Electric vehicle manufacturer, Victory Electric Vehicles Limited is set to make its market debut with an initial public offering (IPO), valued at ₹40.66 crores, an entirely fresh issue of 56.47 lakh shares. The subscription window opens on May 20, 2025, and draws to a close on May 23, 2025. Investors can track this company’s market journey as it prepares for its listing on the NSE SME platform, scheduled for Wednesday, May 28, 2025.
Victory Electric Vehicles Limited presents a public offering, with equity shares of ₹5 face value being offered with an issue price of ₹72 per share and a lot size of 1,600 shares. Interested retail investors can participate with a minimum investment of ₹1,15,200 to buy 1 lot, while High Net-worth Individuals (HNI) are invited to participate with a minimum subscription of ₹2,30,400. (2 lots). The company has planned a swift post-subscription timeline, with share allotment notifications slated for May 27, 2025, followed by its debut on the NSE SME platform on May 28, 2025. As this biofuel producer embarks on its public market journey, investors stand at the cusp of an emerging opportunity in India's energy sector.
Victory Electric Vehicles Limited IPO is a fundraise worth ₹40.66 crores comprising purely of a fresh issue with 56.47 lakh shares reserved for the market maker Alacrity Securities Private Limited. Retail investors are being offered 50% of the net issue while the remaining 50% of the net issue will be reserved for other investors. The IPO will be available for subscription from May 20, 2025, to May 23, 2025, providing an opportunity for investors looking to gain a stake in the biofuels space.
| Victory Electric Vehicles IPO date | May 20, 2025 - May 23, 2025 |
| Fixed price | ₹72 per share |
| Face value | ₹5 per share |
| Lot size | 1,600 shares |
| Issue type | Fixed Price IPO |
| Fresh issue size | 56,47,000 shares amounting to ₹40.66 crores |
| Total issue size | 56,47,000 shares amounting to₹40.66 crores |
| Listing at | NSE SME |
| Market maker portion | 2,83,800 - Alacrity Securities Ltd |
| Shareholding post-issue | 2,13,07,000 shares |
| Shareholding pre-issue | 1,56,60,000 shares |
The Victory Electric Vehicles Limited IPO opens for subscription on May 20, 2025, and closes on May 23, 2025, with allotment scheduled for May 27, 2025.
| IPO open date | May 20, 2025 (Tuesday) |
| IPO close date | May 23, 2025 (Friday) |
| Basis of allotment | May 27, 2025 (Tuesday) |
| Initiation of refunds | May 27, 2025 (Tuesday) |
| Credit of shares to Demat account | May 27, 2025 (Tuesday) |
| Listing date on NSE SME | May 28, 2025 (Wednesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on May 23, 2025 (Friday) |
Victory Electric Vehicles Limited, established in 2016, is a manufacturer and supplier of biofuels and associated by-products, with its production facility situated in RIICO Industrial Area, Phulera, Rajasthan. Operating in a 4,000 square meter facility, the company has an approved production capacity of 30 kiloliters per day and an installed capacity of 24 kiloliters per day.
The company maintains a diverse product portfolio including Bio-Diesel, Crude Glycerin, Castic Potash Flakes, various oils (Used Cooking Oil, Refined Rice Oil, Crude Sunflower Oil), chemicals (Methanol, Citric Acid, Sodium Methoxide), and other products like Waste Sludge, Esteried Fatty Acid, and RBD Palm Sterin. Additionally, they provide job work services for semi-refining of glycerine for other manufacturers and employ 30 permanent staff members as of July 2024.
The company plans to utilise the funds raised through this Issue for three primary objectives: providing a loan to its subsidiary, Nirvaanraj Energy Private Limited (NEPL) located in Meerut, Uttar Pradesh, for capital expenditure related to expanding their existing manufacturing facility; meeting the company's working capital requirements; and fulfilling general corporate purposes.
As of March 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 70.19%, Return on Capital Employed (ROCE) at 44.78%% and a Debt-to-Equity ratio of 0.55. The Return on Net-Worth (RoNW) stands at 70.19%, and the PAT Margin was 10.10. The Price to Book Value was 1.94. The company’s market capitalisation is ₹153.41 crore.
| Period Ended | Dec 31, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 39.68 | 48.76 | 52.14 | 48.14 |
| Assets | 37.55 | 21.94 | 19.17 | 20.82 |
| Net Worth | 13.59 | 9.70 | 4.24 | 2.78 |
| Profit After Tax | 3.89 | 4.89 | 0.79 | 0.65 |
| Reserves & Surplus | 5.76 | 7.09 | 2.20 | 1.41 |
| Total Borrowing | 9.12 | 5.30 | 6.21 | 7.80 |
Amount in ₹ crore
The pre-IPO EPS is at ₹3.12 while the post-IPO EPS will be ₹2.44. Similarly, the pre-IPO Price to Earnings ratio is 23.05 and will become 29.57 post-IPO.
Victory Electric Vehicles International Limited is among the few manufacturers in India producing L5 category E-Rickshaws, and it continues to expand its product portfolio. The company offers a wide range of electric vehicles, including scooters and both passenger and cargo three-wheelers. Backed by strong technical expertise and experienced leadership, Victory is well-positioned in the evolving EV sector.
In FY 2022–23, the company recorded revenue of over ₹50 crore, reflecting its steady growth in production capacity and market reach. With an established pan-India dealer network, Victory plans to further strengthen its presence by expanding both geographically and across product segments.
Despite its achievements, Victory Electric Vehicles International Limited faces certain challenges. While being one of the few L5 E-Rickshaw manufacturers in India, the company operates in a highly competitive and evolving EV space that demands continuous innovation and scaling. Although it reported revenue of over ₹50 crore in FY 2022–23, maintaining steady growth while expanding production capacity could present operational pressures.
The company’s product range - spanning scooters, passenger, and cargo 3-wheelers is diverse, but catering to a wide segment may stretch resources. Additionally, while the leadership team brings technical and industry expertise, the company is still in the process of strengthening its geographic footprint and dealer network, which may impact short-term scalability.
Investing early in the IPO of Victory Electric Vehicles Limited offers a chance to be part of the company's growth journey in the electric mobility sector. However, prospective investors should evaluate various aspects such as the company’s financial performance, operational history, industry outlook, and future plans. It’s equally important to align this opportunity with one's personal investment goals and risk tolerance. Reviewing the offer document thoroughly and consulting a financial advisor is advisable to make a well-informed investment decision.
What is the Victory Electric Vehicles Limited IPO?
The Victory Electric Vehicles Limited IPO is an NSE SME offering consisting of 56.47 lakh equity shares with a face value of ₹5, aiming to raise ₹40.66 crore. The issue price has been set between ₹72 per share, with a minimum order quantity of 1,600 shares. This IPO will be open for subscription from May 20, 2025, to May 23, 2025. Corpwis Advisors Private Limited is the book-running lead manager, Maashitla Securities Private Limited is the registrar while Alacrity Securities Limited is the market maker.
When will the Victory Electric Vehicles IPO open?
The Victory Electric Vehicles Limited IPO will open for subscription on May 20, 2025, and will close on May 23, 2025.
When is the Victory Electric Vehicles IPO listing date?
The tentative listing date for the Victory Electric Vehicles Limited IPO is Wednesday, May 28, 2025.
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