Victory Electric Vehicles IPO: All You Need to Know Before Investing
The Indian electric vehicle (EV) market is revving up, and a new player is set to hit the stock market. Victory Electric Vehicles International Limited, an established manufacturer of electric two-wheelers and three-wheelers, is launching its Initial Public Offering (IPO) soon. Here’s a comprehensive look at the Victory Electric Vehicles IPO, covering its dates, price, review, and allotment details to help you make an informed decision.
Victory Electric Vehicles IPO: Company Overview
Incorporated in October 2018, Victory Electric Vehicles International Limited has steadily carved a niche in the burgeoning EV sector. The Haryana-based company specializes in designing, manufacturing, and distributing a diverse portfolio of electric vehicles, including:
- E-Rickshaws: Passenger and Cargo/Loader variants.
- Electric Scooters: A range of models like Victory Ventura, Vero, and Vero Smart.
- Customized E-Three-Wheelers: Catering to specific needs such as food delivery vehicles and ice cream vending units.
- The company also manufactures high-power electric grid panels, industrial electric panels, and LITHIUM-ION BATTERIES for EVs.
Victory Electric Vehicles aims for a cleaner and greener future, aligning with global efforts to reduce carbon emissions. With a strong presence in 12 Indian states and a growing dealer network extending to South Asia (Nepal, Sri Lanka, Maldives), the company emphasizes quality, customer satisfaction, and advanced technology in its products. As of June 30, 2024, the company had 110 permanent employees.
IPO Dates and Key Details
The Victory Electric Vehicles IPO is a fixed-price issue aiming to raise ₹40.66 crores. The entire issue consists of a fresh issue of 56.47 lakh equity shares.
Here are the key dates and details:
- IPO Opening Date: Tuesday, May 20, 2025
- IPO Closing Date: Friday, May 23, 2025
- Face Value: ₹5 per share
- Issue Price: ₹72 per share
- Lot Size: 1,600 shares
- Minimum Investment (Retail): ₹1,15,200 (1 lot)
- Minimum Investment (HNI): ₹2,30,400 (2 lots)
- Listing At: NSE SME
- Total Issue Size: 56,47,000 shares (aggregating up to ₹40.66 Cr)
- Issue Type: Fixed Price IPO
Tentative IPO Timeline
- IPO Open Date: May 20, 2025
- IPO Close Date: May 23, 2025
- Basis of Allotment Finalization: Tuesday, May 27, 2025
- Initiation of Refunds: Tuesday, May 27, 2025
- Credit of Shares to Demat Account: Tuesday, May 27, 2025
- Tentative Listing Date: Wednesday, May 28, 2025
Financial Performance (Amounts in ₹ Crore)
Victory Electric Vehicles has shown a fluctuating but overall positive financial trajectory:
| Particulars | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 37.55 | 21.94 | 19.17 | 20.82 |
| Revenue | 39.68 | 48.76 | 52.14 | 48.14 |
| Profit After Tax | 3.89 | 4.89 | 0.79 | 0.65 |
| Net Worth | 13.59 | 9.70 | 4.24 | 2.78 |
| Total Borrowings | 9.12 | 5.30 | 6.21 | 7.80 |
Review and Valuation
The electric vehicle market in India is experiencing exponential growth, with government initiatives and increasing consumer awareness driving demand. Victory Electric Vehicles positions itself to capitalize on this surge, especially in the two-wheeler and three-wheeler categories.
Strengths identified include:
- Experienced management team with industry expertise.
- Strong presence across 12 Indian states.
- Diversified product portfolio, including customized options.
- Steady growth in manufacturing capabilities and revenue.
- Focus on eco-friendly and cost-effective mobility solutions.
However, potential risks and weaknesses to consider are:
- High dependence on a limited number of EV models for revenue.
- The broader challenge of inadequate public charging infrastructure in India.
- Reliance on third-party logistics without formal contracts.
- Premises being on short-term lease from the promoter group.
Valuation Metrics (as of Dec 31, 2024, annualized):
- Market Capitalization: ₹153.41 Cr
- P/E Ratio: 29.57 times (Pre-IPO EPS: 3.12, Post-IPO EPS: 2.44)
- P/BV: 2.83 times
- RoE: 28.62%
- PAT Margin: 9.80%
Compared to industry peers, the IPO seems to be fairly priced on a P/E ratio basis.
Allotment Details: How to Check
The basis of allotment for the Victory Electric Vehicles IPO is expected to be finalized on Tuesday, May 27, 2025. Once finalized, you can check your allotment status through the registrar’s official website, Maashitla Securities Private Limited.
Steps to check allotment status:
- Visit the registrar’s website (Maashitla Securities Private Limited).
- Select “Victory Electric Vehicles” from the list of companies.
- Choose one of the following options to check your status:
- PAN Number
- IPO Application Number
- DP Client ID/Demat account number
- Enter the required details and click “Search.”
You will also receive notifications regarding your allotment status from your bank and broker via email and SMS. The allotted shares are expected to be credited to your Demat account by May 27, 2025.
Conclusion
The Victory Electric Vehicles IPO presents an opportunity for investors looking to participate in India’s rapidly expanding EV sector. With its diversified product range, growing market presence, and experienced management, the company appears well-positioned to leverage the industry’s growth. However, like any investment, it comes with its own set of risks that investors should carefully evaluate before subscribing. It is advisable to conduct your own due diligence and consult with a financial advisor. Sources