Victory Electric Vehicles IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | September 2025 |
|---|---|---|---|---|
| Revenue | 52.14 | 48.76 | 51.06 | 16.90 |
| Expense | 51.04 | 42.19 | 44.05 | 14.73 |
| Profit (PAT) | 0.79 | 4.89 | 5.17 | 1.62 |
| Total Assets | 19.17 | 21.94 | 31.29 | 33.19 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Wardwizard Innovations & Mobilitity Limited | 32.58 | 0.26 | 7 |
| Tunwal E-Motors Limited | 15.32 | 2.32 | 19 |
Promoters: Sanjay Kumar Popli, Seema and Palak Poply
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,56,60,000 | 97.41% |
| Promoter Holding Post Issue | 2,40,90,000 | 63.33% |
Company Information
Victory Electric Vehicles International Limited is involved in the design, production, and distribution of electric vehicles. Moreover, it was incorporated in October 2018. The company provides a diverse range of products, including E-rickshaws, E-Cargo/Loader E-rickshaws, and electric scooters. The company’s portfolio is beyond expectations, as they offered customized E-Three wheelers for specific purposes like food vending and ice cream sales. The company delivers eco-friendly and sustainable transportation solutions through its extensive lineup of electric two-wheelers, three-wheelers, and commercial vehicles. Victory Electric Vehicles International Limited aims to contribute to the global shift towards green energy by promoting the adoption of electric transportation. Financially, the revenue 2024 of Victory Electric Vehicles was 39.68 crore, and PAT(profit After Tax) was 3.89 crore.
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure | 5.00 |
| Working Capital Requirement | 18.00 |
| General Corporate Purposes | 6.78 |
Resources & Documents
Victory Electric Vehicles International Limited, Plot no 6, Second Floor, A-5, Maa Bhagwati Apartment, Paschim Vihar
Victory Electric Vehicles has set a price band of Rs 39–Rs 41 per share in the electric vehicles sector. The stock listed with a 20.12% discount versus its issue price on January 14, 2026.
Victory Electric Vehicles International Limited is involved in the design, production, and distribution of electric vehicles. Moreover, it was incorporated in October 2018. The company operates in the electric vehicles space.
The issue is promoted by Sanjay Kumar Popli, Seema and Palak Poply with Corpwis Advisors Private Limited acting as lead manager. Net proceeds will primarily be used towards Capital Expenditure (Rs 5 crore) and Working Capital Requirement (Rs 18 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 1.00x, retail at 0.99x, NII at 0.38x.
At the upper end of the price band, the issue is priced at a post-issue P/E of 12.42x. On fundamentals, the company is posting revenue growth of 4.7%, a profit margin of 10.1%, return on equity of 42.1% in its most recent reported period. Listed peers in this segment include Tunwal E-Motors Limited (P/E 15.32x, market cap Rs 19 crore) and Wardwizard Innovations & Mobilitity Limited (P/E 32.58x, market cap Rs 7 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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