Victory Electric Vehicles International
IPO Timeline
Issue open date
7 Jan 2026Issue close date
9 Jan 2026UPI mandate deadline
9 Jan 2026Allotment finalization
12 Jan 2026Refund initiation
13 Jan 2026Share credit
13 Jan 2026Listing date
14 Jan 2026Mandate end date
24 Jan 2026Lock-in end date for anchor investors (50%)
9 Feb 2026Lock-in end date for anchor investors (remaining)
10 Apr 2026Key Dates
Quick Stats
About the Company
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.
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.
Victory Electric Vehicles International IPO – Frequently Asked Questions
- The price band for the Victory Electric Vehicles International IPO is set at ₹41 to ₹41 per share.
- The Victory Electric Vehicles International IPO opens on January 7, 2026 and closes on January 9, 2026.
- The tentative listing date for the Victory Electric Vehicles International IPO is January 14, 2026.
- You can apply for the Victory Electric Vehicles International IPO via your broker or bank using ASBA or UPI. Log in to your trading app (Zerodha, Upstox, Groww, etc.), select IPO section, choose Victory Electric Vehicles International, enter lot quantity and UPI ID, then approve the mandate.
- The lot size for the Victory Electric Vehicles International IPO is 3000 shares. Investors must apply for at least one lot (i.e., 3000 shares).