Vaibhav Vyapaar IPO
Vaibhav Vyapaar shares listed on NSE SME on 21 October 2026 after an IPO priced at ₹54, an issue of ₹42.10 crore.
- Minimum investment
- ₹2,16,0002 lots of 2,000 shares, at the issue price
- Issue price
- ₹54
- Lot size
- 2,000 sharesApply for 2 lots minimum
- Issue size
- ₹42.10 croreFresh issue only
- Bidding
- 13 Oct to 15 Oct
- Listing
- 21 OctNSE SME
Dates
Vaibhav Vyapaar IPO dates
RHP cover page and Terms of the Issue- 12 OctAnchor bidding
- 13 OctBidding opens
- 15 OctBidding closes, UPI by 5 pm
- 16 OctAllotment
- 19 OctDemat credit
- 21 OctListing
- Today7 Nov
Read before you apply
Vaibhav Vyapaar IPO review: read before you apply
Worth checking
- SeriousValuation against profit
At ₹54, the P/E on FY26 EPS of ₹1.22 is 44.3x (our calculation). The RHP's industry average is 26.27x, and its two peers with a P/E are at 30.53x and 22.00x.
- SeriousAll loans are unsecured
The whole loan book is unsecured personal loans, often to first-time and lower-income salaried borrowers, who carry a higher risk of default (Risk factors 1 and 5).
- Bad loans
Gross NPA was 4.71% in March 2026 and 4.56% in July 2026. Net NPA was 2.94% in March 2026.
- Small and thinly profitable
Return on equity was 6.99% in FY26. Profit in April to July 2026 (₹3.01 crore) was already higher than all of FY26, but four months is a short record.
- One promoter owns almost everything
Capfront Technologies owns 99.98% before the IPO and about 72.3% after it (our calculation).
- Depends on app stores and its platform
Loans are made through the LoanFront app, so app store rules or system outages could stop lending (Risk factors 8 and 11).
Strengths
- Loan book is growing
Assets under management grew 48.95% in FY26 to ₹70.68 crore.
- Bad loans are falling
Gross NPA fell from 6.72% in FY24 to 4.56% in July 2026.
- Fresh money into the business
The whole issue is new shares, and ₹32 crore goes to its capital base for lending.
- Very few legal cases
The RHP shows no cases against the company or promoters, and one small tax case against a director.
What Vaibhav Vyapaar does
Vaibhav Vyapaar is an RBI-registered NBFC. It gives unsecured personal loans to salaried and self-employed people through its LoanFront digital platform, on its own and with partner lenders. It also sells its app and technology services to other NBFCs.
Its registered office is in Kolkata and its corporate office is in Bengaluru. It is promoted by Capfront Technologies and Itha Venkata Raghava Gowrinath.
Listing and subscription
Vaibhav Vyapaar IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹54
- Listing price
- ₹52.9
- Gain at open
- −2.0%
- Day close
- ₹53.05
Subscription
The final category-wise numbers from NSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Vaibhav Vyapaar IPO price band, lot size and issue size
RHP cover page and The Issue. Issue size in rupees is our calculation at ₹54.| Issue price | ₹54 |
| Lot size | 2,000 shares, minimum 2 lots (4,000 shares) |
| Issue size | ₹42.10 crore, 77,96,000 shares |
| Fresh issue | ₹42.10 crore |
| Face value | ₹5 per share |
| Market maker | 3,90,000 shares (₹2.11 crore) for Prabhat Financial Services Limited |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
Shares of the net issue after the market maker portion, under Regulations 229(2) and 253 of the SEBI ICDR rules.
What the company will do with the money
RHP, Objects of the Issue| Object of the issue | ₹ crore |
|---|---|
| Add to capital, to support future lending | 32.00 |
| General corporate purposes (up to 15% of the issue or ₹10 crore, whichever is lower) |
Minimum and maximum investment
Our calculation: at ₹54 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 4,000 | ₹2,16,000 |
| Small NII (min) | 3 | 6,000 | ₹3,24,000 |
| Small NII (max) | 9 | 18,000 | ₹9,72,000 |
| Big NII (min) | 10 | 20,000 | ₹10,80,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Issue Price (p. 88)Set to the issue price, ₹54. Change it to see what you would be paying for.
- Market cap
- ₹152 cr
- P/E (FY26)
- 44.3x
- Price to book
- 3.2x
- Market cap to sales
- 4.1x
- Peer average P/E
- 26.27x
Based on FY26 EPS of ₹1.22, 2.82 crore shares, net worth of ₹47.20 crore (July 2026) and revenue of ₹36.80 crore. Shares after the IPO, from the RHP share counts (our calculation).
Financials
Vaibhav Vyapaar financials
RHP, Restated Financial Statements and KPIs, ₹ croreRevenue and profit
Revenue grew 46.91% in FY26 after a flat FY25 (RHP KPIs).
| ₹ crore | FY24 | FY25 | FY26 | Apr to Jul 2026 |
|---|---|---|---|---|
| Revenue from operations | 25.25 | 25.05−0.8% | 36.80+46.9% | 18 |
| EBITDA | 5.38 | 7.07 | 10.84 | 7.51 |
| Profit after tax | 0.45 | 1.48+228.9% | 1.97+33.1% | 3.01 |
| EPS (₹) | 0.28 | 0.92 | 1.22 | 1.66 |
| Total equity | 25.74 | 27.22 | 29.19 | 47.20 |
| Borrowings | 26.76 | 22.66 | 46.80 | 37.90 |
| Cash from operations | -4.34 | 0.31 | -18.44 | 2.09 |
April to July 2026 is four months and is not annualised. For a lender, cash from operations includes new loans given out, so it is often negative when the loan book grows.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 88). Peer P/E taken from BSE on 7 Oct 2026.| Company | EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|
| Vaibhav Vyapaar | 1.22 | 44.3x at ₹54 (ours) | 6.75% | 18.13 |
| Paisalo Digital | 2.59 | 30.53x | 13.24% | 19.49 |
| Apollo Finvest (India) | 18.63 | 22.00x | 9.36% | 199.03 |
| Moneyview | 0.76 | NA | 5.85% | 52.78 |
The industry average P/E of 26.27x is from the RHP (p. 88), taken from BSE on 7 Oct 2026.
Key performance indicatorsGross NPA, Net NPA, EBITDA margin and more
| Metric | FY24 | FY25 | FY26 | Apr to Jul 2026 |
|---|---|---|---|---|
| Gross NPA | 6.72% | 5.25% | 4.71% | 4.56% |
| Net NPA | 0.60% | 1.73% | 2.94% | 1.72% |
| EBITDA margin | 21.31% | 28.24% | 29.47% | 41.72% |
| Return on equity | 1.82% | 5.59% | 6.99% | 7.87% |
| Debt to equity | 1.04 | 0.83 | 1.60 | 0.80 |
April to July 2026 return on equity is for four months only.
RHP, Basis for Issue Price, KPIs (p. 90)
Company
About Vaibhav Vyapaar
Business
RHP, Basis for Issue Price, operational KPIsPart of the lending is done with other lenders and kept off the company's books. Off-book loans were 12.64% of AUM in FY26, down from 28.05% in FY25.
AUM, FY26
- AUM, Mar 2026
- ₹70.68 crore
- Gross NPA, Jul 2026
- 4.56%
- Net NPA, Jul 2026
- 1.72%
- Debt to equity, Jul 2026
- 0.80
Key risks
RHP, Risk Factors (p. 28)- Unsecured loansThe whole loan book is unsecured personal loans.
- State concentrationLoans come from a limited set of states.
- Interest ratesChanges in interest rates affect the lending margin.
- Borrower defaultsBorrowers carry a higher risk of default.
- Platform riskLending depends on the LoanFront app and its systems.
- Capital needsGrowth needs steady access to borrowing and capital.
- RBI inspectionsAs an NBFC it faces periodic RBI inspections.
- Co-lending partnersArrangements with other NBFCs could end early.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter the IPO the promoters hold about 72.3% (our calculation).
Capfront Technologies owns 99.98% before the IPO and promoter Itha Venkata Raghava Gowrinath holds 3,996 shares. After the IPO the promoters hold about 72.3% (our calculation).
| Shareholder | Shares | Before IPO | After IPO (ours) |
|---|---|---|---|
| Capfront Technologies Private Limited (promoter) | 2,03,82,415 | 99.98% | 72.32% |
| Itha Venkata Raghava Gowrinath (promoter) | 3,996 | 0.02% | 0.01% |
RHP, Capital Structure
IndustryBank credit in India, 3 October 2025: ₹1,92,66,107 crore
- Bank credit in India, 3 October 2025
- ₹1,92,66,107 crore
- Private credit deals in 2024
- ₹58,120 crore across over 230 deals
These are economy-wide credit figures, not the digital personal loan segment the company works in.
RHP, Industry overview (p. 105 and p. 113), citing public sources
LitigationAgainst the company: 0 · Against promoters: 0 · Against directors: tax: 1
| Type | Cases | Amount |
|---|---|---|
| Against the company | 0 | |
| Against promoters | 0 | |
| Against directors: tax | 1 | ₹0.78 lakh |
RHP, Risk Factor 41 and Outstanding Litigations (p. 198)
Company detailsLegal name, registered office, CIN and website
| Legal name | Vaibhav Vyapaar Limited |
| Type | NBFC registered with the RBI |
| Lending app | LoanFront |
| Promoters | Capfront Technologies, Itha Venkata Raghava Gowrinath |
| Market maker | Prabhat Financial Services Limited |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Vaibhav Vyapaar IPO allotment status
Out from 16 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Vaibhav Vyapaar LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeNSE's IPO bid verification page works too.
Documents
Questions
Vaibhav Vyapaar IPO FAQs
When does the Vaibhav Vyapaar IPO open and close?
The Vaibhav Vyapaar IPO opens on Tuesday, 13 October 2026 and closes on Thursday, 15 October 2026. Anchor bidding is on 12 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Vaibhav Vyapaar IPO price band and lot size?
The price is ₹54 per share. The lot size is 2,000 shares, so the minimum application is 4,000 shares, or ₹2,16,000 at the upper price.
What is the Vaibhav Vyapaar IPO size?
The Vaibhav Vyapaar IPO is of ₹42.10 crore. It is a fresh issue only.
What is the Vaibhav Vyapaar IPO allotment date?
Allotment is on Friday, 16 October 2026. Refunds and demat credit are expected on 19 October 2026.
What is the Vaibhav Vyapaar IPO listing date?
Vaibhav Vyapaar shares are due to list on NSE SME on Wednesday, 21 October 2026.
Who is the registrar of the Vaibhav Vyapaar IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on NSE using your PAN or application number.
What does Vaibhav Vyapaar do?
Vaibhav Vyapaar is an RBI-registered NBFC that gives unsecured personal loans through its LoanFront digital lending app.
What does Vaibhav Vyapaar do?
It is an NBFC that gives unsecured personal loans to salaried and self-employed people through its LoanFront app.
What will Vaibhav Vyapaar do with the IPO money?
₹32 crore goes to its capital base for lending, and the rest to general corporate purposes and issue costs.
What was the Vaibhav Vyapaar IPO price?
The final issue price was ₹54 a share. Shares listed on NSE Emerge on 21 Oct 2026, opening at ₹52.90 (NSE bhavcopy).
| IPO | Price band | Issue size | Subscribed | Allotment | Listing |
|---|---|---|---|---|---|
| Vedant Poly Fabs IPO SMENSE SME · Flexible packaging (films and laminates)Almost all revenue from West Bengal | ₹88 to ₹94Min. ₹2,25,600 | ₹56.68 crore | n/a / 0.00xretail / total | Allotment out 5 NovRefunds and demat credit 6 Nov | Lists 9 Nov |
| Antala Industries IPO SMEBSE SME · Packaging (BOPP and PP woven bags and rolls)Operating cash flow negative in FY25 and FY26 | ₹62 to ₹66Min. ₹2,64,000 | ₹22.98 crore | BSE figures awaited | Allotment out 6 NovRefunds and demat credit 9 Nov (expected) | Lists 11 Nov (expected) |
| IPO | Listed | Issue price | Listing price | Change | Subscribed | Issue size |
|---|---|---|---|---|---|---|
| HGS (India) IPO SMENSE SME · Seismic equipment (geophones and seismic cables) | 6 Nov | ₹120 | ₹160Day-one close ₹168 | +33.3% | 0.00xTotal | 28.80 lakh shares |