Victory Electric Vehicles International IPO
smelistedAbout the company
Victory Electric Vehicles International manufactures electric vehicles including e-rickshaws, e-cargo/loader 3-wheelers, and electric scooters. Additionally, the company offers specially made electric 3-wheelers for a variety of applications, such as ice cream distribution and food vending. L3 electric vehicles, L5 electric vehicles, and electric scooters are among its primary offerings. As of September 2025, 3-wheelers made up 23.53% of revenue, two-wheelers 12.48%, and spare parts 8.11%. The company has geographical reach in 12 states with dealership in all 12 states. The domestic sales are led by Uttar Pradesh, Haryana, and Madhya Pradesh. Moreover, the capacity utilisation of the company stood at 68.91% in E-rickshaw(L3 Series), 29.41% in E-rickshaw (L5 Series), and 57.69% in the case of the two-wheeler segment.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 09 Jan | ₹0 | ₹41 | 0 |
| 08 Jan | ₹0 | ₹41 | 0 |
| 07 Jan | ₹0 | ₹41 | 0 |
| 06 Jan | ₹0 | ₹41 | 0 |
| 05 Jan | ₹0 | ₹41 | 0 |
| 04 Jan | ₹0 | ₹41 | 0 |
| 03 Jan | ₹0 | ₹41 | 0 |
| 02 Jan | ₹0 | ₹41 | 0 |
Strengths
- Improving operational performance indicating business stability
- Presence in the rapidly growing electric vehicle segment supported by increasing adoption and policy push
- Established manufacturer with a diversified electric vehicle product portfolio
- Expanding dealer and distribution network across multiple regions
- Experienced management team with industry knowledge and execution capability
Risks
- Risk of product quality issues impacting brand image and customer confidence
- Highly competitive electric vehicle market affecting pricing and margins
- SME listing may lead to lower post-listing liquidity and higher volatility
- Dependence on successful development and launch of new electric vehicle models
- Reliance on third-party suppliers for key components and raw materials
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed07 Jan 2026Bidding starts for all investor categories
IPO Closes
Completed09 Jan 2026Last day to place your bid
Basis of Allotment
Completed12 Jan 2026Share allotment finalised
Refund Initiation
Completed13 Jan 2026Refunds credited for non-allottees
Credit to Demat
Completed13 Jan 2026Allotted shares credited to demat account
Listing on Exchange
Completed14 Jan 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 3000 | ₹123,000 | 1 | ₹123,000 | 1 lot only |
| HNI | 2 | 6000 | ₹246,000 | 2 | ₹246,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 4,268,293 | 17.5 | 0 | 0.00x | 100% |
| NII | 15% | 1,280,488 | 5.25 | 0 | 0.00x | 100% |
| Retail | 35% | 2,987,805 | 12.25 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
