Victory Electric Vehicles IPO is opening for subscription on January 7, 2026, and will close on January 9, 2026. This is a Fixed Price SME IPO, and the company aims to raise around ₹35 crore through a fresh issue of equity shares.
The IPO is priced at ₹41 per share and will be listed on the NSE SME platform. The basis of allotment is expected to be finalised on January 12, 2026, while the listing is scheduled for January 14, 2026.
From a financial perspective, Victory Electric Vehicles has shown steady growth. The company reported revenue of ₹51.06 crore in FY2025 compared to ₹48.76 crore in FY2024. Profit after tax increased to ₹5.17 crore in FY2025 from ₹4.89 crore in the previous year. Based on these improving financials, long-term investors may find this IPO suitable, subject to risk appetite.
Contents
Victory Electric Vehicles IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | January 7, 2026 |
| IPO Close Date | January 9, 2026 |
| Face Value | ₹5 per equity share |
| IPO Price | ₹41 per share |
| Issue Size | Approx ₹35 crore |
| Fresh Issue | Approx ₹35 crore |
| Issue Type | Fixed Price Issue |
| Listing Platform | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Victory Electric Vehicles IPO
Open: 7-9 Jan
Issue Size: ₹35 Cr.
Objective: Funds to expand production capacity, support working capital and general corporate needs.
Exchange: NSE SME
Victory Electric Vehicles IPO Review
Victory Electric Vehicles IPO comes at a time when the electric mobility sector in India is expanding steadily, supported by government policies and rising demand for eco-friendly transport. The company has a diversified product range across electric three-wheelers and scooters, with customised solutions for commercial use.
Revenue and profitability have shown consistency over the last three years, which adds comfort for investors. However, being an SME IPO, liquidity risks and business concentration should be considered. Overall, this IPO appears more suitable for investors with a medium to long-term view who are comfortable with SME-segment risks.
Victory Electric Vehicles IPO Market Lot
The minimum application size for Victory Electric Vehicles IPO is relatively high due to the SME structure.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 6,000 | ₹2,46,000 |
| Retail Maximum | 2 | 6,000 | ₹2,46,000 |
| S-HNI Minimum | 3 | 9,000 | ₹3,69,000 |
| S-HNI Maximum | – | – | – |
| B-HNI Minimum | – | – | – |
Also Read: Gabion Technologies IPO (6-8 Jan)
IPO Reservation Details
| Investor Category | Shares Offered | % of Shares |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Ex-Anchor) | – | – |
| NII | 40,02,000 | 47.47% |
| Retail | 40,05,000 | 47.51% |
Victory Electric Vehicles IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | – |
| Anchor Size | – Cr |
| Lock-in End (50% – 30 Days) | 2026 |
| Lock-in End (50% – 90 Days) | 2026 |
Victory Electric Vehicles IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 7, 2026 |
| IPO Close Date | January 9, 2026 |
| Basis of Allotment | January 12, 2026 |
| Refunds Initiation | January 13, 2026 |
| Credit to Demat Account | January 13, 2026 |
| IPO Listing Date | January 14, 2026 |
| Bidding Cut-off Time | January 9, 2026 – 5 PM |
Promoters of Victory Electric Vehicles IPO
The promoters of Victory Electric Vehicles International Limited are Sanjay Kumar Popli, Seema, and Palak Poply.
| Particulars | Shares | % Holding |
|---|---|---|
| Promoter Holding (Pre-Issue) | 1,56,60,000 | 97.41% |
| Promoter Holding (Post-Issue) | 2,40,90,000 | 63.33% |
Objects of the IPO
The company plans to utilise the IPO proceeds primarily to strengthen its operations. Around ₹5 crore will be used towards capital expenditure to expand manufacturing and operational capacity.
Approximately ₹18 crore will be allocated for working capital requirements to support day-to-day business needs. The remaining amount of about ₹6.78 crore will be used for general corporate purposes, including administrative expenses and business development.
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited was incorporated in October 2018 and operates in the electric mobility segment. The company is engaged in the design, manufacturing, and distribution of electric vehicles, including e-rickshaws, electric cargo loaders, and electric scooters.
It also offers customised electric three-wheelers for niche applications such as food vending and ice-cream carts. The company focuses on providing sustainable and eco-friendly transportation solutions and aims to support India’s transition towards green energy and electric mobility.
Victory Electric Vehicles IPO Company Financials
Amount in ₹ Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 52.14 | – | 0.79 | 19.17 |
| 2024 | 48.76 | – | 4.89 | 21.94 |
| 2025 | 51.06 | – | 5.17 | 31.29 |
| Sept 2025 | 16.90 | – | 1.62 | 33.19 |
Victory Electric Vehicles IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | – |
| ROCE | – |
| EBITDA Margin | – |
| PAT Margin | – |
| Debt to Equity Ratio | – |
| EPS (Basic) | ₹– |
| P/E Ratio | – |
| RoNW | – |
| NAV | ₹– |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Wardwizard Innovations & Mobility Ltd | – | – | – | – | – |
| Tunwal E-Motors Ltd | – | – | – | – | – |
IPO Lead Managers
Corpwis Advisors Private Limited
Company Address
| Particulars | Details |
|---|---|
| Company Name | Victory Electric Vehicles International Limited |
| Address | Plot No 6, Second Floor, A-5, Maa Bhagwati Apartment |
| Area | Paschim Vihar |
| Phone | – |
| compliance@victoryevindia.com | |
| Website | http://www.victoryevehilceindia.com |
IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@mashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Victory Electric Vehicles IPO FAQs
What is Victory Electric Vehicles IPO?
Victory Electric Vehicles IPO is an SME IPO through which the company plans to raise ₹35 crore at a fixed price of ₹41 per share. The IPO will be listed on NSE SME.
When will Victory Electric Vehicles IPO open and close?
The IPO will open for subscription on January 7, 2026, and will close on January 9, 2026.
What is the price of Victory Electric Vehicles IPO?
The IPO is priced at ₹41 per equity share with a face value of ₹5.
What is the issue size of Victory Electric Vehicles IPO?
The total issue size of Victory Electric Vehicles IPO is approximately ₹35 crore, entirely comprising a fresh issue.
What is the lot size of Victory Electric Vehicles IPO?
The minimum application size is 6,000 shares, amounting to ₹2,46,000.
When is the Victory Electric Vehicles IPO allotment date?
The basis of allotment is expected to be finalised on January 12, 2026.
When will Victory Electric Vehicles IPO be listed?
Victory Electric Vehicles IPO is scheduled to list on January 14, 2026, on the NSE SME platform.
What is the investor reservation in Victory Electric Vehicles IPO?
The IPO reservation is 50% for retail investors and 50% for non-institutional investors (NII). There is no QIB portion.
Who are the promoters of Victory Electric Vehicles?
The promoters of the company are Sanjay Kumar Popli, Seema, and Palak Poply.
How can I apply for Victory Electric Vehicles IPO?
Investors can apply through ASBA using net banking, UPI via stock brokers, or by submitting an offline IPO application form.
Is Victory Electric Vehicles IPO good for investment?
Victory Electric Vehicles IPO may be suitable for investors with a long-term view who are comfortable with SME IPO risks, as the company has shown steady revenue and profit growth.
Expert Comment
Victory Electric Vehicles IPO offers exposure to the growing electric mobility segment with improving revenue and profit trends.
While valuations data is limited, the company’s consistent financial performance and focused product portfolio make it suitable for informed investors with a long-term horizon and higher risk tolerance typical of SME IPOs.
