About
Victory Electric Vehicles IPO is a fixed price issue of ₹34.56 crores. The issue is entirely a fresh issue of 0.84 crore shares of ₹34.56 crore.
Victory Electric Vehicles IPO opens for subscription on Jan 7, 2026 and closes on Jan 9, 2026. The allotment for the Victory Electric Vehicles IPO is expected to be finalized on Jan 12, 2026. Victory Electric Vehicles IPO will list on NSE SME with a tentative listing date fixed as Jan 14, 2026.
Victory Electric Vehicles IPO price is ₹41 per share. The lot size for an application is 3,000. The minimum amount of investment required by an individual investor (retail) is ₹2,46,000 (6,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (9,000 shares), amounting to ₹3,69,000.
Corpwis Advisors Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Alacrity Securities Ltd..
Refer to Victory Electric Vehicles IPO DRHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Wed, Jan 7, 2026
IPO Close
Fri, Jan 9, 2026
Issue Price
₹41 per share
Market Cap (Pre-IPO)
₹98.77 Cr
IPO Details
| IPO Date | 7 to 9 Jan, 2026 |
| Listed on | Wed, Jan 14, 2026 |
| Face Value | ₹5 per share |
| Issue Price | ₹41 per share |
| Lot Size | 3,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Total Issue Size | 84,30,000 shares (agg. up to ₹35 Cr) |
| Reserved for Market Maker | 4,23,000 shares (agg. up to ₹2 Cr) Alacrity Securities Ltd. |
| Net Offered to Public | 80,07,000 shares (agg. up to ₹33 Cr) |
| Share Holding Pre Issue | 1,56,60,000 shares |
| Share Holding Post Issue | 2,40,90,000 shares |
| NSE Symbol | VICTORYEV |
| ISIN | INE0F8901022 |
IPO Timetable
- IPO OpenWed, Jan 7, 2026
- IPO CloseFri, Jan 9, 2026
- AllotmentMon, Jan 12, 2026
- RefundTue, Jan 13, 2026
- Credit of SharesTue, Jan 13, 2026
- ListingWed, Jan 14, 2026
IPO Reservation
Victory Electric Vehicles IPO offers total 84,30,000 shares. Out of which 40,02,000 (47.47%) allocated to
NII
40,05,000 (47.51%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 4,23,000 (5.02%) |
| NII (HNI) Shares Offered | 40,02,000 (47.47%) |
| Retail Shares Offered | 40,05,000 (47.51%) |
| Total Shares Offered | 84,30,000 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,46,000 |
| Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,46,000 |
| HNI (Min) | 3 | 9,000 | ₹3,69,000 |
About Victory Electric Vehicles International Ltd.
Incorporated in October 2018, Victory Electric Vehicles International Limited designs, manufactures, and distributes electric vehicles.
The company provides sustainable and eco-friendly mobility solutions by offering a wide range of electric two-wheelers, three-wheelers, and commercial vehicles. Victory Electric Vehicles International Limited aims to contribute to the global shift towards green energy by promoting the adoption of electric transportation.
The company offers products ranging from E-rickshaws, E-Cargo/Loader E-rickshaws, Scooters, etc.
The portfolio extends beyond conventional offerings to include customized E-Three Wheelers, catering to specific needs such as Food Three Wheelers and Ice Cream Three Wheelers etc.
The company integrates advanced technologies into its vehicles, such as lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features.
It caters to both domestic and international markets, striving to offer reliable performance, cost-effective ownership, and minimal environmental impact.
Victory Electric Vehicles International Limited envisions a cleaner and greener future, aligning its mission with global efforts to reduce carbon emissions and dependence on fossil fuels.
Competitive Strength:
- Geographical presence in 12 states with dealers in all 12 states.
- Experienced Leadership Backed by a Skilled Professional Team.
- Robust Financial Performance.
Company Financials (Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total Income | 16.90 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| EBITDA | 2.60 | 7.79 | 6.99 | 1.80 |
| NET Worth | 16.50 | 14.87 | 9.70 | 4.24 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Total Borrowing | 4.85 | 9.29 | 5.30 | 2.90 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure | 5.00 |
| 2 | Working Capital Requirement | 18.00 |
| 3 | General Corporate Purposes | 6.78 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.30 | 1.35 |
| P/E (x) | 12.41 | 30.41 |
| Promoter Holding | 97.41% | 63.33% |
| Market Cap | ₹98.77 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Victory Electric Vehicles IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
The Victory Electric Vehicles IPO is subscribed 0.95 times on January 9, 2026 6:19:20 PM (Day 3). The public issue subscribed 0.99 times in the individual investors category, [.] times in the QIB category, and 0.91 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| NII* | 0.91 | 40,02,000 | 36,45,000 | 0 |
| Individual Investor | 0.99 | 40,05,000 | 39,60,000 | 660 |
| Total | 0.95 | 80,07,000 | 76,05,000 | 698 |
Total Application : 698
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the LMs (including mandatory underwriting, commission, brokerage and selling commission, as applicable) | 1.70 |
| 2 | Fee Payable to the Underwriter to the Issue (including commission, brokerage and selling commission, as applicable) | 1.46 |
| 3 | Fee Payable to the Market Maker to the Issue | 0.30 |
| 4 | Fees payable to the Registrar to the Issue | 0.01 |
| 5 | Fees payable to the legal advisors to the issue | 0.02 |
| 6 | Advertising and marketing expense | 0.09 |
| 7 | Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | 0.06 |
| 8 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Issue. Brokerage and selling commission and bidding charges or Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.01 |
| 9 | Others: a. Fee payable to professionals and experts for confirmations and certifications in relation to the issue | 1.12 |
Listing Day Trading Information
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹41.00 |
| Open | ₹34.45 |
| Low | ₹32.75 |
| High | ₹34.45 |
| Last Trade | ₹32.75 |
Check IPO Performance…
IPO Registrar
Maashitla Securities Pvt.Ltd.
- +91-11-45121795-96
- ipo@mashitla.com
- Visit Website
IPO Lead Manager(s)
- Corpwis Advisors Pvt.Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- 9643108966
- compliance@victoryevindia.com
- Visit Website
IPO FAQs
Victory Electric Vehicles IPO is a SME IPO of 84,30,000 equity shares of the face value of ₹5 aggregating up to ₹35 Crores. The issue is priced at ₹41 per share. The minimum order quantity is 3000.
The IPO opens on Wed, Jan 7, 2026, and closes on Fri, Jan 9, 2026.
Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Victory Electric Vehicles IPO using UPI as a payment gateway. Zerodha customers can apply in Victory Electric Vehicles IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Victory Electric Vehicles IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Victory Electric Vehicles IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Victory Electric Vehicles IPO opens on Wed, Jan 7, 2026 and closes on Fri, Jan 9, 2026.
Victory Electric Vehicles IPO lot size is 3000, and the minimum amount required for application is ₹2,46,000, with 2 lots being the minimum application size.
You can apply in Victory Electric Vehicles IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Victory Electric Vehicles IPO will be done on Monday, January 12, 2026, and the allotted shares will be credited to your demat account by Tue, Jan 13, 2026. Check the Victory Electric Vehicles IPO allotment status.
The Victory Electric Vehicles IPO listing date is on Wed, Jan 14, 2026.
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