VICTORY ELECTRIC VEHICLES INTERNATIONAL IPO
A Snapshot of the Offering
| IPO Period | 07th January 2026 – 09th January 2026 |
|---|---|
| Listing on | 14th January 2026 |
| Fixed Price | ₹41 per equity share |
| Lot Size & Minimum Investment | 3,000 shares at ₹123,000 |
| Total Issue Size | ₹34.56 Crores |
Victory Electric Vehicles International Limited is set to launch its Initial Public Offering, inviting investors to participate in the growing electric vehicle (EV) sector. This offering provides a window into a company specializing in a diverse range of electric mobility solutions, from e-rickshaws to custom-designed three-wheelers. The IPO is structured as a 100% fresh issue, aiming to infuse capital directly into the company for its strategic growth initiatives.
Important Dates for Investors
- Opening Date: 07th January 2026
- Closing Date: 09th January 2026
- UPI Payment Deadline: 09th January 2026 (5 PM)
- Allotment Announcement: 12th January 2026
- Refund Processing: 13th January 2026
- Demat Credit: 13th January 2026
- Stock Market Listing: 14th January 2026
- Mandate Validity End: 24th January 2026
- Anchor Investor Lock-in Release (50%): 09th February 2026
- Anchor Investor Lock-in Release (Remaining): 10th April 2026
*Dates may be revised as per official updates. Investors are advised to monitor official announcements for any changes to the schedule.
Delving into Victory Electric Vehicles International
Founded in October 2018 and subsequently converted into a public limited company in February 2020, Victory Electric Vehicles International Limited is a prominent player in India’s rapidly expanding electric vehicle manufacturing landscape. Promoted by Mr. Sanjay Kumar Popli, Ms. Seema, and Ms. Palak Popli, the company is dedicated to designing and manufacturing a broad spectrum of electric vehicles. Its product portfolio includes popular categories such as electric rickshaws, passenger rickshaws, e-loaders, and cargo rickshaws, alongside electric scooters. Beyond standard models, the company also offers specialised electric three-wheelers tailored for niche commercial applications, including food vending and ice-cream distribution. This commitment to innovation and customisation allows Victory Electric Vehicles International to cater to diverse customer needs within the burgeoning EV market. The company operates primarily through a robust network of dealers and distributors spread across key Indian states, ensuring wide market penetration and efficient sales. Its business model strategically blends in-house manufacturing capabilities with a strong focus on product customisation and a dealer-led distribution approach. Revenues are predominantly generated from the domestic sales of its electric vehicles, marketed under the distinctive “Victory” brand, cementing its position in the Indian EV ecosystem.
IPO Structure and Capital Mobilization
| Total Funds Raised | ₹34.56 Crores |
|---|---|
| Fresh Issue Component | ₹34.56 Crores |
| Offer for Sale Component | ₹0 Crores |
The Victory Electric Vehicles International IPO is structured entirely as a fresh issue, indicating that all ₹34.56 Crores raised from the offering will directly flow into the company’s coffers. This fresh capital infusion is crucial for accelerating the company’s growth trajectory, funding its operational expansion, and strengthening its financial position. The absence of an Offer for Sale (OFS) component highlights the company’s primary objective to secure growth capital for its future endeavors, rather than providing an exit for existing shareholders. This shows a clear intent to reinvest the proceeds back into the business, supporting its long-term vision in the competitive EV market.
Strategic Deployment of Fresh Capital
The funds garnered through this IPO are earmarked for several strategic purposes, designed to enhance Victory Electric Vehicles International’s manufacturing capabilities, operational efficiency, and overall market reach. The planned utilisation reflects a balanced approach towards capital expenditure, working capital management, and general corporate objectives, crucial for sustainable growth.
| Objective | Amount (INR Crores) | Allocation % |
|---|---|---|
| Capital Expenditure | 5.00 | 14.47% |
| Working capital requirement | 18.00 | 52.08% |
| General corporate purposes | 6.78 | 19.62% |
| Issue-related Expenses | 4.78 | 13.83% |
A significant portion, 52.08%, is allocated to meeting working capital requirements, which is essential for managing day-to-day operations, inventory, and ensuring smooth production cycles. The investment in capital expenditure (14.47%) will facilitate the expansion and upgrade of manufacturing facilities, enabling the company to scale production and integrate advanced technologies. Furthermore, funds for general corporate purposes (19.62%) provide the company with flexibility to pursue strategic initiatives, including market expansion, research and development, and talent acquisition. The remaining portion covers the expenses associated with the IPO itself, ensuring a smooth public listing process.
Core Strengths Driving Growth
Victory Electric Vehicles International boasts several inherent strengths that position it favourably within the dynamic electric vehicle industry. These capabilities are crucial for navigating market challenges and capitalizing on growth opportunities:
- Established EV Manufacturer with Diversified Product Range: The company has built a solid foundation as an EV manufacturer, offering a wide array of products spanning e-rickshaws, loaders, and scooters. This diversification allows it to address various segments of the market and mitigate risks associated with reliance on a single product category.
- Customisation Capabilities for Niche Applications: A key competitive edge is the ability to provide customised electric three-wheelers for specific commercial uses, such as food vending and ice-cream distribution. This bespoke approach allows the company to penetrate niche markets and cater to specialised business requirements, enhancing customer loyalty and market share.
- Presence in High-Demand EV Markets Supported by Government Policies: Operating in a country actively promoting electric mobility, Victory Electric Vehicles International benefits from a favourable regulatory environment and government incentives. Its presence in high-demand states positions it to leverage supportive policies, driving sales and adoption of EVs.
- Asset-Light Dealer-Led Distribution Model: The company employs an efficient, asset-light distribution model, relying on a network of dealers across multiple Indian states. This approach minimizes capital expenditure on distribution infrastructure while maximizing reach, enabling scalable growth and efficient market penetration.
- Experienced Promoters with Operational Knowledge: The promoters bring valuable operational knowledge and extensive experience within the EV ecosystem. Their leadership and insights are critical for strategic decision-making, product development, and navigating the complexities of the rapidly evolving electric vehicle industry.
Key Considerations for Potential Investors
While the prospects for Victory Electric Vehicles International appear promising, potential investors should be aware of certain risk factors inherent to its business model and the broader industry. A thorough understanding of these challenges is essential for informed investment decisions:
- Revenue Concentration in Key States and Dealer Relationships: The company’s revenue is highly dependent on sales in a few specific states and on its relationships with a limited number of dealers. This concentration poses a risk, as adverse developments in these key markets or disruptions in dealer networks could significantly impact financial performance.
- Reliance on Third-Party Suppliers for Key Components: Victory Electric Vehicles International relies heavily on third-party suppliers for critical EV components, including batteries. Any disruption in the supply chain, quality issues, or price volatility from these suppliers could affect production schedules, product quality, and profitability.
- Highly Competitive and Fragmented EV Market: The electric vehicle market in India is intensely competitive and fragmented, characterized by numerous domestic and international players. The presence of low entry barriers for certain segments could lead to increased competition, pricing pressures, and challenges in maintaining market share.
- Past NCLT Insolvency Proceedings: The company’s past involvement in NCLT (National Company Law Tribunal) insolvency proceedings, as mentioned in public disclosures, could potentially impact investor confidence. While the company has moved past these proceedings, investors may scrutinize the circumstances and their potential long-term implications.
- Dependence on Promoters and Key Management Personnel: The business performance and strategic direction of Victory Electric Vehicles International depend significantly on its promoters and key management personnel. The loss of any of these individuals or an inability to attract and retain suitable talent could adversely affect operations and growth prospects.
Live Subscription Status (To be updated)
Subscription statistics based on the latest available information will be updated here once the IPO subscription window opens on 07th January 2026. This section will provide real-time insights into investor interest across various categories.
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | – | – | – |
| Non-Institutional Investors (NII) | – | – | – |
| Retail Individual Investors (RII) | – | – | – |
| Total | – | – | – |
*The figures above will be updated live once the subscription commences. Grey Market Premium (GMP) figures are unofficial and highly speculative; investors should rely solely on exchange data and company fundamentals for investment decisions.
Participating in the IPO
Investors keen on exploring opportunities within the electric vehicle manufacturing sector can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes on 09th January 2026. Ensure all application details are submitted accurately and within the stipulated timelines.
