Victory Electric Vehicles International IPO
Victory Electric Vehicles International Limited · Electric Vehicles
- Issue price
- ₹41per share
- Issue size
- ₹34.56 Cr84,30,000 shares
- Face value
- ₹5per equity share
- Lot size
- 3,000 sharesMin. ₹1.23 L at the upper price
- OpensWed, 2026
- ClosesFri, 2026
- AllotmentMon, 2026
- ListingWed, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Fixed price, fresh issue
- Fresh issue
- 84,30,000 shares (₹34.56 Cr)
- Offer for sale
- None
- Total issue
- 84,30,000 shares (₹34.56 Cr)
- Market maker portion
- 4,23,000 shares
- Face value
- ₹5
- Listing at
- NSE Emerge
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail47.5%
- NII47.5%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 40,05,000 | 50.02% | 50% |
| Non-institutional investors (NII) | 40,02,000 | 49.98% | — |
| Market maker | 4,23,000 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹41 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 6,000 | ₹2.46 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25 (adjusted), pre-issue- EPS (basic)
- ₹3.3
- P/E (FY 2024-25 at issue price)
- 12.42×
- P/E (Weighted average EPS, last three FYs)
- 17.65×
- RoNW (FY 2024-25)
- 42.11%
- NAV per share (As on September 30, 2025)
- ₹10.54
- NAV per share (NAV after issue)
- ₹21.2
Source: ProspectusUpdated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 16.81 | 50.86 | 48.44 | 51.91 |
| Total income | 16.90 | 51.06 | 48.76 | 52.14 |
| EBITDA | 2.60 | 7.79 | 6.99 | 1.80 |
| Profit after tax | 1.62 | 5.17 | 4.89 | 0.79 |
| Net worth | 16.50 | 14.87 | 9.70 | 4.24 |
| Reserves and surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Total assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total borrowing | 7.59 | 9.29 | 5.30 | — |
FY 2024-25 vs FY 2023-24: revenue +5.0%, profit after tax +5.8%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company manufactures electric vehicles, mainly L3 and L5 category E-rickshaws and three-wheelers, along with scooters and customised E-three-wheelers. It operates a manufacturing unit in Haryana and sells through a distribution network across India, with export plans mentioned for the future.
- Incorporated
- 2018
- Industry
- Electric Vehicles
- CIN
- U31909DL2018PLC341184
- Website
- victoryevindia.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Seema | 55.81% | — |
| Sanjay Kumar Popli | 41.25% | — |
| Palak Poply | 0.34% | — |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure on new machinery and plant | 5.00 |
| Working capital requirements | 18.00 |
| General corporate purposes | 6.78 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Victory Electric Vehicles International LimitedIssuer | ₹2.08 | 12.42× | 10.35% | ₹10.54 |
| Wardwizard Innovations & Mobility Limited | ₹0.26 | 32.58× | 6.50% | ₹4.08 |
| Tunwal E-Motors Limited | ₹2.32 | 15.32× | 19.26% | ₹20.09 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Manufactures a range of L3 and L5 electric three-wheelers and scooters, with several models and variants.
- Operates in the EV sector since 2018 with manufacturing capacity expansion reported in 2022 and 2024.
- Revenue from operations stood at over ₹ 50 crore in FY 2022-23, and the company reports a distribution network across India.
- Restated profitability improved from FY 2022-23 to FY 2024-25, with EBITDA margin rising to about 15%.
Risks
- Has no prior experience manufacturing some of the new EV products it plans to launch, which may lead to cost overruns.
- Depends on third-party suppliers without firm long-term supply commitments or exclusive arrangements.
- Promoters and promoter group hold about 97% of the pre-issue capital and will keep majority control after the issue.
- Net proceeds deployment is based on management estimates and no bank or agency has appraised the funding requirements.
- Minimal advertising and marketing spend in recent fiscals may affect customer acquisition.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹41) appear here after the shares list on NSE Emerge.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Victory Electric Vehicles International IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 7 January 2026 and closes on Friday, 9 January 2026.
What is the Victory Electric Vehicles International IPO price band?
The final issue price is ₹41 per share.
What is the lot size of the Victory Electric Vehicles International IPO?
One lot is 3,000 shares, which is ₹1.23 L at ₹41 per share.
Where will Victory Electric Vehicles International shares list?
On NSE Emerge. The tentative listing date is Wednesday, 14 January 2026.
Who is the registrar of the issue?
Maashitla Securities Private Limited (SEBI registration INR000004370). Allotment status is checked on the registrar's website.
How do I check the Victory Electric Vehicles International IPO allotment status?
The basis of allotment is expected to be finalised on Monday, 12 January 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (Maashitla Securities Private Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹5 Cr for capital expenditure on new machinery and plant, ₹18 Cr for working capital requirements, ₹6.78 Cr for general corporate purposes.
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