The Victory Electric Vehicles IPO is open for subscription on January 7, 2026, and closes on January 9, 2026. This is a fixed-price SME IPO, and the company aims to raise approximately ₹35 crore through a fresh issue of equity shares.
The IPO is priced at ₹41 per share and is listed on the NSE SME platform. The allotment basis is finalized on January 12, 2026, while the listing is scheduled for January 14, 2026.
From a financial perspective, Victory Electric Vehicles has shown consistent growth. The company reported revenue of ₹51.06 crore in FY2025, compared to ₹48.76 crore in FY2024. Profit after tax increased to ₹5.17 crore in FY2025 from ₹4.89 crore in the previous year. Based on these improving financials, this IPO may be worth considering for long-term investors, provided they have the risk appetite.
Victory Electric Vehicles International Limited (the "Company" which is the "Issuer") has announced an initial public offering of 84,30,000 equity shares of face value of Rs. 5/- each (Equity Shares) at a price of Rs. 41 per Equity Share (including a premium of Rs. 36 per Equity Share) for cash (the "Issue Price") aggregating up to Rs. 10,000 crore (the "Issue"), out of which 4,23,000 equity shares of face value of Rs. 5/- each at a cash price of Rs. 41/- each, aggregating up to Rs. 1.73 crore (the "Market Maker Reservation Portion") will be reserved for subscription by Market Makers (the "Market Maker Reservation Portion"). The Issue, after deducting the Market Maker Reservation Portion, i.e. 80,07,000 equity shares of face value of Rs. 5/- each at an issue price of Rs. 41/- per Equity Share, aggregating up to Rs. 34.56 crore (the "Issue"). ₹32.83 crore (hereinafter referred to as the "Net Issue"). The Issue and Net Issue will represent 35.00% and 33.24%, respectively, of the post-issue paid-up equity share capital of the Company. Issue Price: ₹41/- per equity share, having a face value of ₹5/-. The Issue Price is 8.20 times the face value. Bids can be made for a minimum of 6,000 equity shares and in multiples of 3,000 equity shares thereafter. New Nevesco is opening
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Victory Electric Vehicles IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | January 7, 2026 |
| IPO Close Date | January 9, 2026 |
| Face Value | ₹5 per equity share |
| IPO Price | ₹41 per share |
| Issue Size | Approx ₹35 crore |
| Fresh Issue | Approx ₹35 crore |
| Issue Type | Fixed Price Issue |
| Listing Platform | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Victory Electric Vehicles IPO
Open: 7-9 Jan
Issue Size: ₹35 Cr.
Objective: Funds to expand production capacity, support working capital and general corporate needs.
Exchange: NSE SME
Victory Electric Vehicles IPO Review
Victory Electric Vehicles IPO comes at a time when the electric mobility sector in India is expanding steadily, supported by government policies and rising demand for eco-friendly transport. The company has a diversified product range across electric three-wheelers and scooters, with customised solutions for commercial use.
Revenue and profitability have shown consistency over the last three years, which adds comfort for investors. However, being an SME IPO, liquidity risks and business concentration should be considered. Overall, this IPO appears more suitable for investors with a medium to long-term view who are comfortable with SME-segment risks.
Victory Electric Vehicles IPO Market Lot
The minimum application size for Victory Electric Vehicles IPO is relatively high due to the SME structure.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 6,000 | ₹2,46,000 |
| Retail Maximum | 2 | 6,000 | ₹2,46,000 |
| S-HNI Minimum | 3 | 9,000 | ₹3,69,000 |
| S-HNI Maximum | – | – | – |
| B-HNI Minimum | – | – | – |
IPO Reservation Details
| Investor Category | Shares Offered | % of Shares |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Ex-Anchor) | – | – |
| NII | 40,02,000 | 47.47% |
| Retail | 40,05,000 | 47.51% |
Victory Electric Vehicles IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | – |
| Anchor Size | – Cr |
| Lock-in End (50% – 30 Days) | 2026 |
| Lock-in End (50% – 90 Days) | 2026 |
Victory Electric Vehicles IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 7, 2026 |
| IPO Close Date | January 9, 2026 |
| Basis of Allotment | January 12, 2026 |
| Refunds Initiation | January 13, 2026 |
| Credit to Demat Account | January 13, 2026 |
| IPO Listing Date | January 14, 2026 |
| Bidding Cut-off Time | January 9, 2026 – 5 PM |
Promoters of Victory Electric Vehicles IPO
The promoters of Victory Electric Vehicles International Limited are Sanjay Kumar Popli, Seema, and Palak Poply.
| Particulars | Shares | % Holding |
|---|---|---|
| Promoter Holding (Pre-Issue) | 1,56,60,000 | 97.41% |
| Promoter Holding (Post-Issue) | 2,40,90,000 | 63.33% |
Objects of the IPO
The company plans to utilise the IPO proceeds primarily to strengthen its operations. Around ₹5 crore will be used towards capital expenditure to expand manufacturing and operational capacity.
Approximately ₹18 crore will be allocated for working capital requirements to support day-to-day business needs. The remaining amount of about ₹6.78 crore will be used for general corporate purposes, including administrative expenses and business development.
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited was incorporated in October 2018 and operates in the electric mobility segment. The company is engaged in the design, manufacturing, and distribution of electric vehicles, including e-rickshaws, electric cargo loaders, and electric scooters.
It also offers customised electric three-wheelers for niche applications such as food vending and ice-cream carts. The company focuses on providing sustainable and eco-friendly transportation solutions and aims to support India’s transition towards green energy and electric mobility.
Victory Electric Vehicles IPO Company Financials
Amount in ₹ Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 52.14 | – | 0.79 | 19.17 |
| 2024 | 48.76 | – | 4.89 | 21.94 |
| 2025 | 51.06 | – | 5.17 | 31.29 |
| Sept 2025 | 16.90 | – | 1.62 | 33.19 |
Victory Electric Vehicles IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | – |
| ROCE | – |
| EBITDA Margin | – |
| PAT Margin | – |
| Debt to Equity Ratio | – |
| EPS (Basic) | ₹– |
| P/E Ratio | – |
| RoNW | – |
| NAV | ₹– |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Wardwizard Innovations & Mobility Ltd | – | – | – | – | – |
| Tunwal E-Motors Ltd | – | – | – | – | – |
IPO Lead Managers
Corpwis Advisors Private Limited
Company Address
| Particulars | Details |
|---|---|
| Company Name | Victory Electric Vehicles International Limited |
| Address | Plot No 6, Second Floor, A-5, Maa Bhagwati Apartment |
| Area | Paschim Vihar |
| Phone | – |
| compliance@victoryevindia.com | |
| Website | http://www.victoryevehilceindia.com |
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IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@mashitla.com
Website: https://maashitla.com/allotment-status/public-issues