 78-82 per share. The reason may be the subdued market conditions. Even the offer had seen muted response at just 8 percent subscription till May 5, a day before the issue closing.

Last year in November, Rosmerta Digital Services IPO also turned out to be the victim of adverse market conditions. On November 14, 2024 it had decided to postpone its Rs 206-crore initial share sale. The public issue was supposed to be the biggest ever IPO in the SME segment, which comprised solely of fresh issue of 1.4 crore equity shares. The price band for the offer was Rs 140-147 per share.