Victory Electric Vehicles IPO
GMP, Subscription, Price, Dates & Financial Details
Victory Electric Vehicles International Limited, incorporated in October 2018, is engaged in the design, manufacturing, and distribution of electric vehicles. The company is committed to delivering sustainable and eco-friendly mobility solutions that support the global transition toward green…
Open Date
Wed, 07 Jan 2026
Close Date
Fri, 09 Jan 2026
Issue Price
₹ 41
Lot Size
3000
Issue Size
₹ 35.00 Cr
Minimum Investment
₹ 246,000 (6000 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Victory Electric Vehicles IPO has successfully completed its IPO process and is now listed on NSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a fixed price issue with a total issue size of ₹35.00 Crore.
The Victory Electric Vehicles IPO remained open for subscription from January 07, 2026, to January 09, 2026. The basis of allotment was finalized on January 12, 2026, and the company's shares were listed on NSE SME Platform on January 14, 2026.
The company had fixed the price at ₹41 per share, with a lot size of 3000 shares. Retail investors were required to make a minimum investment of ₹246,000 (based on the upper price band) to apply for one lot.
Maashitla Securities Pvt. Limited served as the registrar to the issue. Corpwis Advisors Private Limited IPO Lead Manager acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Victory Electric Vehicles International Limited is now a publicly listed company on NSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Victory Electric Vehicles IPO Timeline (Tentative)
- IPO Open Date
- Wed, 07 Jan 26
- IPO Close Date
- Fri, 09 Jan 26
- Basis of Allotment
- Mon, 12 Jan 26
- Initiation of Refunds
- Tue, 13 Jan 26
- Credit of Shares to Demat
- Tue, 13 Jan 26
- Listing Date
- Wed, 14 Jan 26 — NSE & BSE
Open Date
07 January 2026
Close Date
09 January 2026
Basis Of Allotment
12 January 2026
Listing Date
14 January 2026
IPO Subscription
Check Live Subscription →The Victory Electric Vehicles IPO has received bids for 80,28,000 shares against 80,07,000 shares offered, resulting in an overall subscription of 1x. the NII category is subscribed 0.38x, Retail Investors 0.99x, and QIBs 0x.
QIB
0x
NII
0.38x
RII
0.99x
Total
1x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 40,05,000 shares, representing 50.02% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 0 shares (%), while Non-Institutional Investors (NIIs) receive 40,02,000 shares (49.98%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Non-Institutional | 4,002,000 | 49.98% |
| Retail Investors | 4,005,000 | 50.02% |
| Total | 8,007,000 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Revenue | 16.9 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| Net Worth | 16.5 | 14.87 | 9.7 | 4.24 |
| Reserve & Surplus | 8.67 | 7.04 | 7.09 | 2.2 |
| Total Borrowings | 4.85 | 9.29 | 5.3 | 2.9 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Victory Electric Vehicles International Limited KPI Information
| Particular | KPI as of Mon, Mar 31, 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 42.1 | 70.19 | 22.46 |
| ROCE % | 31.27 | 44.78 | 14.13 |
| Debt / Equity | 0.62 | 0.55 | 1.47 |
| RoNW % | 42.11 | 70.19 | 22.47 |
| Pat Margin % | 10.17 | 10.1 | 1.52 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Victory Electric Vehicles International Ltd | 5 | 12.42 | 2.08 | 2.08 | 10.35 | 10.54 |
| Wardwizard Innovations & Mobilitity Ltd | 1 | 32.58 | 0.26 | 0.26 | 6.50 | 4.08 |
| Tunwal E-Motors Ltd | 2 | 15.32 | 2.32 | 2.32 | 19.26 | 20.09 |
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited, incorporated in October 2018, is engaged in the design, manufacturing, and distribution of electric vehicles. The company is committed to delivering sustainable and eco-friendly mobility solutions that support the global transition toward green energy.
The company offers a diverse portfolio of electric vehicles, including electric two-wheelers, three-wheelers, and commercial electric vehicles. Its product range comprises E-rickshaws, E-cargo and loader E-rickshaws, electric scooters, and other utility-based electric vehicles.
In addition to standard models, Victory Electric Vehicles International Limited specializes in customized electric three-wheelers designed to meet specific business and operational requirements. These include purpose-built vehicles such as Food Three Wheelers, Ice Cream Three Wheelers, and other application-specific electric mobility solutions.
The company integrates advanced technologies across its product lineup, including lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features, ensuring reliable performance, energy efficiency, and cost-effective ownership.
Victory Electric Vehicles International Limited serves both domestic and international markets, focusing on quality, durability, and minimal environmental impact. Guided by its vision of a cleaner and greener future, the company aligns its mission with global efforts to reduce carbon emissions and dependence on fossil fuels through the widespread adoption of electric transportation.
Victory Electric Vehicles IPO Promoters
- Sanjay Kumar Popli
- Seema
- Palak Poply
Promoters Holding
Holding Pre Issue
97.41%
Holding Post Issue
63.33%
Victory Electric Vehicles IPO Objective
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding the capital expenditure of the company
- Funding the working capital requirement of the Company
- General corporate purposes
Victory Electric Vehicles International Limited Address / 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
- Visit Website
IPO Snapshot
Victory Electric Vehicles IPO Lot Size
The Victory Electric Vehicles IPO has a lot size of 3,000 shares. Retail investors require a minimum investment of ₹2,46,000 by applying for 2 lot (6,000 shares). The maximum application allowed for the retail category is 2 lots (6,000 shares), requiring an investment of ₹2,46,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | 246,000.00 |
| Retail (Max) | 2 | 6,000 | 246,000.00 |
| S-HNI (Min) | 3 | 9,000 | 369,000.00 |
Issue Reservation
- NII — 49.98%
- RII — 50.02%
Book Running Lead Managers
- Corpwis Advisors Private Limited IPO Lead Manager
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Victory Electric Vehicles IPO?
Victory Electric Vehicles IPO is a Fixed price IPO with a total issue size of ₹35 crore. The Victory Electric Vehicles IPO price band is ₹41 to 41 per share. The Victory Electric Vehicles IPO subscription opens on Wed, Jan 7, 2026, and closes on Fri, Jan 9, 2026. The Victory Electric Vehicles IPO will be listed on the NSE. Maashitla Securities Pvt. Limited is the registrar for the Victory Electric Vehicles IPO.
When will the Victory Electric Vehicles IPO open for subscription?
The Victory Electric Vehicles IPO opens on Wed, Jan 7, 2026 and closes on Fri, Jan 9, 2026
What is Victory Electric Vehicles IPO Price Band?
Victory Electric Vehicles IPO Price Band is ₹41 to 41 per share.
What is Victory Electric Vehicles IPO Lot Size?
Victory Electric Vehicles IPO lot size is 3000 shares, Retail investors need a minimum investment of ₹246000 based on the upper price band
What is the minimum investment for Victory Electric Vehicles IPO?
The minimum investment for Victory Electric Vehicles IPO is ₹246000, based on one lot of 3000 shares at the upper price band of ₹41 per share.
How to apply for Victory Electric Vehicles IPO?
Investors can apply for the Victory Electric Vehicles IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Jan 9, 2026. The application amount remains blocked until the Victory Electric Vehicles IPO allotment is finalized.
What is Victory Electric Vehicles IPO Issue Size?
Victory Electric Vehicles IPO issue size is ₹35 crores.
What is the Victory Electric Vehicles IPO Allotment Date?
Victory Electric Vehicles IPO allotment date is Mon, Jan 12, 2026.
Who is the Victory Electric Vehicles IPO Registrar?
The registrar for Victory Electric Vehicles IPO is Maashitla Securities Pvt. Limited. Investors can go to Maashitla Securities Pvt. Limited website to check Victory Electric Vehicles IPO allotment status, refund processing, and other IPO-related information.
Who is the Victory Electric Vehicles IPO Lead Manager?
The book-running lead managers (BRLMs) for the Victory Electric Vehicles IPO are Corpwis Advisors Private Limited IPO Lead Manager. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Victory Electric Vehicles IPO Red Herring Prospectus (RHP).