Victory Electric Vehicles International IPO

About Victory Electric Vehicles International IPO

The IPO of Victory Electric Vehicles International comprises only a fresh issue aggregating up to 84,30,000 equity shares. The total issue size is pegged at ₹34.5630 crores. It’s a 100% fixed price issue. The price band is ₹41 per share.

Victory Electric Vehicles International IPO opens on January 7, 2026 and closes on January 9, 2026. The allotment of shares will take place on January 12, 2026. The credit of shares to the Demat account will take place on January 13, 2026. The initiation of refunds will also take place on January 13, 2026.

The listing of shares will take place on January 14, 2026. The lot size of shares in the IPO is 3000. The minimum investment amount required by a retail investor is ₹2,46,000 based on the upper price. The minimum lot size of shares for retail investors in this IPO is 2(6000 shares).

Victory Electric Vehicles International 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.

Objectives of Victory Electric Vehicles International IPO

The company plans to utilise the IPO proceeds for:

• Capital expenditure
• Working capital requirements
• General corporate expenses

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.

Victory Electric Vehicles International Company Information

Victory Electric Vehicles International 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. Strengths of Victory Electric Vehicles International

• Geographical presence in 12 states with dealers in all 12 states
• Experienced leadership backed by a skilled professional team
• Robust financial performance

Risks of Victory Electric Vehicles International

• 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
• If electric vehicles do not perform as per industry standards, the company’s brand and reputation could be adversely impacted
• Loss of suppliers may have an adverse effect on business, results of operations and financial condition
• Inability to provide regular repair services, attract and retain customers, may materially harm the company’s financial condition, results of operations, and cash flows
• The company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in its electric vehicles thus increasing material costs

Anchor Investor Bidding Date

NA

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Maashitla Securities
• Book Running Lead Manager: Corpwis Advisors

Victory Electric Vehicles International Business Model

The company’s product offerings include:

• L3 Electric Vehicles
• L5 Electric Vehicles
• Electric Scooty

Also, the company’s 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 Company’s Growth Trajectory

The EBITDA margin of Victory Electric Vehicles International grew from 3.47% in FY 23 to 15.32% in FY 25, while PAT margin increased from 1.52% in FY 23 to 10.17% in FY 25. Geographical presence in 12 states along with experienced leadership backed by a skilled professional team has helped the company grow over the years.

Victory Electric Vehicles International Market Position

Victory Electric Vehicles International has a 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.

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How to Apply for Victory Electric Vehicles International 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