Victory Electric Vehicles International IPO
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Victory Electric Vehicles International IPO details
Schedule of Victory Electric Vehicles International
| Issue open date | 07 Jan 2026 |
| Issue close date | 09 Jan 2026 |
| UPI mandate deadline | 09 Jan 2026 (5 PM) |
| Allotment finalization | 12 Jan 2026 |
| Refund initiation | 13 Jan 2026 |
| Share credit | 13 Jan 2026 |
| Listing date | 14 Jan 2026 |
| Mandate end date | 24 Jan 2026 |
| Lock-in end date for anchor investors (50%) | 09 Feb 2026 |
| Lock-in end date for anchor investors (remaining) | 10 Apr 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Victory Electric Vehicles International
Victory Electric Vehicles International Limited was incorporated in October 2018 and converted into a public limited company in February 2020. The Company is promoted by Mr Sanjay Kumar Popli, Ms Seema, and Ms Palak Popli. It operates in the electric vehicle (EV) manufacturing segment in India. The Company designs and manufactures electric vehicles, including electric rickshaws, passenger rickshaws, e-loaders, cargo rickshaws, and electric scooters. Its product portfolio also includes customised electric three-wheelers for specific applications such as food vending and ice-cream distribution. Manufacturing activities are supported by a network of dealers and distributors across key Indian states. The business model focuses on in-house manufacturing, product customisation, and sales through dealer-led distribution. Revenues are primarily generated from domestic sales of EVs under the “Victory” brand. Key strengths include an established presence in the electric three-wheeler segment, a diversified product range, customisation capabilities, and experience in operating within a rapidly growing EV market supported by favourable government policies.
Financials of Victory Electric Vehicles International
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 34.56 |
| Fresh Issue – Proceeds go to the company | 34.56 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Capital Expenditure | 5 (14.47%) |
| Working capital requirement | 18 (52.08%) |
| General corporate purposes | 6.78 (19.62%) |
| Issue-related Expenses | 4.78 (13.83%) |
Strengths
- Established EV manufacturer with a diversified product range across e-rickshaws, loaders and scooters.
- Ability to offer customised electric three-wheelers for niche commercial applications.
- Presence in high-demand EV markets supported by government EV policies.
- Asset-light dealer-led distribution model across multiple Indian states.
- Experienced promoters with operational knowledge of the EV ecosystem
Risks
- Revenue is highly dependent on a few states and dealer relationships.
- Heavy reliance on third-party suppliers for key EV components and batteries.
- Operates in a highly competitive and fragmented EV market with low entry barriers.
- Past NCLT insolvency proceedings may impact investor confidence.
- Business performance depends significantly on promoters and key management personnel.