The Victory Electric Vehicles International Limited IPO of Victory Electric Vehicles International Limited is scheduled to open on May 20, 2025, and close on May 23, 2025. This SME IPO is a fixed-price issue, aiming to raise ₹40.66 crore through the issuance of 56.47 lakh equity shares at ₹72 per share.
IPO Timeline
- Opening Date: May 20, 2025
- Closing Date: May 23, 2025
- Allotment Finalization: May 27, 2025
- Refund Initiation: May 27, 2025
- Shares Credited to Demat: May 27, 2025
- Listing Date: May 28, 2025
Key IPO Details
- Issue Price: ₹72 per share
- Lot Size: 1,600 shares
- Minimum Investment: ₹1,15,200
- Issue Size: ₹40.66 crore
- Issue Type: Fixed Price SME IPO
- Listing Platform: NSE Emerge
- Listing Date: May 28, 2025
- Registrar: Maashitla Securities Pvt. Ltd.
- Lead Manager: Corpwis Advisors Pvt. Ltd.
Promoters of Victory Electric Vehicles International Limited
1. Sanjay Kumar Popli
- Designation: Managing Director
- DIN: 06984773
- Appointment Date: October 26, 2018
- Background: Mr. Popli has over a decade of experience in the electric vehicle (EV) industry. He has been instrumental in expanding Victory Electric Vehicles’ manufacturing capabilities and product range, including the development of lithium-ion batteries and electric panels. Under his leadership, the company has established a dealer network across India and South Asia, including Nepal, Sri Lanka, and the Maldives.
2. Seema
- Designation: Director
- DIN: 08015842
- Appointment Date: October 26, 2018
- Background: Ms. Seema has been associated with Victory Electric Vehicles since its inception. She also holds directorship positions in other companies within the EV sector, such as Future Star Energy Solutions Private Limited and OK Green Mobility Private Limited.
3. Palak Poply
- Designation: Director
- DIN: 08607295
- Appointment Date: November 11, 2019
- Background: Ms. Poply is actively involved in the company’s strategic initiatives. She also serves as a director in other EV-related companies, including Future Star Energy Solutions Private Limited and OK Green Mobility Private Limited.
All three promoters have played significant roles in the growth and diversification of Victory Electric Vehicles International Limited, contributing to its expansion in the EV manufacturing sector.
Victory Electric Vehicles International Limited IPO Lot Size
The Victory Electric Vehicles International Limited IPO has a fixed lot size of 1,600 shares. For High Net-Worth Individuals (HNIs), the minimum application is typically 2 lots (3,200 shares), amounting to ₹2,30,400.
| Application | Lots | Shares | Amount |
| Retail (Minimum) | 1 | 1,600 | ₹1,15,200 |
| Retail (Maximum) | 1 | 1,600 | ₹1,15,200 |
| HNI (Minimum) | 2 | 3,200 | ₹2,30,400 |
Victory Electric Vehicles International Limited IPO Promoter Holding
| Promoter Name | Pre-IPO Holding (%) | Post-IPO Holding (%) |
|---|---|---|
| Seema | 55.81% | 41.05% |
| Sanjay Kumar Popli | 41.25% | 30.35% |
| Palak Poply | 0.34% | 0.25% |
| Others | 0.01% | 0.00% |
| Total | 97.41% | 71.60% |
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited is an Indian electric vehicle (EV) manufacturer headquartered in New Delhi. Established in 2018, the company specializes in designing, producing, and distributing a diverse range of electric vehicles, including e-rickshaws, e-cargo/loaders, electric scooters, and customized three-wheelers such as food and ice cream vans .
Company Overview
- Founded: 2018
- Headquarters: New Delhi, India
- Core Products: Electric rickshaws (L3), cargo loaders, electric scooters, customized three-wheelers
- Manufacturing Capacity: Expanded to 6,000 vehicles annually by 2024
- Distribution Network: Strong presence across India with plans to explore exports to select international markets
Product Portfolio
Victory Electric Vehicles offers a wide range of eco-friendly and sustainable transportation solutions:
- E-Rickshaws: Designed for passenger transport with efficient performance.
- E-Cargo/Loaders: Built for commercial use, offering robust load-carrying capabilities.
- Electric Scooters: Targeted towards urban commuters seeking affordable and green mobility options.
- Customized Three-Wheelers: Tailored for specific purposes like food vending and ice cream sales, catering to niche markets.
Financial Performance
| Period Ended | 31 Dec 2024 | Mar 31 2024 | 31 Mar 2023 | Mar 31 2022 |
| Assets | ₹37.55 Crores | ₹21.94 Crores | ₹19.17 Crores | ₹20.82 Crores |
| Revenue | ₹39.68 Crores | ₹48.76 Crores | ₹52.14 Crores | ₹48.14 Crores |
| Profit After Tax | ₹3.89 Crores | ₹4.89 Crores | ₹0.79 Crores | ₹0.65 Crores |
| Net Worth | ₹13.59 Crores | ₹9.70 Crores | ₹4.24 Crores | ₹2.78 Crores |
| Reserves and Surplus | ₹5.76 Crores | ₹7.09 Crores | ₹2.20 Crores | ₹1.41 Crores |
| Total Borrowing | ₹9.12 Crores | ₹5.30 Crores | ₹6.21 Crores | ₹7.80 Crores |
Key Performance Indicators (KPI) – 2023–2024
| KPI | Value |
|---|---|
| Total Revenue | ₹48.76 crore |
| Profit After Tax (PAT) | ₹4.89 crore |
| EBITDA Margin | 14.44% |
| PAT Margin | 10.10% |
| Return on Equity (ROE) | 70.19% |
| Debt-to-Equity Ratio | 0.55 |
This performance reflects the company’s strong profitability and efficient use of equity, with a high ROE and healthy margins, supported by moderate leverage. Let me know if you need a comparison with previous years or peer companies.
Objects of the Issue
1) Capital Expenditure:
- To fund the expansion of manufacturing facilities and enhance production capacity of electric vehicles.
2) Working Capital Requirements:
- To meet the company’s day-to-day operational expenses and inventory needs.
3) General Corporate Purposes:
- To use the funds for general business purposes, including marketing, sales promotion, and other corporate activities.
Strengths of Victory Electric Vehicles International Limited IPO
1) Diverse Product Portfolio
- The company offers a wide range of electric vehicles, including e-rickshaws, cargo loaders, electric scooters, and customized three-wheelers like food and ice cream vans. This diversification caters to various market segments and reduces dependence on a single product line.
2) Established Manufacturing Capacity
- Victory Electric Vehicles has expanded its manufacturing capacity to 6,000 vehicles annually by 2024, demonstrating scalability and readiness to meet increasing demand.
3) Strong Financial Performance
- In FY 2023–24, the company reported a total revenue of ₹48.76 crore and a profit after tax of ₹4.89 crore, indicating robust financial health.
4) Experienced Leadership
- Led by Managing Director Sanjay Kumar Popli, the company’s leadership brings extensive experience in the electric vehicle industry, contributing to strategic growth and innovation.
5) Pan-India Presence
- The company has a strong distribution network across various Indian states, including Uttar Pradesh, Rajasthan, Haryana, Bihar, and Maharashtra, facilitating widespread market penetration.
Risks of Victory Electric Vehicles International Limited IPO
1) Dependence on Limited EV Models
- A significant portion of the company’s revenue is derived from a limited range of electric vehicle models. Any decline in demand for these models could adversely affect the company’s financial performance.
2) Inadequate Public Charging Infrastructure
- The lack of widespread public charging facilities in India may hinder the adoption of electric vehicles, potentially impacting the company’s sales growth.
3) Battery Performance Concerns
- Electric vehicle batteries may degrade faster than expected, leading to customer dissatisfaction and potential warranty claims, which could affect the company’s reputation and profitability.
4) Reliance on Third-Party Logistics
- The company depends on third-party logistics providers without formal contracts, posing risks related to supply chain disruptions and service reliability.
5) Leased Operational Facilities
- Victory Electric Vehicles operates from the promoter group on agreements. This arrangement may lead to uncertainties regarding operational continuity and potential conflicts of interest.
Victory Electric Vehicles International Limited IPO Contact Details
Registered Office (Delhi)
- Address: Plot No. 6, Second Floor, Block A-5, Maa Bhagwati Apartment, Paschim Vihar, West Delhi, New Delhi – 110063, India
- Phone: +91-9990156050, +91-9643108966, +91-9643108965, +91-8595699563
- Email: victoryevipl@gmail.com
Manufacturing Facility (Haryana)
- Address: Khasra No. 147/12/2, 147/19/2, 147/10/1, Village Rohad, Jhajjar, Haryana – 124501, India
- Phone: +91-9990156050, +91-7206060856, +91-9643108965, +91-9643108966
- Emails: salesvictoryhry@gmail.com, victoryrickshaw@gmail.com, victoryevipl@gmail.com
Official Website
For inquiries related to sales, dealership opportunities, or investor relations, you can reach out via the provided phone numbers or email addresses. Additionally, you can use the contact form available on their official website.
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