Victory Electric Vehicles IPO: Price, Allotment, Date And GMP

Victory Electric Vehicles IPO- Complete Overview

Victory Electric Vehicles IPO under the SME IPO category is a fixed price issue of Rs. 40.66 Cr from Victory Electric Vehicles Limited as of 2023, and engages in the designing, manufacturing and distributing of electric vehicles.

The company showcases an electric two and three-wheeler along with commercial vehicles, showing a proactive approach towards sustainability. The firm is adapting to the global change towards renewable energy by encouraging the use of electric vehicles.

It deals in products like E-Rickshaws, E-Cargo/Loader E-Rickshaws, and Scooters and offers the conventional line-up, as well as the more untraditional, such as the custom-built E-Three Wheelers that vary from the Food Three-Wheelers to the Ice Cream Three-Wheelers.

These are vehicles that host cutting-edge technologies such as lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features.

The company provides the domestic as well as international markets with an opportunity to use a product that promises reliable performance, low cost of ownership, and very low environmental impact.

It envisages a clean and green world by way of decreasing carbon emissions and dependence upon fossil fuels.

Victory Electric Vehicles IPO Overview

The Victory Electric Vehicles IPO begins on May 20, 2025, and ends on May 23, 2025. 

The Rs. 40.66 crore new SME IPO comprises a fresh issue of 56.47 lac Shares. 

This upcoming IPO is available from May 20 to May 23, 2025. The Victory Electric Vehicles IPO price is Rs. 72 for each Share. 

The expected Victory Electric Vehicles IPO listing date is May 28, 2025, and listing at the NSE and SME.

Click to open demat account and apply for the IPO.

 

 

Company Financial

(Amount in Lac)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	37.55	21.94	19.17
Total Revenue	39.68	48.76	52.14
PAT	3.89	4.89	0.79
Net Worth	13.59	9.70	4.24
Reserves & Surplus	5.76	7.09	2.20
Borrowings	9.12	5.30	6.21

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Dec 2024	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	959.29	215.16	252.03
Net Cash Flow Investing Activities	(110.58)	(89.97)	(143.10)
Net Cash Flow Financing Activities	302.26	(83.42)	(154.84)

 

Revenue Bifurcation

Product-wise breakdown

 

Geography-wise breakdown

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Capital expenditure.

• Working capital needs for funding.

• General corporate purposes.
  
  

Click to check the IPO application status.

 

 

Peers of Victory Electric Vehicles Ltd. 

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Wardwizard Innovations & Mobility Limited	1	0.54	37.69
Tunwal E-motors Limited	2	2.85	10.74

 

Evaluation

The Victory Electric Vehicles Limited IPO price is Rs. 72 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs. 18.95 from the last year, the resulting P/E ratio is 22.78x.

Considering the weighted EPS of Rs. 12.34 for the last three years, the P/E ratio is 34.95x.

 

Accretion Pharmaceuticals IPO allotment is available now.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 24.21.

Particulars	P/E Ratio (x)
Highest	37.69
Lowest	10.74
Average	24.21

In simple words, the P/E ratio of this IPO (22.78x), compared with the industry’s average P/E of 24.21x, has an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• An experienced management team that has an in-depth network of associations in the industry.

• Creating customer-oriented strategies.

• Get themselves to be very technical- tech savvy.

• A very ethical relationship with the customer.
  
  

IPO’s Weaknesses

• The revenue is concentrated within a few clients and specific industries. Losing any key clients or these industries suffering due to external factors will have a negative financial impact. 

• Non-compliance creates the possibility of operational restrictions and/or penalties. All non-compliance also focuses on environmentally regulated industries. 

• The company risks facing disruptions to its supply chain and manufacturing processes, timeliness, and the availability of needed materials at the customary rates, which can dampen profitability.

 

Victory Electric Vehicles IPO GMP

Victory Electric Vehicles IPO GMP has not started yet as of 16 May 2025. Hence, its estimated listing price is Rs. 72.

IPO Timetable (Tentative)

 

 

The Victory Electric IPO date of subscription is May 20 to May 23, 2025, allotment on May 27, refund initiation on May 27, and listing on May 28, 2025.

Events	Date
IPO Opening Date	May 20, 2025
IPO Closing Date	May 23, 2025
IPO Allotment Date	May 27, 2025
Refund Initiation	May 27, 2025
IPO Listing Date	May 28, 2025

 

Victory Electric Vehicles IPO Details 

The IPO with a Face Value of Rs. 5 per share offers a total issue size of 56,47,000 Shares (Rs. 40.66 Cr).

IPO Opening & Closing date	20 May, 2025 to 23 May, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 72 per Share.
Lot Size	1600 Shares
Issue Size	56,47,000 Shares (Rs. 40.66 Cr)
Offer for Sale	-
Fresh Issue	56,47,000 Shares (Rs. 40.66 Cr)
Listing at	NSE, SME
Issue Type	Fixed Price Issue
Registrar	Maashitla Securities Private Limited

 

IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (1600 Shares) amounting to Rs. 1,15,200 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (3200 Shares) amounting to Rs. 2,30,400.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

 

The Integrity Infrabuild Developers IPO allotment status is available now.

 

IPO Reservation (% of Net Issue)

Other’s Portion	50%
Retail’s Portion	50%

 

Promoters And Management of Victory Electric Vehicles Ltd.

• Sanjay Kumar Popli

• Seema

• Palak Poply

Pre-Issue Promoter Shareholding	97.41%
Post-Issue Promoter Shareholding	71.60%

 

IPO Lead Managers

• Corpwis Advisors Private Limited.
  
  
  

Dividend Policy

The company hasn’t paid a dividend in the last three fiscal years. 

 

 

Conclusion

The Victory Electric Vehicles IPO is an invitation into the expanding EV sector after backing with solid financials and an even more visionary product line. Fairly valued in comparison with its industry peers, it has an appeal to investors looking at green ventures. The SME IPO shall commence with a fixed price of Rs.72 per share. 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.