Victory Electric Vehicles International, a Haryana-based company, was established in 2011 by Sanjay Kumar Popli to render eco-friendly and affordable e-vehicle transportation solutions. The company manufactures e-rickshaws, e-cargo/loader e -rickshaws, and scooters. Moreover, its portfolio scales up beyond traditional services by offering customized L3 e-three wheelers, catering to specific needs, such as food and ice cream, with a maximum speed of up to 25 kmph and a motor power of 1,200 watts or less. The company’s L5 electric vehicles used for goods or consumer transport have a maximum speed of up to 55 kmph and a motor power of 3,000 watts or less.
Key Details
- Victory Electric is all set to enter the IPO on 7 Jan 2026 and conclude on 9 Jan 2026.
- The IPO aims to raise ₹34.56 crore, with a fixed price of ₹41 per share, with a face value of ₹5. Each lot consists of 3,000 shares, requiring an investment of approximately ₹1,23,000 per lot.
- The shares will be credited to investors’ Demat accounts on 13 January 2026, and the refunds will also be initiated on the same day.
- Allotment of bids starts on 12 January and will be listed on the national stock exchange on 14 January 2026.
Victory Electric Vehicles International IPO Valuation
| Detail | Information |
| Upper Price Band | ₹41 |
| Fresh Issue | Up to 84,30,000 equity shares |
| Offer for Sale | NA |
| EPS in ₹ for FY 25 | 3.30 |
Victory Electric Vehicles International IPO Lot Size
| Application | Lots | Shares | Amount in INR |
| Individual Investors (Retail) (Min) | 2 | 6000 | 2,46,000 |
| Individual Investors (Retail) (Max) | 2 | 6000 | 2,46,000 |
| HNI (Min) | 3 | 9000 | 3,69,000 |
When looking at the electric vehicle industry, its expanding and accelerating growth trajectory reflects a promising CAGR in the future. Backed by government incentives and certain initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, the EV sector adapts to rising demand by revolutionising its transportation landscape towards sustainability and innovation. Victory electric vehicles market size is expected to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.
Key Objecitves
- The company plans to utilize the funds for asset expansion and infrastructure investment.
- Use for operational funding.
- Administrative costs or other general corporate expenses.
To conclude, Victory Electric Vehicles’ operations cover different states in India, such as Haryana, Rajasthan, and Delhi, among others, reflecting its focus on sustainability. Constant support from the area of expertise and management teams has driven the company’s business growth, resulting in a rise in PAT from 0.79 crore in 2023 to 5.17 crore in 2025.
FAQs
The Victory Electric Vehicles International IPO opens on 7 January 2026 and closes on 9 January 2026, with listing scheduled for 14 January 2026 on the NSE.
The IPO aims to raise ₹34.56 crore at a fixed price of ₹41 per share. It is a fresh issue of up to 84.30 lakh equity shares with a face value of ₹5 each.
The company plans to use the IPO funds for asset expansion, infrastructure development, working capital needs, and general corporate and administrative expenses.
Retail investors must apply for a minimum of 2 lots (6,000 shares), requiring an investment of approximately ₹2.46 lakh, while HNIs need a minimum investment of ₹3.69 lakh.
Victory Electric Vehicles offers L3 and L5 electric three-wheelers, operates across multiple Indian states, and has shown strong financial growth with PAT rising from ₹0.79 crore in FY23 to ₹5.17 crore in FY25, backed by India’s fast-growing EV ecosystem.
