Victory Electric Vehicles IPO is a fixed price issue worth ₹34.56 crore. The IPO consists entirely of a fresh issue of 84.30 lakh equity shares. The IPO opens for subscription on January 7, 2026, and closes on January 9, 2026. The allotment is expected to be finalised on January 12, 2026, with tentative listing on NSE SME scheduled for January 14, 2026.
The IPO is priced at ₹41 per share. Retail investors must apply for a minimum of 2 lots comprising 6,000 shares, requiring an investment of ₹2,46,000. HNI investors must apply for a minimum of 3 lots (9,000 shares), amounting to ₹3,69,000.
Corpwis Advisors Pvt. Ltd. is the book-running lead manager to the issue, and Maashitla Securities Pvt. Ltd. is the registrar. Alacrity Securities Ltd. is the market maker for the IPO.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Victory Electric Vehicles IPO DRHP.
Industry Outlook
- India’s automotive sector is undergoing a rapid transformation towards electrification, driven by government incentives, sustainability goals, and the need to reduce carbon emissions. Policies such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and state-level subsidies have accelerated this shift, creating a favourable environment for electric vehicle (EV) adoption.
- Sales of electric two-wheelers (E2Ws) have surged significantly, rising from approximately 143,000 units in 2021 to over 859,000 units in 2023. This sharp increase reflects growing consumer acceptance and the availability of cost-effective models tailored for urban mobility. The momentum is expected to continue as India targets ambitious EV penetration across private cars, commercial fleets, and two- and three-wheelers by 2030.
- The Indian EV battery market is also expanding rapidly, projected to grow from US$16.77 billion in 2023 to US$27.70 billion by 2028. This growth underscores the critical role of battery technology and charging infrastructure in sustaining the EV ecosystem. Manufacturers are increasingly focusing on localisation and cost optimisation to align with Make in India initiatives, while global players explore partnerships to tap into this high-growth market.
- System integrators and technology providers are becoming essential to the sector, offering expertise in battery management, charging solutions, and connectivity features. Their contribution ensures operational efficiency and enhances user experience, which is vital for scaling EV adoption nationwide.
Victory Electric Vehicles IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Invest in infrastructure by acquiring and installing advanced machinery, including a CNC machine and a painting plant, as well as constructing a new building to enhance production capabilities and support future growth.
- Allocate funds to meet increased working capital needs, ensuring smooth operations and timely fulfilment of customer orders as demand for electric vehicles continues to rise.
- Support administrative expenses, brand-building initiatives, and strategic activities aimed at strengthening market presence and long-term sustainability.
- Achieve public listing on NSE Emerge to improve investor confidence, access capital markets, and create opportunities for future partnerships and expansion.
About Victory Electric Vehicles Limited
Victory Electric Vehicles International Limited was originally incorporated as Victory Electric Vehicles International Private Limited on 18 September 2018 under the Companies Act, 2013. It was subsequently converted into a public limited company and renamed Victory Electric Vehicles International Limited on 19 June 2024.
The company is engaged in the manufacturing of electric vehicles, including E-Rickshaws, E-Loaders, Cargo Rickshaws, and Electric Scooters, along with customised three-wheeler models designed to meet diverse customer requirements. Its product portfolio caters to both passenger and cargo segments, offering cost-effective and eco-friendly mobility solutions.
Victory operates from its registered office in New Delhi and holds an ISO 9001:2015 certification valid until March 10, 2027, reflecting its commitment to quality and operational excellence. The company has secured the trademark “Victory” to strengthen brand identity and market positioning.
With a focus on innovation and sustainability, Victory Electric Vehicles aims to capitalise on the growing demand for electric mobility in India. Its strategy includes expanding manufacturing capabilities, introducing advanced technologies, and leveraging government incentives to enhance adoption across urban and semi-urban markets.
By combining strong industry credentials with a customer-centric approach, the company seeks to establish itself as a leading player in India’s electric vehicle sector, contributing to the nation’s transition towards cleaner and more efficient transportation solutions.
How To Check the Allotment Status of the 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 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. 1, Khasra No. 73/2, Ground Floor, Village Mundka, New Delhi – 110041, India
Phone: +91 11 4709 3800
E-mail: cs@victoryev.in
Strengths and Opportunities of Victory Electric Vehicles IPO
- Established brand identity with trademark “Victory” and ISO 9001:2015 certification.
- Diverse product portfolio including E-Rickshaws, E-Loaders, Cargo Rickshaws, and Electric Scooters.
- Strong financial performance with a high RoNW of 70.19% in FY24.
- Experienced promoters with industry expertise and proven operational capabilities.
- Rapidly growing Indian EV market is projected to reach US$113.99 billion by 2029.
- Government incentives and policies under FAME and Make in India schemes.
- Increasing demand for eco-friendly and cost-effective urban mobility solutions.
- Expansion potential through advanced manufacturing infrastructure and technology integration.
Risks and Threats of Victory Electric Vehicles IPO
- First-time public issue with no prior listing history.
- Heavy reliance on distributors for revenue generation.
- High working capital requirements to sustain operations.
- Dependency on third-party suppliers for raw materials and batteries.
- Pending litigations involving promoters and the company.
- Intense competition in the electric vehicle market from established players.
- Vulnerability to changes in government policies and EV incentives.
- Exposure to technological disruptions and rapid industry evolution.
