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Victory Electric Vehicles (Postponed) IPO

  • Status: Upcoming
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Last Updated: 20 May 2025 11:35 AM by 5Paisa

Victory Electric Vehicles International Ltd is launching its ₹40.66 crore IPO. The company designs and manufactures electric two-wheelers, three-wheelers, and commercial vehicles, including custom models like food and ice cream E-three wheelers. With advanced lithium-ion battery systems and smart features, it serves both domestic and global markets. Focused on green mobility, Victory aims to reduce carbon emissions and promote sustainable transportation. As of June 30, 2024, it employed 110 people.

Established in: 2018
Chairman: Mr. Sanjay Kumar Popli

Peers

Wardwizard Innovations & Mobility Limited 
Tunwal E-Motors Limited
 

Objectives

● Capital Expenditure
● Working Capital Requirement
● General Corporate Purposes

Victory Electric Vehicles IPO Size

Types Size
Total IPO Size ₹40.66 Cr.
Offer For Sale -
Fresh Issue ₹40.66 Cr.

 

 Victory Electric Vehicles IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 1600 115,200
Retail (Max) 1 1600 115,200
HNI (Min) 2 3200 230,400

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY22 FY23 FY24
Revenue 48.14 52.14 48.76
EBITDA 1.16 1.80 6.99
PAT 0.65 0.79 4.89
Particulars (in Rs. Crores)] FY22 FY23 FY24
Total Assets 20.82 19.17 21.94
Share Capital 1.37 2.04 2.61
Total Borrowings 7.80 6.21 5.30
Particulars (in Rs. Crores FY22 FY23 FY24
Net Cash Generated From / (used in) operating activities 2.52 2.52 2.15
Net Cash Generated From / (used in) investing activities -0.94 -1.43 -0.90
Net Cash Generated From / (used in) financing activities -1.44 -1.55 -0.83
Net Increase (Decrease) In Cash And Cash Equivalents 0.13 -0.46 0.42


Strengths

1. Among few L5 E-Rickshaw makers with an expanding product portfolio.
2. Achieved ₹50+ crore revenue in FY23 with steady production growth.
3. Experienced leadership with deep industry and technical expertise.
4. Pan-India dealer network with strategic expansion plans underway.
 

Weaknesses

1. Relies heavily on a few EV models for most revenue.
2. Low marketing spend limits brand visibility and customer reach.
3. Operates from leased premises without long-term facility control.
4. Lacks formal agreements with third-party logistics partners.
 

Opportunities

1. Presence in 12 states indicates strong and scalable market potential.
2. Plans to double capacity without additional land costs.
3. Growing EV demand in India supports expansion and innovation.
4. Rising battery efficiency improves product appeal and affordability.
 

Threats

1. High R&D costs for new models increase financial risk.
2. No raw material supply contracts may affect production quality and timelines.
3. Product defects could trigger costly recalls and legal issues.
4. Pending litigations may disrupt operations and financial health.
 

● Fast-growing EV player with ₹4.89 crore PAT and ₹6.99 crore EBITDA in FY24.
● Operates in 12 states with plans to double capacity without extra land cost.
● Positioned in India’s booming EV market growing at 66.52% CAGR till 2029.
● ₹40.66 Cr IPO fully fresh issue to fund expansion and working capital needs.

●  India’s electric vehicle market is set to grow at a CAGR of 66.52%, creating a strong runway for Victory Electric Vehicles to scale operations.
●  EV sales rose to 1.52 million units in 2023, with high demand in two-wheeler and three-wheeler segments that align with Victory’s focus.
●  Government plans to have 80 million EVs on Indian roads by 2030 support long-term industry growth and adoption.
●  The EV battery market is projected to grow from US$ 16.77 billion to US$ 27.70 billion by 2028, enabling Victory to enhance range and affordability.

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FAQs

Victory Electric Vehicles IPO opens from 20 May 2025 to 23 May 2025.

The size of Victory Electric Vehicles IPO is ₹40.66 Cr.

The price of Victory Electric Vehicles IPO is fixed at ₹72  per share. 

To apply for Victory Electric Vehicles IPO, follow the steps given below:

● Login to your 5paisa account and select the issue in the current IPO section    
● Enter the number of lots and the price at which you wish to apply for the Victory Electric Vehicles  IPO.    
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    

You will receive a mandate notification to block funds in your UPI app.
 

The minimum lot size of Victory Electric Vehicles IPO is 1,600 shares and the investment required is ₹115,200.

The share allotment date of Victory Electric Vehicles IPO is 27 May 2025

The Victory Electric Vehicles IPO will likely be listed on 28 May 2025.

Corpwis Advisors Pvt Ltd is the book running lead manager for Victory Electric Vehicles IPO.
 

Victory Electric Vehicles plans to utilise the raised capital from the IPO for:
● Capital Expenditure
● Working Capital Requirement
● General Corporate Purposes