Victory Electric Vehicles International Limited IPO
Victotry is engaged in the manufacturing of electric vehicles, including electric rickshaws, passenger rickshaws, e-loaders, cargo rickshaws and electric scooters. Its product portfolio extends beyond standard models to include customized electric three-wheelers designed for specific commercial applications such as food vending and ice cream distribution. By focusing on innovation, affordability and sustainability, the Company addresses the evolving mobility needs of both urban and semi-urban markets. It emphasizes efficient design, reliable performance and low operating costs, enabling customers to adopt eco-friendly transportation solutions. The Company’s offerings support last-mile connectivity and commercial mobility while contributing to the transition toward clean and sustainable transportation in India.
Price Band₹41 |
Dates07 Jan - 09 Jan |
GMP₹0 (0.00%) |
Subscriptions1.02 times |
Issue Size₹34.56 Crs |
Victory EV IPO Key Dates
Opening Date
07 Jan 26
Closing Date
09 Jan 26
Basis Of Allotment
12 Jan 26
Initiations Of Refund
13 Jan 26
Credit Of Shares
13 Jan 26
Listing Date
14 Jan 26
Victory EV IPO Objects
- Funding the capital expenditure of the company
- Funding the working capital requirement of the Company
- General corporate purposes
Victory EV IPO Details
Price Band₹41 |
Listing AtNSE SME |
IPO Issue TypeFixed Price |
Fresh Issue₹34.56 Cr (0.84 Cr Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹34.56 Cr (0.84 Cr Shares) |
Face Value₹5 per equity share |
Victory EV IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
6,000
2,46,000
Maximum
2
6,000
2,46,000
|
|||
| Others |
Minimum
3
9,000
3,69,000
|
|||
Victory EV IPO Subscription
Updated as on 09-Jan-2026 19:00:54 hrs
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| Individual Investor | 1.01 | 40,05,000 | 40,44,000 |
| Others | 1.02 | 40,02,000 | 40,92,000 |
| Total | 1.02 | 80,07,000 | 81,36,000 |
Victory EV IPO GMP
The estimated Grey Market Premium of Victory EV IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| NII | Not less than 50% of Net Offer |
| Retail | Not less than 50% of Net Offer |
| Market Maker | 4,23,000 EQ. Shares |
Victory EV IPO Financials
| Particulars | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue | 16.81 | 50.86 | 48.44 | 51.91 |
| PAT | 1.62 | 5.17 | 4.89 | 0.79 |
| Net Worth | 16.50 | 14.87 | 9.70 | 4.24 |
| Borrowings | 7.59 | 9.29 | 5.30 | 6.21 |
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| NAV (₹) | 10.54 | 9.50 | 6.26 | 5.16 |
| EPS (₹) | 1.04 | 3.30 | 18.95 | 5.76 |
The financial information presented is on a consolidated basis
Key Performance Indicators
| KPI | VALUES |
|---|---|
| EBITDA | 15.32% |
| PAT | 10.17% |
| ROE | 42.10% |
| ROCE | 31.27% |
| Debt to Equity | 0.62 |
| PE Ratio | 12.42 |
| PB Ratio | 4.32 |
| Mkt Cap (in Crs.) | 98.77 |
- All the data pertains to FY 2024-25.
- PE, PB, and Post-Issue Market Capitalization are calculated based on the upper price band.
Victory EV IPO Peer Comparision
| Particulars | Victory EV | Wardwizard | Tunwal E-Motors |
|---|---|---|---|
| Revenue | 50.86 | 302.41 | 104.60 |
| PAT | 5.17 | 6.79 | 11.86 |
| EPS (₹) | 2.08 | 0.26 | 2.32 |
| NAV (₹) | 10.54 | 4.08 | 20.09 |
| RONW | 10.35% | 6.50% | 19.26% |
| EBITDA | 15.32% | 12.36% | 17.94% |
| PAT Mrgn | 10.17% | 2.25% | 11.34% |
| PE Ratio | 12.42 | 32.58 | 15.32 |
| Debt to Equity | 0.62 | 1.87 | 0.29 |
All information pertains to FY 2024-25. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 19th December, 2025 for Peers
Victory EV IPO Peer Comparision
| Particulars | Victory EV |
|---|---|
| Revenue | 50.86 |
| PAT | 5.17 |
| EPS (₹) | 2.08 |
| NAV (₹) | 10.54 |
| RONW | 10.35% |
| EBITDA | 15.32% |
| PAT Mrgn | 10.17% |
| PE Ratio | 12.42 |
| Debt to Equity | 0.62 |
| Wardwizard | Tunwal E-Motors |
|---|---|
| 302.41 | 104.60 |
| 6.79 | 11.86 |
| 0.26 | 2.32 |
| 4.08 | 20.09 |
| 6.50% | 19.26% |
| 12.36% | 17.94% |
| 2.25% | 11.34% |
| 32.58 | 15.32 |
| 1.87 | 0.29 |
All information pertains to FY 2024-25. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 19th December, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Seema | 55.81% |
| Sanja Popli | 41.25% |
| Others | 0.35% |
| Total | 97.41% |
Management Details
| Name | Designation |
|---|---|
| Praveen Sharma | Chairman |
| Sanjay Popli | MD & CFO |
Company Details
Name: Victory Electric Vehicles International Limited
Address: Plot no 6, Second Floor, A-5, Maa Bhagwati Apartment, Paschim Vihar, New Delhi-110063
Number: +91 9643108966
Email: compliance@victoryevindia.com
Website: www.victoryevindia.com
Book Running Lead Managers (BRLMs)
RTAs
Maashitla Securities
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Victory EV IPO is a SME IPO having an issue size of Rs. ₹34.56 Crs. Victory EV IPO is priced at ₹41 - ₹41 per share. The issue opens on 07 Jan 26 and closes on 09 Jan 26.
Victory EV IPO opens on 07 Jan 26 and closes on 09 Jan 26.
The estimated Grey Market Premium of Victory EV IPO is ₹0 per share (0.00%).
The minimum lot size of Victory EV IPO is 3000 shares & the minimum application amount is Rs. 123000.
The allotment date of Victory EV IPO is 12 Jan 26.
The listing date of Victory EV IPO is 14 Jan 26.
Victory EV IPO is subscribed 1.02 times.
Victory EV IPO is priced at ₹41 - ₹41 per share.
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