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Victory Electric Vehicles International Limited is an Indian manufacturer of electric vehicles, specializing in E-Rickshaws, E-Loaders, and E-Scooters. The company offers a diverse product portfolio that includes standard models and customized three-wheelers for specific applications like food and ice cream delivery. Led by Managing Director Sanjay Kumar Popli, the company leverages its R&D in battery technology and innovative design to serve customers across India through a robust distribution network.
Jan 12, 2026
Jan 16, 2026
Jan 21, 2026
SME
Closed
45 Cr
36.09 Cr
8.78 Cr
₹515 - ₹515
240
The net proceeds of the issue are proposed to be utilized for the following objectives:
To meet the working capital requirements of the company, with a proposed utilization of ₹11.00 crores to support projected business growth and operational needs.
To fund general corporate purposes, which may include meeting operational expenses, brand building activities, strategic initiatives, and other corporate exigencies. The amount for this purpose will not exceed 25% of the total issue proceeds.
19.63
26.23
17.86%
13.31%
17.86%
—
11.74%
18.26%
5.5
Diverse product portfolio including standard and customized E-rickshaws and E-scooters.
Experienced leadership with the Managing Director's background in electrical engineering and the EV sector.
Robust distribution network spanning across India.
In-house focus on R&D for battery technology and innovative, lightweight, durable designs.
Dependence on a single promoter for the 'VICTORY' trademark, which is not owned by the company but licensed via an agreement.
Lack of access to third-party financing or NBFCs for unregistered vehicles, potentially limiting customer financing options.
Reliance on imported battery cells from China through a promoter group company, creating supply chain dependency.
Relatively new company (incorporated in 2018) with a limited operating history compared to established players.
Rapidly growing EV market in India, with government targets for 80% EV adoption in three-wheelers by 2030.
Favorable government incentives like the FAME II scheme and PLI scheme to boost EV manufacturing and adoption.
Projected expansion of charging infrastructure in India, expected to reach 1.32 million stations by 2030.
Potential for international expansion and exporting EVs to select global markets in the future.
Supply chain vulnerabilities and price volatility due to dependence on critical raw materials like lithium and cobalt.
Intense market competition from both established automakers and numerous new EV startups entering the market.
Potential changes in government regulations or motor vehicle standards that could disrupt operations and increase compliance costs.
Economic downturns affecting consumer spending power and overall demand for new vehicles, including EVs.
Victory Electric Vehicles International Limited is an Indian manufacturer of electric vehicles, specializing in E-Rickshaws, E-Loaders, and E-Scooters. The company offers a diverse product portfolio that includes standard models and customized three-wheelers for specific applications like food and ice cream delivery. Led by Managing Director Sanjay Kumar Popli, the company leverages its R&D in battery technology and innovative design to serve customers across India through a robust distribution network.
The Narmadesh Brass Industries Ltd. IPO is scheduled to open for subscription on Jan 12, 2026 and close on Jan 16, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Narmadesh Brass Industries Ltd. IPO is ₹515 to ₹515. Investors can place bids within this range once the issue opens.
The minimum lot size for the Narmadesh Brass Industries Ltd. IPO is 240 shares. The minimum investment amount ₹1,23,600.
The total issue size of the Narmadesh Brass Industries Ltd. IPO is approximately ₹45.00. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Narmadesh Brass Industries Ltd. IPO has been subscribed 1.13 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Narmadesh Brass Industries Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Narmadesh Brass Industries Ltd. are expected to list on stock exchanges on Jan 21, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Narmadesh Brass Industries Ltd. IPO are proposed to be used for The net proceeds of the issue are proposed to be utilized for the following objectives:, To meet the working capital requirements of the company, with a proposed utilization of ₹11.00 crores to support projected business growth and operational needs., To fund general corporate purposes, which may include meeting operational expenses, brand building activities, strategic initiatives, and other corporate exigencies. The amount for this purpose will not exceed 25% of the total issue proceeds.
Before applying for the Narmadesh Brass Industries Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
