Victory Electric Vehicles International Ltd is set to open its IPO on 7th January 2026. The issue is a fixed price offering on the NSE SME platform and is structured as a fresh issue. Below is a detailed overview of Victory Electric Vehicles International Ltd, its IPO details, and the company’s financial snapshot.
About Victory Electric Vehicles International Ltd.
Incorporated in October 2018, Victory Electric Vehicles International Ltd designs, manufactures, and distributes electric vehicles. The company provides sustainable and eco-friendly mobility solutions by offering a wide range of electric two-wheelers, three-wheelers, and commercial vehicles. It aims to contribute to the global shift towards green energy by promoting the adoption of electric transportation.
The company offers products ranging from E rickshaws, E Cargo or Loader E rickshaws, scooters, and more. Its portfolio extends beyond conventional offerings to include customised E three wheelers, catering to specific needs such as food three wheelers and ice cream three wheelers.
Victory Electric Vehicles International Ltd integrates advanced technologies into its vehicles, such as lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features. It caters to both domestic and international markets, aiming to offer reliable performance, cost-effective ownership, and minimal environmental impact. The company also envisions a cleaner and greener future, aligning its mission with global efforts to reduce carbon emissions and dependence on fossil fuels.
Competitive strengths
- Geographical presence in 12 states with dealers in all 12 states
- Experienced leadership backed by a skilled professional team
- Robust financial performance
Victory Electric Vehicles International IPO Details
Victory Electric Vehicles IPO is a fixed price issue of ₹34.56 crores. The issue is entirely a fresh issue of 0.84 crore shares aggregating to ₹34.56 crore.
Victory Electric Vehicles IPO opens for subscription on January 7, 2026 and closes on January 9, 2026. The allotment for the IPO is expected to be finalised on January 12, 2026. The IPO will list on NSE SME with a tentative listing date fixed as January 14, 2026.
The IPO price is ₹41 per share. The lot size for an application is 3,000 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,46,000 (6,000 shares). The minimum lot size for investment in HNI is 3 lots (9,000 shares), amounting to ₹3,69,000.
Book running lead manager: Corpwis Advisors Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market maker: Alacrity Securities Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Jan 7, 2026 |
| IPO Close Date | Fri, Jan 9, 2026 |
| Allotment Date | Mon, Jan 12, 2026 |
| Initiation of Refunds | Tue, Jan 13, 2026 |
| Credit of Shares to Demat | Tue, Jan 13, 2026 |
| Listing Date | Wed, Jan 14, 2026 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹5 per share |
| Issue Price | ₹41 per share |
| Lot Size | 3,000 shares |
| Issue Type | Fixed Price IPO |
| Sale Type | Fresh Capital |
| Listing At | NSE SME |
| Total Issue Size | 84,30,000 shares (aggregating up to ₹35 Cr) |
| Reserved for Market Maker |
4,23,000 shares (aggregating up to ₹2 Cr) Alacrity Securities Ltd. |
| Net Offered to Public | 80,07,000 shares (aggregating up to ₹33 Cr) |
| Shareholding Pre Issue | 1,56,60,000 shares |
| Shareholding Post Issue | 2,40,90,000 shares |
| Market Cap (Pre IPO) | ₹98.77 Cr |
IPO Reservation
Victory Electric Vehicles IPO offers a total of 84,30,000 shares. Out of which 40,02,000 (47.47%) are allocated to NII and 40,05,000 (47.51%) are allocated to RII.
| Investor Category | Shares Offered |
| Market Maker | 4,23,000 (5.02%) |
| NII (HNI) | 40,02,000 (47.47%) |
| Retail | 40,05,000 (47.51%) |
| Total | 84,30,000 (100.00%) |
Lot Size of Victory Electric Vehicles International IPO
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereof.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,46,000 |
| Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,46,000 |
| HNI (Min) | 3 | 9,000 | ₹3,69,000 |
Victory Electric Vehicles International Ltd. Financials
Victory Electric Vehicles International Ltd has a market capitalisation (pre IPO) of ₹98.77 crore. As of March 31, 2025, the company’s key performance indicators include ROE of 42.10%, ROCE of 31.27%, and Debt to Equity of 0.62. The company also reports a PAT margin of 10.17% and an EBITDA margin of 15.32%.
Key Company Financials (Restated) (₹ in crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total Income | 16.90 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| EBITDA | 2.60 | 7.79 | 6.99 | 1.80 |
| Net Worth | 16.50 | 14.87 | 9.70 | 4.24 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Total Borrowing | 4.85 | 9.29 | 5.30 | 2.90 |
Key Performance Indicators (KPI) as of Mon, Mar 31, 2025
| 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 |
Valuation snapshot
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 3.30 | 1.35 |
| P/E (x) | 12.41 | 30.41 |
| Promoter Holding | 97.41% | 63.33% |
Promoters: Sanjay Kumar Popli, Seema, and Palak Popli
Objects of the Issue
The company proposes to utilise the net proceeds from the issue towards the following objects:
| Issue Objects | Estimated Amount (₹ Cr.) |
| Capital Expenditure | 5.00 |
| Working Capital Requirement | 18.00 |
| General Corporate Purposes | 6.78 |
IPO Review
As per the provided IPO review text, VEVIL is engaged in the manufacturing of 2 and 3-wheeler EVs for various industries and operates in a highly competitive and fragmented segment. The company posted inconsistency in its top lines for the reported periods. The review also states that the surge in bottom lines for FY24 and FY25 appears to be window dressing and that, based on recent financial data, the issue appears greedily priced.
Victory Electric Vehicles IPO: Peer Comparison
Victory Electric Vehicles IPO can be compared with peers like Wardwizard Innovations & Mobility Ltd and Tunwal E-Motors Ltd. Reviewing these companies helps investors gauge Victory Electric Vehicles International Ltd’s position within the electric mobility segment and better understand its competitive standing in the growing EV market.
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Conclusion
Victory Electric Vehicles International Ltd operates in the electric vehicle segment, offering products across two-wheelers, three-wheelers, and commercial EVs, supported by a stated dealer presence across 12 states. The IPO is a fixed price issue and is fully structured as a fresh issue, with listing proposed on NSE SME. Investors may consider reviewing the issue structure, lot size requirements, the stated use of proceeds, and the financial and KPI snapshot shared above, along with the peer comparison reference mentioned in the provided details.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
