New Delhi, Jan. 7 -- The initial public offering (IPO) of Victory Electric Vehicles has opened for subscription today, January 7, aiming to raise Rs.34.56 crore through the maiden share sale.

As of 01:15 PM, the issue had received bids for 10.4 lakh shares against 80.07 lakh shares on offer, resulting in a subscription rate of 0.13 times. Segment-wise, the retail portion was subscribed only 0.24 times, while the non-institutional investor category was booked just 0.02 times.

The company proposes to utilise the net proceeds from the IPO to meet working capital requirements and for general corporate purposes.

1. Victory Electric Vehicles IPO date: The issue opened for subscription today, January 7, and will remain open until Friday, Janu...