EV manufacturer’s maiden public issue opens on May 20 at ₹72 per share; aims to fund capex, working capital
New Delhi, May 17, 2025 — Victory Electric Vehicles International Limited (VEVIL), a New Delhi-based electric vehicle manufacturer, is set to launch its Initial Public Offering (IPO) on the NSE Emerge platform. The fixed-price issue opens on May 20, 2025, and closes on May 23, 2025, with shares priced at ₹72 each.
The IPO consists of a fresh issue of 56.47 lakh equity shares, aggregating up to ₹40.65 crore, with no offer-for-sale component.
IPO Summary
| Particulars | Details |
|---|---|
| Issue Size | ₹40.65 crore |
| Issue Price | ₹72 per share |
| Face Value | ₹5 per share |
| Total Equity Shares | 56,47,000 |
| Market Maker Reservation | 2,83,800 shares (₹2.04 crore) |
| Net Issue | 53,63,200 shares (₹38.61 crore) |
| Lot Size | 1,600 shares |
| Listing Exchange | NSE Emerge |
| IPO Open & Close Dates | May 20 – May 23, 2025 |
Use of Proceeds
The company intends to use the net proceeds of ₹34.54 crore for:| Objective | Amount (₹ in crore) |
|---|---|
| Capital expenditure | 5.00 |
| Working capital requirements | 22.00 |
| General corporate purposes | 7.54 |
Company Overview
Victory Electric Vehicles International Limited, incorporated in 2018, is engaged in manufacturing electric rickshaws, cargo loaders, electric scooters, and customized three-wheelers, such as food and ice cream carts. The company primarily operates in Uttar Pradesh, Delhi, Bihar, Haryana, and Madhya Pradesh.Its business aligns with India's increasing focus on electric mobility, supported by government initiatives like the FAME scheme and long-term EV adoption targets.
Financial Highlights (₹ in lakh)
| Metric | Dec 31, 2024 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue from Operations | 3,950.69 | 4,844.28 | 5,190.91 | 4,740.83 |
| Net Profit | 389.12 | 489.22 | 78.80 | 64.55 |
| Net Worth | 1,359.19 | 970.07 | 423.85 | 277.55 |
| Borrowings | 911.76 | 530.49 | 621.13 | 779.62 |
| Adjusted EPS (Post Split) | ₹2.48 | ₹3.16 | ₹0.96 | ₹0.94 |
Key Risks
- A criminal case is pending against one of the promoters
- An insolvency petition has been filed by a customer
- Over 44% of revenue in the current year is linked to related party transactions
- Customer complaints remain pending and unresolved
- High dependence on a few states for a major share of revenue
Promoter Holding (Pre-IPO)
| Name | Holding |
|---|---|
| Seema | 55.81% |
| Sanjay Kumar Popli | 41.25% |
| Palak Poply | 0.34% |
| Total | 97.40% |
Lead Manager and Registrar
- Lead Manager: Corpwis Advisors Pvt. Ltd.
- Registrar: Maashitla Securities Pvt. Ltd.
Victory Electric Vehicles International’s IPO arrives at a time of heightened interest in the EV space. With a focused product portfolio and aggressive expansion plans, the company is looking to tap into India’s growing appetite for affordable and sustainable mobility solutions. However, investors are advised to assess ongoing legal matters and customer-related issues before making an investment decision.
