Victory Electric Vehicles IPO

IPO Details

Bidding Dates

20 May '25 - 23 May '25

Minimum Investment

₹1,15,200/ 1 Lot (1,600 Shares)

Price Range

₹72

Maximum Investment

₹1,15,200/ 1 Lot (1,600 Shares)

Retail Discount

To be announced

Issue Size

₹40.66 Cr

Investor category and sub category

Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |

Victory Electric Vehicles IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 20, 25

IPO Closing Date

May 23, 25

Basis of Allotment

May 27, 25

Initiation of Refunds

May 27, 25

IPO Listing Date

May 28, 25

About Victory Electric Vehicles IPO

Victory Electric Vehicles is launching its IPO with a fixed issue size of ₹40.66 crore. The entire issue comprises a fresh offer of 56.47 lakh equity shares. The IPO opens for subscription on May 20, 2025, and closes on May 23, 2025. The basis of allotment is expected to be finalised on May 27, 2025, and the shares are likely to be listed on NSE SME on May 28, 2025.

The issue is priced at ₹72 per share. Retail investors need to apply for a minimum lot size of 1,600 shares, which requires an investment of ₹1,15,200. For high-net-worth individuals (HNIs), the minimum application is for 3,200 shares (2 lots), amounting to ₹2,30,400.

Corpwis Advisors Private Limited is the lead manager for this IPO. Maashitla Securities Private Limited is acting as the registrar, while Alacrity Securities Ltd. will serve as the market maker for the issue.

Victory Electric Vehicles is tapping into the SME segment through this IPO. Investors are advised to go through the Red Herring Prospectus (RHP) for detailed information before making an investment decision.

Industry Outlook

India’s EV market is projected to grow from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a strong CAGR of 66.52%. This rapid growth creates a favourable environment for Victory Electric Vehicles to expand its market presence.
With EV sales in India reaching 1.52 million units in 2023—up by 49.25%—and the government targeting 80 million EVs on the road by 2030, the sector is moving towards mass adoption. Victory Electric Vehicles stands to benefit from this surge in demand, especially in the two-wheeler and three-wheeler categories.
The Indian EV battery market is also set to grow from US$ 16.77 billion in 2023 to US$ 27.70 billion by 2028. This growth in the battery segment supports better affordability and range for electric vehicles, helping Victory Electric Vehicles offer more efficient products and scale production in line with market trends.

Victory Electric Vehicles IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

The company plans to use part of the funds for capital expenditure to upgrade manufacturing facilities and expand production capacity.
A portion of the proceeds will be used to meet working capital needs, ensuring smooth day-to-day operations and timely inventory management.
The remaining funds will be used for general corporate purposes.

About Victory Electric Vehicles International Limited

Victory Electric Vehicles International Limited is a public limited company engaged in the manufacturing of electric vehicles. Initially incorporated as a private limited company on October 26, 2018, it transitioned to a public limited company on February 28, 2020, following shareholder approval. The company’s registered office is located in Paschim Vihar, New Delhi.

The company manufactures a wide range of electric vehicles, including E-rickshaws, E-cargo/loader rickshaws, scooters, and customised E-three wheelers. These are designed to meet varied mobility needs, including food carts and ice cream vendors. The business is aligned with India’s growing shift towards electric mobility and is also exploring future export opportunities.

Victory Electric Vehicles has steadily grown its manufacturing capabilities, increasing its production capacity from 4,800 vehicles in 2022 to 6,000 vehicles in 2024. The company’s revenue crossed ₹20 crore in FY 2019–20 and further surpassed ₹50 crore in FY 2022–23. In 2024, it introduced a new L-5 variant featuring five new EV models.

Under the leadership of Managing Director Mr. Sanjay Kumar Popli, who has deep expertise in electrical engineering and R&D, the company continues to innovate in the EV sector. With a strong pan-India distribution network, Victory Electric Vehicles aims to strengthen its position in the domestic market and expand its presence globally.

How To Check the Allotment Status of Victory Electric Vehicles IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Victory Electric Vehicles IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Victory Electric Vehicles IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Victory Electric Vehicles IPO

Registered office: Plot no 6, Second Floor, A-5, Maa Bhagwati Apartment,

Paschim Vihar, New Delhi-110063

Phone: +91 9643108966

E-mail:compliance@victoryevindia.com

Victory Electric Vehicles IPO Reservation

Investor Category	Shares Offered
Retail Shares	50% of the Net Issue
Other Shares	50% of the Net Issue

Victory Electric Vehicles IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	1,600	₹1,15,200
Retail (Max)	1	1,600	₹1,15,200
HNI (Min)	2	3,200	₹2,30,400

Victory Electric Vehicles IPO Promoter Holding

Sanjay Kumar Popli, Seema and Palak Poply are the promoters of the company

Share Holding Pre-Issue	97.41%
Share Holding Post Issue	71.60%

Note: Equity dilution will be determined by subtracting the Share Holding Post Issue from the Share Holding Pre Issue.

Key Performance Indicators for Victory Electric Vehicles IPO

KPI	Value
RoE (%)	70.19
RoCE (%)	44.78
Price to Book Value	1.94
PAT Margin	10.10
Debt/Equity	0.55

Particulars	Pre IPO	Post IPO
EPS (₹)	3.12	2.44
P/E (x)	23.05	29.57

Note: The Pre-IPO EPS is based on the pre-issue shareholding as per the RHP and the latest FY earnings as of March 31, 2024. The Post-Issue EPS is calculated using the post-issue shareholding and annualised FY earnings as of December 31, 2024, as stated in the RHP.

Victory Electric Vehicles IPO Prospectus

Victory Electric Vehicles IPO Registrar and Lead Managers

Victory Electric Vehicles IPO Lead Managers

Corpwis Advisors Private Limited

Registrar for Victory Electric Vehicles IPO

Maashitla Securities Private Limited

Contact Number: +91-11-45121795-96
Email Address: ipo@mashitla.com

Victory Electric Vehicles IPO Registrar

Financial Performance of Victory Electric Vehicles International Limited

Particulars	Year ending on March 31, 2024	Year ending on March 31, 2023	Year ending on March 31, 2022
Revenue from Operation (in ₹ lakh)	4,844.28	5,190.91	4,740.83
Profit After Tax (PAT) (in ₹ lakh)	489.22	78.80	64.55
Earnings per Share	18.95	5.76	5.66
Total Borrowings (in ₹ lakh)	530.49	621.13	779.62
Return on Capital Employed (%)	44.78	14.13	8.51
Debt-Equity Ratio	0.55	1.47	2.81
EBITDA (in ₹ lakh)	699.49	180.36	116.14

Know before investing

Strengths

Presence in 12 Indian states shows strong and growing market reach.
The leadership team holds over 10 years of hands-on industry experience.
Achieved ₹489.22 lakh profit in FY24 despite pandemic disruptions.
EBITDA stood strong at ₹699.49 lakh in FY24, showing resilience.
Plans to double manufacturing capacity without extra land expenses.

Risks

High capital needed to develop new EV models increases risk.
No supply agreements may cause delays or defective raw materials.
Low marketing spend limits brand growth and customer outreach efforts.
Product defects may lead to recalls, lawsuits, and brand damage.
Pending litigations may hurt financials and business operations significantly.

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Victory Electric Vehicles IPO Peer Comparison

Company Name	EPS (Basic)	NAV (per share) (₹)	P/E (x)	RoNW (%)
Victory Electric Vehicles International Limited	3.31	8.68	21.75	33.41
Wardwizard Innovations and Mobility Limited	0.54	3.94	37.69	14.79
Tunwal E-motors Limited	2.85	4.95	10.74	82.17