Victory Electric Vehicles International Limited is engaged in the design, assembly, and distribution of electric vehicles, with a primary focus on electric two-wheelers and electric three-wheelers.
The company’s product portfolio includes electric scooters, e-rickshaws, and e-cargo/loader e-rickshaws, catering to last-mile passenger and goods transportation. In addition to standard models, Victory Electric Vehicles also offers customized electric three-wheelers developed for specific commercial applications such as food vending and ice-cream distribution, enabling diversified use cases.
Victory Electric Vehicles follows an assembly-based and asset-light business model, sourcing key components such as batteries, motors, controllers, and other parts from third-party suppliers and assembling vehicles according to internal specifications and quality standards. The cars are equipped with modern electric drivetrains and lithium-ion battery systems, focusing on efficiency, lower operating costs, and reduced environmental impact.
The company markets its products through a network of dealers and distributors, serving customers across various regions. Its offerings are positioned to deliver reliable performance, affordable ownership, and compliance with applicable EV regulations and government initiatives supporting electric vehicle adoption.
Victory Electric Vehicles IPO – Details
| IPO Opening Date | 07 January 2026 |
| IPO Closing Date | 09 January 2026 |
| Issue Type | Fixed Price Issue IPO |
| Issue Size | Total Issue Size: 84,30,000 Shares Worth ₹34.56 Crore Fresh Issue: 84,30,000 Shares Worth ₹34.56 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹41 |
| Market Lot | 3000 Shares |
| Min Order | 3000 Shares (1 Lot) |
| Listing At | NSE SME |
| Register | Maashitla Securities Private Limited |
| Retail Shares Offered | 50% |
| Other Shares Offered | 50% |
Victory Electric Vehicles IPO – Date Schedule
| IPO Open Date | 07 January 2026 |
| IPO Close Date | 09 January 2026 |
| Basis of Allotment | 12 January 2026 |
| Initiation of Refund | 13 January 2026 |
| Credit of Shares to Demat Account | 13 January 2026 |
| IPO Listing Date | 14 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 09, 2026 |
Victory Electric Vehicles IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6000 | ₹2,46,000 |
| Retail (Max) | 2 | 6000 | ₹2,46,000 |
| HNI (Min) | 3 | 9000 | ₹3,69,000 |
Competitive Strengths
- Geographical presence in 12 states with dealers in all 12 states.
- Experienced Leadership Backed by a Skilled Professional Team.
- Robust Financial Performance.
Company Promoters
- Sanjay Kumar Popli
- Seema and Palak Poply
Company Financials
| Particulars | Total Revenue | Total Expenses | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | ₹48.13 | ₹47.22 | ₹0.64 | ₹7.80 |
| 31 March 2023 | ₹52.13 | ₹51.04 | ₹0.78 | ₹6.21 |
| 31 March 2024 | ₹48.76 | ₹42.18 | ₹4.89 | ₹5.30 |
| 31 March 2025 | ₹51.06 | ₹44.05 | ₹5.17 | ₹9.29 |
| 31 September 2025 | ₹16.90 | ₹14.73 | ₹1.62 | ₹4.85 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.10% |
| ROCE | 31.27% |
| Debt/Equity | 0.62 |
| RoNW | 42.11% |
| PAT Margin | 10.17% |
| EBITDA Margin | 15.32% |
| Price to Book Value | 4.32 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 3.30 | 1.35 |
| P/E (x) | 12.41 | 30.41 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Working Capital Requirements. | ₹18.00 |
| Capital Expenditure. | ₹5.00 |
| General corporate purposes. | ₹6.78 |
Victory Electric Vehicles IPO Promoter Holding
| Pre Issue Share Holding | 97.41% |
| Post Issue Share Holding | 63.33% |
Victory Electric Vehicles IPO Prospectus
Company Contact Information
| Victory Electric Vehicles International Limited Plot no 6, Second Floor A-5, Maa Bhagwati Apartment Paschim Vihar, New Delhi Phone: +91 9643108966 Email: compliance@victoryevindia.com Website: https://victoryevindia.com/offer-documents/# |
Victory Electric Vehicles IPO Registrar
| Maashitla Securities Private Limited Phone: +91-11-45121795-96 Email: ipo@mashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Victory Electric Vehicles IPO Lead Manager(s)
| 1. Corpwis Advisors Private Limited |
Victory Electric Vehicles IPO FAQs
| What is Victory Electric Vehicles IPO? Victory Electric Vehicles IPO is an SME IPO. The issue is priced at ₹41 per equity share. The IPO is to be listed on NSE SME. |
| When Victory Electric Vehicles IPO will open? The IPO is to open on 07 January 2026 for NII and Retail Investors. |
| What is Victory Electric Vehicles IPO Investors Portion? The investors’ portion for NII – 50%, and Retail – 50%. |
| How to Apply the Victory Electric Vehicles IPO? You can apply Victory Electric Vehicles IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Victory Electric Vehicles IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Victory Electric Vehicles IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Victory Electric Vehicles IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Victory Electric Vehicles IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Victory Electric Vehicles IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Victory Electric Vehicles IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Victory Electric Vehicles IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Victory Electric Vehicles IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Victory Electric Vehicles IPO Size? Victory Electric Vehicles IPO size is ₹34.56 Crore. |
| What is the Victory Electric Vehicles IPO Price Band? Victory Electric Vehicles IPO Price Band is ₹41. |
| What is Victory Electric Vehicles IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 6000 Shares with ₹2,46,000 amount, while the maximum bid is 6000 Shares with ₹2,46,000. |
| What is the Victory Electric Vehicles IPO Allotment Date? Victory Electric Vehicles IPO allotment date is 12 January 2026. |
| What is the Victory Electric Vehicles IPO Listing Date? Victory Electric Vehicles IPO listing date is 14 January 2026. The IPO is to be listed on NSE SME. |
