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Victory Electric Vehicles International IPO
₹1,23,000/3,000 shares
Minimum Investment
IPO Details
07 Jan 26
09 Jan 26
₹1,23,000
3,000
₹41 to ₹41
NSE
₹35 Cr
14 Jan 26
Victory Electric Vehicles International IPO Timeline
Bidding Start
07 Jan 26
Bidding Ends
09 Jan 26
Allotment Finalisation
12 Jan 26
Refund Initiation
13 Jan 26
Demat Transfer
13 Jan 26
Listing
14 Jan 26
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited, incorporated in October 2018, designs, manufactures and distributes electric vehicles for sustainable mobility solutions. The company offers electric two-wheelers, three-wheelers and commercial electric vehicles, including customised variants for logistics, food delivery and retail operations. It integrates lithium-ion batteries, efficient drivetrains and smart connectivity into its vehicles to improve performance and ownership efficiency. With a dealer network across 12 Indian states and expanding international presence, the company focuses on promoting eco-friendly transportation, reducing emissions and supporting the global transition towards clean energy.
Victory Electric Vehicles International Limited IPO Overview
Victory Electric Vehicles International Limited is launching a fixed price SME IPO worth ₹34.56 crore, comprising entirely a fresh issue of 84,30,000 equity shares. The IPO opens on 7 January 2026 and closes on 9 January 2026, with allotment expected on 12 January 2026 and listing scheduled on 14 January 2026 on NSE SME. The issue price is fixed at ₹41 per share with a face value of ₹5. The minimum lot size is 3,000 shares. Corpwis Advisors Private Limited is the book running lead manager and Maashitla Securities Private Limited is the registrar. Alacrity Securities Limited is the market maker for the issue.
Victory Electric Vehicles International Limited IPO Details
| Particulars | Details |
| IPO Date | 7 January 2026 to 9 January 2026 |
| Listing Date | 14 January 2026 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹41 per share |
| Lot Size | 3,000 Shares |
| Total Issue Size | 84,30,000 shares (aggregating up to ₹34.56 Cr) |
| Fresh Issue | 84,30,000 shares (aggregating up to ₹34.56 Cr) |
| Offer for Sale | NA |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,56,60,000 shares |
| Share Holding Post Issue | 2,40,90,000 shares |
| Market Maker Portion | 4,23,000 shares |
Victory Electric Vehicles International Limited IPO Reservation
| Investor Category | Shares Offered |
| NII (HNI) | 47.47% of the Net Issue |
| Retail | 47.51% of the Net Issue |
Victory Electric Vehicles International Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 6,000 | ₹2,46,000 |
| Retail (Max) | 2 | 6,000 | ₹2,46,000 |
| HNI (Min) | 3 | 9,000 | ₹3,69,000 |
Victory Electric Vehicles International Limited IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 97.41% |
| Post-Issue | 63.33% |
Victory Electric Vehicles International Limited IPO Valuation Overview
| KPI | Value |
| Earnings Per Share (EPS) | ₹3.30 (Pre), ₹1.35 (Post) |
| Price/Earnings (P/E) Ratio | 12.41x (Pre), 30.41x (Post) |
| Return on Net Worth (RoNW) | 42.11% |
| Net Asset Value (NAV) | ₹10.54 per share |
| Return on Equity | 42.10% |
| Return on Capital Employed (ROCE) | 31.27% |
| EBITDA Margin | 15.32% |
| PAT Margin | 10.17% |
| Debt to Equity Ratio | 0.62 |
Objectives of the Proceeds
- Capital expenditure for expanding manufacturing and technology capabilities – ₹5.00 crore
- Funding working capital requirements for operations and inventory management – ₹18.00 crore
- Supporting general corporate purposes and business expansion initiatives – ₹6.78 crore
Key Financials (in ₹ crore)
| Particulars | 30 Sept 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Revenue | 16.90 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Total Borrowings | 4.85 | 9.29 | 5.30 | 2.90 |
SWOT Analysis of Victory Electric Vehicles International IPO
Strength and Opportunities
- Growing electric mobility adoption
- Dealer presence across 12 states
- Strong R&D and technology integration
- Customised vehicle solutions
- Eco-friendly product positioning
Risks and Threats
- Intense competition from established EV manufacturers
- Dependence on government EV policies and incentives
- Rapid technological obsolescence risk
- Battery supply chain volatility
- Price sensitivity in mass EV markets
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About Victory Electric Vehicles International Limited
Victory Electric Vehicles International IPO Strengths
- Geographical presence across 12 states with a growing dealer network.
- Experienced promoters supported by a skilled and professional management team.
- Diversified electric vehicle product portfolio across multiple customer segments.
- Strong focus on sustainable and eco-friendly mobility solutions.
- Consistent financial growth with improving profitability margins.
- Integration of advanced technologies such as lithium-ion batteries and smart connectivity.
Peer Group Comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) |
| Victory Electric Vehicles International Limited | 2.08 | 10.54 | 12.42 | 10.35 |
| Peer Group | ||||
| Wardwizard Innovations & Mobility Limited | 0.26 | 4.08 | 32.58 | 6.50 |
| Tunwal E-motors Limited | 2.32 | 20.09 | 15.32 | 19.26 |
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
1Login to your HDFC SKY Account
2Select Issue
3Enter Number of Lots and your Price.
4Enter UPI ID
5Complete Transaction on Your UPI App
FAQs On Victory Electric Vehicles International Limited IPO
How can I apply for Victory Electric Vehicles International Limited IPO?
You can apply through HDFC Sky using UPI-based ASBA to submit your IPO application securely.
What is the price of Victory Electric Vehicles IPO?
The issue price is fixed at ₹41 per equity share.
What is the minimum investment for retail investors?
Retail investors must apply for at least 6,000 shares amounting to ₹2,46,000.
On which exchange will Victory Electric Vehicles IPO be listed
The IPO will be listed on the NSE SME platform.
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