Victory Electric Vehicles IPO
Victory Electric Vehicles International Limited
Minimum Investment
About Company
Company Name: Victory Electric Vehicles International Limited
Industry / Sector: Electric Vehicles / Automotive
Founded Year: 2018
Promoters: Sanjay Kumar Popli
Victory Electric Vehicles International Limited manufactures electric vehicles including e-rickshaws, e-loaders, cargo three-wheelers, and electric scooters. The company also produces customized electric vehicles for commercial applications such as food vending and ice cream distribution.
IPO Basic Details
| Company Name | Victory Electric Vehicles International Limited |
| IPO Type | SME IPO |
| Price Band | ₹41 – ₹41 |
| Lot Size | 3000 |
| Total Issue Size | ₹34.56 Cr |
IPO Strengths & Risks
Strengths
- Presence in fast-growing EV segment
- Diverse product portfolio (L3 & L5 vehicles)
- Customization capability for commercial use cases
- Growing demand for last-mile electric mobility
Risks
- Highly competitive EV industry
- Dependence on government subsidies and policies
- Low entry barriers in e-rickshaw segment
- Execution and scaling challenges
- Volatility in battery/raw material costs
IPO Important Dates
| IPO Open Date | 07 Jan 2026 |
| IPO Close Date | 09 Jan 2026 |
| Basis of Allotment | 12 Jan 2026 |
| Refund Initiation | 13 Jan 2026 |
| Demat Credit Date | 13 Jan 2026 |
| Listing Date | 14 Jan 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 09 Jan 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – ₹18 Cr
- Debt repayment – -
- General corporate purposes – ₹6.5–7 Cr approx
Investor Reservation
| QIB Quota | 0% (SME issue, mostly not allocated) |
| Retail Quota | 50% |
| HNI Quota | 50% |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 3000 | ₹1,23,000 |
| Retail Maximum | 1 lot | 3000 | ₹1,23,000 |
| S-HNI Minimum | 2 lots | 6000 | ₹2,46,000 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 9 lots | 27000 | ₹11,07,000 |
Key Performance Indicators (KPI)
| ROE | N/A |
| ROCE | N/A |
| RoNW | N/A |
| PAT Margin | 9.6% |
| EBITDA Margin | N/A |
| EPS | ₹1.35 – ₹1.50 (approx) |
| NAV per share | N/A |
| Debt to Equity | 0.29 |
| P/E Ratio | 30.4x |
| Industry P/E | 35–45x (EV sector) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹25–30 Cr | ₹52.14 Cr | ₹0.78 Cr | N/A | ₹2.20 Cr | Low–Moderate |
| 31 Mar 2024 | ₹30–35 Cr | ₹48.76 Cr | ₹4.89 Cr | N/A | ₹7.09 Cr | Moderate |
| 31 Mar 2025 | ₹33–40 Cr | ₹51.06 Cr | ₹5.17 Cr | N/A | ₹7.04 Cr | Moderate |
Grey Market Premium
| GMP Price | ₹0 to ₹2 (very weak) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Jan 2026 |
| Estimated Listing Price | ₹40 – ₹42 |
IPO Subscription Data
| Total Subscription | ≈1.0x |
| QIB (Ex Anchor) | 0.0x |
| HNI Subscription | 0.38x |
| Retail Subscription | 0.98x |
| Anchor | - |
IPO Intermediaries
Registrar: Maashitla Securities Private Limited
Registrar Website: https://maashitla.com
IPO Lead Manager(s)
Company Information
Address: Plot no 6, Second Floor A-5, Maa Bhagwati Apartment Paschim Vihar West Delhi, New Delhi, 110063
Website: http://www.victoryevehilceindia.com/
Email: compliance@victoryevindia.com
Phone: 9643108966
IPO Documents
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