January 5, 2026
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Victory Electric Vehicles IPO (SME)
Victory Electric Vehicles International Ltd. is launching a Fixed Price SME IPO of Rs. 34.56 crore, entirely a fresh issue of 84,30,000 equity shares.
The IPO opens on January 7, 2026 and closes on January 9, 2026.
The allotment is expected on January 12, 2026, and the tentative listing on January 14, 2026, on NSE SME.
The issue price is Rs. 41 per share.
The lot size is 3,000 shares.
As the minimum retail application requires 2 lots (6,000 shares), the minimum retail investment is Rs. 2,46,000.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Alacrity Securities Ltd.
🕗 Last Update: 5 January 2026, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Jan 7, 2026 – Jan 9, 2026 |
| Listing | NSE SME |
| Face Value | Rs. 5 per share |
| Issue Price | Rs. 41 per share |
| Lot Size | 3,000 shares |
| Issue Size | 84,30,000 shares (Rs. 34.56 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 4,23,000 shares (Rs. 2.00 Cr) |
| Net Offer to Public | 80,07,000 shares (Rs. 32.56 Cr) |
| Pre-Issue Shares | 1,56,60,000 |
| Post-Issue Shares | 2,40,90,000 |
| Market Cap (Pre-IPO) | Rs. 98.77 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Wed, Jan 7, 2026 |
| IPO Close | Fri, Jan 9, 2026 |
| Allotment | Mon, Jan 12, 2026 |
| Refunds | Tue, Jan 13, 2026 |
| Shares in Demat | Tue, Jan 13, 2026 |
| Listing Date | Wed, Jan 14, 2026 |
| UPI Cut-off | 5 PM, Jan 9, 2026 |
Reservation Structure
| Investor Category | Shares |
|---|---|
| Market Maker | 4,23,000 |
| NII (HNI) | 40,02,000 |
| Retail | 40,05,000 |
| Total | 84,30,000 |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–Max) | 2 | 6,000 | 2,46,000 |
| HNI (Min) | 3 | 9,000 | 3,69,000 |
Company Financials (Rs. in Crore)
| Period | 30-Sep-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total Income | 16.90 | 51.06 | 48.76 | 52.14 |
| PAT | 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 & Surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Borrowings | 4.85 | 9.29 | 5.30 | 2.90 |
Growth Snapshot
The company has reported steady improvement in profitability over recent years, supported by rising adoption of electric mobility solutions. EBITDA and PAT margins have strengthened, while leverage remains moderate, providing balance sheet comfort for future growth initiatives.
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| 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 |
| EPS (Pre / Post) | Rs. 3.30 / Rs. 1.35 |
| P/E (Pre / Post) | 12.41x / 30.41x |
About the Company
Incorporated in October 2018, Victory Electric Vehicles International Limited is engaged in designing, manufacturing and distribution of electric vehicles.
The company offers a wide range of electric two-wheelers, three-wheelers and commercial electric vehicles, including e-rickshaws, e-cargo loaders, scooters and customised e-three wheelers such as food and ice-cream vehicles.
Victory Electric Vehicles integrates advanced technologies such as lithium-ion battery systems, efficient electric drivetrains and smart connectivity features. The company caters to both domestic and international markets with a focus on sustainable, cost-effective and eco-friendly mobility solutions.
Competitive Strengths
Pan-India dealer presence across 12 states
Experienced leadership supported by skilled professionals
Growing acceptance of electric mobility solutions
Improving profitability and operational efficiency
Promoters
The promoters of the company are Mr. Sanjay Kumar Popli, Mrs. Seema Popli and Ms. Palak Popli.
Company Contact
Victory Electric Vehicles International Ltd.
Registered Office:
India
IPO Lead Manager(s)
Corpwis Advisors Pvt. Ltd.
- Grade B
✔ Success = 67% AND Avg Listing Gain – 3.46%
IPO Registrar
Maashitla Securities Pvt. Ltd.
📞 +91-11-45121795-96
✉️ ipo@mashitla.com
🌐 https://www.mashitla.com
Chanakya IPO Review
Victory Electric Vehicles operates in the fast-growing electric mobility segment with diversified product offerings. While financial performance has improved and leverage remains under control, investors should track scalability, competition and execution capabilities in a rapidly evolving EV market.
Chanakya View
Suitable for medium-risk investors with a long-term perspective. Listing performance will depend on subscription response, SME market sentiment and overall EV sector traction.
Quicklinks
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
