IPO Details
RHP/DRHPIssue Date
20 May - 23 May'25
Investment/lot
₹ 115200
Price Range
72
Lot Size
1600
IPO Size
₹ 40.66 cr
Schedule of Victory Electric Vehicles International IPO
Start date
20/05/2025
End date
23/05/2025
Allotment of bids
27/05/2025
Refund Initiation
27/05/2025
Listing on exchange
28/05/2025
About Victory Electric Vehicles International IPO
The IPO of Victory Electric Vehicles International Ltd comprises a fresh issue of up to 56,47,000 equity shares aggregating up to ₹40.6584 crores. It has no offer for sale. The price band for the IPO is TBA. The lot size of the IPO is 1600 shares. 50% of the shares have been reserved for retail investors and the remaining 50% is reserved for others.
The IPO opens on May 20, 2025 and closes on May 23, 2025. The basis of allotment is May 27, 2025 and the Initiation of refunds will take place on May 27, 2025. The IPO will be listed on the Stock Exchanges on May 28, 2025.
Objectives of Victory Electric Vehicles International IPO
- Capital expenditure
- Working capital requirements
- General corporate expenses
Victory Electric Vehicles International IPO Valuation
Industry Outlook
India's electric vehicle (EV) sector is experiencing rapid growth, fuelled by government incentives, rising environmental concerns, and technological advancements. With initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, India aims to significantly increase EV adoption, revolutionising its transportation landscape towards sustainability and innovation. The Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.
Company Information
Victory Electric Vehicles International Ltd manufactures electric vehicles ranging from E-rickshaws, E-Cargo/Loader E -Rickshaws, Scooters etc. Its portfolio extends beyond conventional offerings to include customised e-three wheelers, catering to specific needs such as food three wheelers and ice cream three wheelers etc.
Victory Electric Vehicles International Strengths
Geographical presence in 12 states with dealers in all 12 states
Victory Electric Vehicles International Ltd has widespread geographical reach, showcasing its commitment to sustainable mobility across India. It has strategically established a strong presence in states including Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu & Kashmir, Gujarat and Maharashtra.
Experienced leadership backed by a skilled professional team
The company’s sustained business growth can be attributed to the extensive industry knowledge and expertise of its senior management, who collectively possess hands-on experience of more than a decade. Their rich experience has played a pivotal role in shaping and executing its business strategies and operational processes.
By leveraging the profound market acumen of its promoters and senior management, it adeptly identifies market opportunities and tailor products and services to cater to specific customer segments.
Risks of Victory Electric Vehicles International Ltd
- Dependence on Successful Development and Launch of New EV Models
The company’s success depends on its ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
- Dependence on Third-party for Supply of Raw Materials
The company depends on third parties for the supply of raw materials and does not have firm commitments for supply or exclusive arrangements with any of our suppliers. Loss of suppliers may have an adverse effect on its business, results of operations and financial conditions.
- Defects or Underperformance in EVs
If its electric vehicles contain defects, do not perform as per industry standards and/or fail to meet the performance levels advertised, its brand and reputation and its ability to develop, market and sell its electric vehicles could be adversely impacted. It may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against it.
All Financial Information about Victory Electric Vehicles International
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company Name | EPS in ₹ | P/E Ratio | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|---|
Victory Electric Vehicles International Ltd | 3.31 | 21.75 | 33.41 | 8.68 |
Wardwizard Innovations Mobility Ltd | 0.54 | 37.69 | 14.79 | 3.94 |
Tunwal E-Motors Ltd | 2.85 | 10.74 | 82.17 | 4.95 |
Anchor Investor Bidding Date
The anchor investor bidding date is on May 19, 2025.
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Maashitla Securities Pvt Ltd
- Book Running Lead Manager: Corpwis Advisors Pvt Ltd
Business Model
The company’s products consist of:
-
L3 Electric Vehicles: L3 electric vehicles are technically classified as electric rickshaws or E-Rickshaws or E-Carts. They have a maximum speed of up to 25 kmph and a motor power of 1200 Watt or less.
-
L5 Electric Vehicles: L5 electric vehicles are three-wheeled motor vehicles designed to carry people or goods. They have a maximum speed of up to 55 kmph vehicles and a motor power of 3000 Watt or less.
-
Electric Scooty: Electric scooty is a two-wheeled, motorised vehicle powered by electric motors and rechargeable batteries, providing a sustainable, cost effective and eco-friendly solution to traditional gasoline-powered vehicles. They have a maximum speed of 25 kmph.
Company’s Growth Trajectory
Victory Electric Vehicles International Ltd demonstrated robust financial performance with a consistent track record of profitability, even amidst the challenges posed by the COVID-19 pandemic. The company’s revenue from operations grew from ₹47.4083 crores in FY 22 to ₹48.4428 crores in FY 24. Its EBITDA margin as of revenue from operations grew from 2.45% in FY 22 to 14.44% in FY 24.
Its PAT margin grew from 1.36% in FY 22 to 10.10% in FY 24. Experienced leadership and geographical presence have aided in the company’s growth over the years.
Market Position
Incorporated as a private limited company in 2018, Victory Electric Vehicles International Ltd increased its manufacturing capacity to 6000 vehicles in 2024. It enjoys a wide geographical reach in 12 states, including Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu & Kashmir, Gujarat and Maharashtra.
Victory Electric Vehicles International IPO Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Revenue (in ₹ crores) | 48.7636 | 52.1363 | 48.1355 |
Profit / Loss Before Tax (in ₹ crores) | 6.5774 | 1.0924 | 0.9129 |
Profit After Tax (in ₹ crores) | 4.8922 | 0.7880 | 0.6455 |
EPS in ₹ | 18.95 | 5.76 | 5.66 |
Victory Electric Vehicles International IPO Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit / Loss Before Tax (in ₹ crores) | 6.5774 | 1.0924 | 0.9129 |
Net Cash Flow from Operating Activities (in ₹ crores) | 2.1516 | 2.5203 | 2.5154 |
Net Cash Flow from Investing Activities (in ₹ crores) | (0.8997) | (1.4310) | (0.9414) |
Net Cash Flow from Financing Activities (in ₹ crores) | (0.8342) | (1.5484) | (1.4411) |
Cash and Cash Equivalents at the Closing (in ₹ crores) | 0.4495 | 0.0317 | 0.4907 |
How to Check Allotment Status of Victory Electric Vehicles International IPO?
1. Visit the Registrar’s Website
- Go to the official website of Maashitla Securities Pvt Ltd
- Choose ‘Public’ Issues from ‘Allotment Status’
- Select Company Name and enter either your PAN No, Application No or Demat Account No
- Click on ‘Submit’ to know the status
2. Check on the NSE Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of Victory Electric Vehicles International Ltd IPO. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Company name from dropdown
- Application number
- PAN
Then click 'Submit' to know the allotment status.
How to Apply for Dr Agarwal’s Health Care Ltd IPO?
To apply for this IPO:
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
- Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
- Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Victory Electric Vehicles International IPO FAQs
What is the minimum lot size required for Victory Electric Vehicles International IPO?
The minimum lot size is 1600 shares and the investment required is ₹115200.
What is the price band of the Victory Electric Vehicles International IPO?
The price band of Victory Electric Vehicles International IPO is ₹72 to ₹0.
Where can I read more about Victory Electric Vehicles International business?
You can read more about Victory Electric Vehicles International and its IPO from the company’s red herring prospectus (RHP) here.
What is the Victory Electric Vehicles International Ltd IPO?
The IPO of Victory Electric Vehicles International Ltd comprises a fresh issue of up to 56,47,000 equity shares.
When will the IPO of Victory Electric International Ltd go live?
Bidding for this IPO will start on May 20, 2025. It will close on May 23.
From where can I read more about the IPO of Victory Electric International Ltd?
You can read more about this IPO from the company’s prospectus here.
