The Victory Electric Vehicles International IPO is a public offer featuring a face value of ₹5 per share, consisting of a fresh issue totaling ₹34.56 crores. This SME IPO is scheduled to open for public bidding on January 7, 2026, and will conclude its subscription period on January 9, 2026. Investors can expect the basis of allotment to be finalised by January 12, 2026, with the shares tentatively arriving on the NSE SME platform for trading on January 14, 2026.
This is a fixed-price issue with the share price set at ₹41. For High Net-Worth Individuals (HNIs/NIIs), the entry-level investment is set at 3 lots (9,000 shares), which corresponds to a total value of ₹3,69,000.
Victory Electric Vehicles International IPO Details
This section discusses the fundamental structure of the IPO, including pricing, issue size, and entry requirements.
| IPO Open Date | 7 January 2026 |
| Close Date | 9 January 2026 |
| Face value | ₹5 per share |
| Price Band | – |
| Issue price | ₹41 per share |
| IPO Lot Size | 3,000 Shares |
| Offer for sale | NA |
| Fresh issue | ₹35 Crore (84,30,000 shares) |
| Issue Type | Fixed Price IPO |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | ₹35 Crore |
| Minimum Investment | ₹2,46,000 (Retail Investor) |
Victory Electric Vehicles International IPO Timeline
The table tracks the expected schedule from issue opening to listing.
| IPO Open Date | 7 January 2026 |
| IPO Close Date | 9 January 2026 |
| Tentative Allotment | 12 January 2026 |
| Initiation of Refunds | 13 January 2026 |
| Credit of Shares to Demat | 13 January 2026 |
| Tentative Listing Date | 14 January 2026 |
| Cut-off time for UPI mandate confirmation | 9 January 2026 (5 PM) |
Victory Electric Vehicles International IPO Key Performance Indicator
A comparative view of important KPIs across financial years is provided here.
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 42.10% | 70.19% | 22.46% |
| ROCE (%) | 31.27% | 44.78% | 14.13% |
| Debt-Equity Ratio (in times) | 0.62 | 0.55 | 1.47 |
| RoNW (%) | 42.11% | 70.19% | 22.47% |
| PAT Margin (%) | 10% | 10.10% | 1.52% |
| EBITDA Margin (%) | 15.32% | 14.44% | 3.47% |
| Price-Book Value | – | – | – |
Victory Electric Vehicles International Financials
The table captures the Victory Electric Vehicles International financial information across recent reporting periods.
| 2025 (₹ Lakhs) | 2024 (₹ Lakhs) | 2023 (₹ Lakhs) | |
| Revenue | 5,086.18 | 4,844.28 | 5,190.91 |
| Total Asset | 3,128.65 | 2,194.15 | 1,917.06 |
| Profit | 517.37 | 489.22 | 78.80 |
Victory Electric Vehicles International IPO Subscription Status
The table below shows the subscription status of Victory Electric Vehicles International.
| Day | NII | Individual Investor | Total |
| Day 1 | 0.18 | 0.40 | 0.29 |
| Day 2 | – | – | – |
| Day 3 | – | – | – |
Victory Electric Vehicles International IPO Grey Market Premium (GMP Today)
The Victory Electric Vehicles International IPO GMP currently stands at ₹0. The GMP has remained constant and has not shown any movements over the past days, indicating a lack of grey market response to the IPO.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 7 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
| 6 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
| 5 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
| 4 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
| 3 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
| 3 Jan 2026 | ₹0 | ₹41 | ₹0 | No change |
Note: GMP (Grey Market Premium) figures originate from informal trading activity and can move sharply as demand, subscription response, and market conditions evolve.
Victory Electric Vehicles International IPO Reservation
This table shows how the IPO shares are distributed across retail, NII, and other segments.
| Category | % of Shares Offered | Number of Shares Offered |
| QIBs | – | – |
| Retail Investors | 47.51% | 40,05,000 |
| NII (HNI) | 47.47% | 40,02,000 |
| Market Marker | 5.02% | 4,23,000 |
| Total Shares Offered | 100% | 84,30,000 |
Victory Electric Vehicles International IPO Lot Size
The table provides specifics on IPO lot size and other important details.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 2 | 6,000 | 2,46,000 |
| Retail Investors (Maximum) | 2 | 6,000 | 2,46,000 |
| HNI (Minimum) | 3 | 9,000 | 3,69,000 |
Victory Electric Vehicles International IPO Anchor Investors Details
This issue is a 100% Fixed Price Issue being made through the SME platform (NSE Emerge). Under the IPO structure, there is no allocation for Anchor Investor. The issue is primarily divided between the Market Maker Reservation Portion and the Net Issue to the Public.
| Bid Date | January 7 |
| Shares Offered | 84,30,000 shares |
| Anchor Portion Size | 25.29 lakh shares |
Victory Electric Vehicles International IPO Prospectus
Official offer-related documents and disclosures can be accessed from the table below.
| Victory Electric Vehicles International IPO DRHP | |
| Victory Electric Vehicles International IPO Final Prospectus | |
| Anchor Investors | NA |
About Victory Electric Vehicles International Limited
Founded in 2011 under the Victory Group, Victory Electric Vehicles International Limited is headquartered in Bahadurgarh, Haryana. It designs, manufactures, and distributes electric vehicles across India. Sanjay Kumar Popli serves as Managing Director. It serves last-mile delivery, passenger transport, waste management, and education sectors with e-rickshaws, cargo loaders, scooters, garbage vans, school vans, and customised three-wheelers for vending. The company operates a dealer-led model leveraging EV subsidies for sustainable mobility.
| Book running lead managers | Corpwis Advisors Private Limited |
| Registrar of the issue | Maashitla Securities Private Limited |
Victory Electric Vehicles International IPO Objectives
A breakdown of the intended deployment of IPO funds is presented here.
| Particulars | Amount (in ₹ Crores) |
| Capital expenditure | 5.00 |
| Funding incremental working capital requirements | 18.00 |
| General reasons | 6.78 |
| Total net proceeds | 29.78 |
Victory Electric Vehicles International Limited: Strengths
These strategic advantages form the foundation of the company’s competitive position in the electric vehicle market.
- Established market presence and brand recognition: The company has successfully established the “Victory” brand in the electric vehicle segment, particularly for e-rickshaws and e-scooters, leveraging its incorporation since 2018 to build market trust.
- Diverse product portfolio in green mobility: The company offers a specialised range of eco-friendly transportation solutions, including various models of electric rickshaws and electric scooters, catering to the growing demand for sustainable urban mobility.
- Geographical revenue base: The company has developed a significant revenue stream across core northern and central Indian states, including Delhi, Uttar Pradesh, Haryana, Bihar, and Madhya Pradesh, establishing a strong regional footprint.
- Experienced management team: The leadership, led by promoters Sanjay Kumar Popli, Seema, and Palak Poply, brings dedicated industry experience to the management of design, manufacturing, and distribution operations.
- Scalable business model: By operating in the rapidly expanding EV sector and utilising a network of dealers, the company is positioned to capitalise on government incentives and the national shift toward transformative mobility.
Victory Electric Vehicles International Limited: Risks
The following factors represent the primary operational and market challenges that could impact future performance.
- Geographical concentration risk: A substantial majority of the company’s revenue is derived from just five states, Delhi, Uttar Pradesh, Haryana, Bihar, and Madhya Pradesh making it vulnerable to regional economic shifts or regulatory changes in these specific areas.
- Dependence on limited product models: The company currently derives most of its revenue from a limited number of e-rickshaw and e-scooter models; any lack of market acceptance for these specific models could materially affect financial results.
- Absence of long-term dealer agreements: While the company relies on a dealer network for sales, it does not typically enter into long-term formal contracts with these dealers, creating uncertainty regarding future sales volumes.
- Highly competitive industry landscape: The EV market is characterised by intense competition from a mix of small, medium, and large enterprises, requiring the company to remain agile to maintain its market share and pricing power.
- Infrastructure and technology hurdles: The business is subject to risks related to the availability of public charging infrastructure and the rapid pace of technological change in battery management and EV drivetrains.
Victory Electric Vehicles International IPO Review
The Victory Electric Vehicles International IPO presents a strategic entry into India’s expanding EV market through a ₹34.56 crore fresh issue. While backed by a strong dealer network and diverse product line, investors should balance these prospects against high industry competition and capital intensity before the subscription opens on January 7, 2026.
Other Recent IPO List
A quick look at other IPOs currently available or recently introduced in the market is shared below.
| Yajur Fibres IPO | Dhara Rail Projects IPO |
| Gabion Technologies IPO | Nanta Tech IPO |
| Modern Diagnostic & Research IPO | Apollo Techno Industries IPO |
| E to E Transportation IPO | Dachepalli Publishers IPO |
Victory Electric Vehicles International IPO FAQs
This is an SME IPO by a Haryana-based EV manufacturer raising ₹34.56 crores through 84,30,000 fresh shares at ₹41 each to fund capital expenditures and working capital.
Apply via ASBA through your bank or UPI-linked brokerage. Retailers must bid for exactly 2 lots (6,000 shares), requiring a total investment of ₹2,46,000 before the closing deadline.
The company shows high profitability (42% ROE), but faces intense competition and geographical concentration risks. Investors should weigh these strong margins against a flat ₹0 grey market premium.
Currently, expected returns are neutral as the Grey Market Premium is ₹0. Listing gains depend on market sentiment, while long-term returns rely on scaling production and maintaining 15% EBITDA margins.
The subscription period for the Victory Electric Vehicles International IPO begins on January 7, 2026, and remains open for public bidding until the issue closes on January 9, 2026.
The standard market lot is 3,000 shares. Retail investors must apply for a minimum of 2 lots (6,000 shares), while HNI applications start at 3 lots (9,000 shares).
The basis of allotment is expected to be finalised on January 12, 2026. Refunds and demat credits follow on January 13, before the shares list on the stock exchange.
The Victory Electric Vehicles International IPO is tentatively scheduled to list on the NSE SME platform on January 14, 2026, marking the start of its secondary market trading.
