Victory Electric Vehicles Limited Link 
Allotment
Victory Electric Vehicles International Limited is set to open its IPO on January 7, 2026, closing on January 9, 2026. The company plans to raise around ₹35 crores through a fixed price issue, comprising a fresh issue of ₹35 crores and an offer for sale of up to [.] equity shares with a face value of ₹5 each. The IPO is priced at ₹41 per share, with 50% allocated to retail investors and 50% to high net worth individuals (HNIs). The allotment is scheduled for January 12, 2026, and the shares are expected to list on NSE on January 14, 2026.
The company designs, manufactures, and distributes a wide range of electric vehicles, including E-rickshaws, E-Cargo/Loader E-rickshaws, scooters, and customized three-wheelers for specialized applications such as food or ice cream delivery. Victory Electric Vehicles focuses on eco-friendly mobility solutions, integrating lithium-ion batteries, efficient drivetrains, and smart connectivity features, while serving both domestic and international markets.
Financially, the company reported revenue of ₹51.06 crores in FY 2025, up from ₹48.76 crores in FY 2024, and profit after tax of ₹5.17 crores, compared to ₹4.89 crores the previous year. With steady growth and a strong product portfolio, the IPO is recommended for investors with a long-term perspective, aiming to benefit from the company’s expansion in the electric vehicle market.
₹41
0%
Open
₹41
HIgh - Low
₹41
Previous Close
₹41
Total Traded Value
0
52 Weeks High
₹41
52 Weeks Low
₹41
Updates On
Jan 5, 2026
IPO. Open
Jan 7, 2026
IPO. Close
Jan 9, 2026
IPO. Price
₹41.00
IPO Market price
₹98.77 Cr
IPO Details
| IPO Date | 14 Jan |
| IPO Listing Date | 14 Jan |
| IPO Face Value | ₹5.00 per share |
| IPO Price Range | ₹41.00 |
| IPO Issue Size | 84,30,000 shares |
| IPO Sale Type | Fresh Capital |
| Employee Discount | - |
| IPO Issue Type | Fixed Price IPO |
| IPO Listing | NSE-SME Platform |
| Share Holding Pre Issue | 1,56,60,000 shares |
IPO Timeline
| IPO Open Date | 7 Jan |
| IPO Close Date | 9 Jan |
| IPO Allotment (Tentative) | 12 Jan |
| Refunds | 13 Jan |
| Credit to Demat Account | 13 Jan |
| IPO Listing Date | 14 Jan |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | - |
| NII (HNI) Shares Offered | 40,02,000 |
| Retail Shares Offered | 40,05,000 |
IPO Lot Size
Investors can bid for a minimum of 6,000 shares, and thereafter in multiples of 3,000 shares.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | ₹2,46,000 |
| Retail (Max) | 2 | 6,000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 9,000 | ₹3,69,000 |
| S-HNI (Max) | - | - | - |
| B-HNI (Min) | - | - | - |
Incorporated in October 2018, Victory Electric Vehicles International Limited designs, manufactures, and distributes electric vehicles. The company focuses on sustainable and eco-friendly mobility solutions, aiming to support the global transition to green energy by promoting the adoption of electric transportation.
Product Portfolio:
Electric Two-Wheelers: Scooters and other personal mobility vehicles
Electric Three-Wheelers: Standard E-rickshaws, E-Cargo/Loader E-rickshaws, and customized variants such as Food Three Wheelers and Ice Cream Three Wheelers
Commercial Vehicles: Designed for cost-effective and eco-friendly transportation
The company incorporates advanced technologies in its vehicles, including lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features.
Markets:
Victory Electric Vehicles serves both domestic and international markets, focusing on reliable performance, low-cost ownership, and minimal environmental impact.
Vision and Mission:
The company envisions a cleaner and greener future, aligning its mission with global efforts to reduce carbon emissions and decrease dependence on fossil fuels.
Competitive Strengths:
Wide Geographical Presence: Dealers in 12 states across India
Experienced Leadership and Skilled Professional Team
Robust Financial Performance, supporting growth and expansion
Company Financials (Consolidated)
| Assets | 33.19 | 31.29 | 21.94 |
| Total Income | 16.9 | 51.06 | 48.76 |
| Profit After Tax | 1.62 | 5.17 | 4.89 |
| EBITDA | 2.6 | 7.79 | 6.99 |
| NET Worth | 16.5 | 14.87 | 9.7 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 |
| Total Borrowing | 4.85 | 9.29 | 5.3 |
Key Performance Indicator (KPI)
| 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 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 5 |
| 2 | To meet out the expenses of Working Capital Requirement | 18 |
| 3 | To meet out the General Corporate Purposes; | 6.78 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
Victory Electric Vehicles International Ltd. Address
Plot no 6, Second Floor
A-5, Maa Bhagwati Apartment
Paschim Vihar
West Delhi, New Delhi, 110063
9643108966
compliance@victoryevindia.com
Detail Registrar
IPO Registrar
Maashitla Securities Pvt.Ltd.
+91-11-45121795-96
ipo@mashitla.com
This is a fixed-price SME IPO focused on electric mobility, offering investors exposure to India’s growing EV manufacturing and sustainable transportation sector.
Retail investors must apply for at least 6,000 shares, requiring a minimum investment of approximately ₹2.46 lakh at the fixed issue price.
The company plans to use IPO funds for capital expenditure, meeting working capital requirements, and supporting general corporate operations and expansion.
Victory Electric Vehicles manufactures electric scooters, e-rickshaws, cargo loaders, and customized electric three-wheelers for commercial and specialized delivery applications.
The company reported consistent profitability with FY2025 PAT of ₹1.62 crore and a strong ROE of over 42%, despite revenue fluctuations.
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