Vaibhav Vyapaar Limited
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.61×
- Big non-institutionalbNII · above ₹10 lakh
- 7.87×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.20×
- Retail individualRII · up to ₹2 lakh
- 2.70×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 14,94,000 | 23,98,000 | ₹12.95 Cr | 1.61× |
| Non-institutional | 11,16,000 | 74,20,000 | ₹40.07 Cr | 6.65× |
| Big non-institutionalwithin NII | 7,44,000 | 58,58,000 | ₹31.63 Cr | 7.87× |
| Small non-institutionalwithin NII | 3,72,000 | 15,62,000 | ₹8.43 Cr | 4.20× |
| Retail individual | 25,96,000 | 70,04,000 | ₹37.82 Cr | 2.70× |
| Total | 52,06,000 | 1,68,22,000 | ₹90.84 Cr | 3.23× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 15 Oct, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 13 Oct 2026 – 15 Oct 2026
- Listing date
- 21 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹51 – ₹54
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹42.10 Cr
- Fresh issue
- ₹39.99 Cr 74,06,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 99.99% → 72.34% pre-issue → post-issue
- ISIN
- INE1KAA01025
- CIN
- U51909WB2009PLC133054
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GetFive Advisors Pvt.Ltd.
- Registered office
- Arch Square-X2, Unit-1406, 14th Floor, EP-GP Block, Sector V, Bidhannagar, Kolkata, Bidhan Nagar CK Market, North 24 Parganas, Saltlake, West Bengal, India, 700091
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 14,94,000 | 28.70% | 26.70% |
| Anchor investor · within QIB | 22,00,000 | — | 39.31% |
| NII (HNI) | 11,16,000 | 21.44% | 19.94% |
| bNII > ₹10L · within NII | 7,44,000 | — | 13.30% |
| sNII < ₹10L · within NII | 3,72,000 | — | 6.65% |
| Retail (RII) | 25,96,000 | 49.87% | 46.39% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,90,000 | — | 6.97% |
| Total issue | 55,96,000 | — | 100.00% |
Net offer to the public of 52,06,000 shares, out of a total issue of 55,96,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.97 | 3.20 |
| P/E (×) | 55.67 | 16.88 |
| Price to book (×) | 2.98 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
- Return on net worth
- 6.75%
- ROCE
- 16.00%
- Debt / equity
- 1.60
- PAT margin
- 5.36%
- EBITDA margin
- 29.47%
- NAV per share
- ₹18.13
- Price to book
- 2.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 |
|---|---|---|
| Profit and loss | ||
| Total income | 37.64 | 25.34 |
| Revenue from operations | 36.8 | 25.05 |
| Other income | 0.84 | 0.3 |
| Total expenses | 34.48 | 24.32 |
| Operating profit | 3.16 | 1.02 |
| Operating margin | 8.40% | 4.03% |
| Profit before tax | 3.15 | 1.03 |
| Profit after tax | 1.97 | 1.48 |
| PAT margin | 5.23% | 5.84% |
| Balance sheet | ||
| Total assets | 84.23 | 55.04 |
| Current assets | 76.7 | 46.74 |
| Current liabilities | 47.93 | 16.12 |
| Total liabilities | 55.04 | 27.82 |
| Net worth | 29.19 | 27.22 |
| Current ratio | 1.60× | 2.90× |
| Return on equity | 6.75% | 5.44% |
| Cash flow | ||
| Operating cash flow | -18.44 | 0.31 |
| Investing cash flow | -3.3 | 3.7 |
| Financing cash flow | 23.6 | -4.68 |
| Net cash flow | 1.86 | -0.67 |
Objects of the issue
1 Augment the Capital Base of the Company ₹32 Cr
The company, being an RBI-registered NBFC, intends to utilize a portion of the Net Proceeds to strengthen its capital base and support future business growth, particularly for onward lending activities arising from the continued expansion of its operations and assets.
2 General Corporate Purposes —
The remaining Fresh Issue proceeds are intended to be used for general corporate purposes, including covering operating expenses, strategic initiatives, and addressing unforeseen contingencies, subject to a cap of 15% of gross proceeds or Rs crores, whichever is less.
3 Issue Related Expenses —
A portion of the Issue proceeds is allocated to cover issue-related expenses, including underwriting and management fees, printing and distribution expenses, advertisement expenses, legal fees, and listing fees.
2 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Vaibhav Vyapaar Limited
Vaibhav Vyapaar Limited was originally incorporated as Vaibhav Vyapaar Private Limited on 24.02.2009 under the Companies Act, 1956, and was later converted to a public limited company, with its name changed to Vaibhav Vyapaar Limited and a fresh certificate of incorporation dated 02.06.2026. The Company is regulated by the Reserve Bank of India as an NBFC, with its registered office in Kolkata, West Bengal and its corporate office in Bangalore, Karnataka. It offers unsecured personal loans to salaried and self-employed individuals, with customer onboarding, credit assessment, loan disbursement and servicing conducted largely digitally through its proprietary platform, "LoanFront". As of 31.07.2026, the Company's total AUM was 8,124.05 lakhs, comprising on-book loans of 6,822.76 lakhs and off-book loans of 1,301.29 lakhs, the latter facilitated through partnerships with other financial institutions. The Company is a subsidiary of its holding company, Capfront Technologies Private Limited, which is also a promoter, and it had no subsidiaries as of the date of the Red Herring Prospectus.
Management
Itha Venkata Raghava Gowrinath
MD
Ganeshprasad R Pavaskar
Director
Satyanarayana Reddy Veera Venkata Mallidi
COO
Pankaj Kumar Sharma
Director
Swati Grover
Director
Natarajan Gopal
Director
Bhawesh Jhabak
CFO
Aditya Singh Solanky
Director of HR
Strengths
As stated in the offer document
Market Understanding and Customer Insights
The company has gained knowledge of market conditions and economic patterns through its 'LoanFront' platform, with approximately 86 lakh registered users, ~18 lakh KYC-verified users, and ~24 lakh loans disbursed to ~5 lakh customers as of March 31, 2026; approximately 75% of the outstanding loan portfolio comprised repeat borrowers.
Digital Lending Platform
The company operates a proprietary digital lending platform, 'LoanFront,' built on a modular technology architecture integrating payment gateways, credit bureaus, banking partners, and identity verification providers, supporting end-to-end loan lifecycle management in compliance with RBI digital lending guidelines.
Experienced Management Team
The company is led by a promoter and Managing Director with over 17 years of experience in technology-led operations, and a Whole-time Director with over 13 years across consulting and analytics, with the combined senior management team covering digital lending, credit underwriting, risk management, and regulatory compliance.
Disciplined Underwriting Framework and Robust Risk Management
The company has implemented a technology-enabled underwriting and risk management framework incorporating credit bureau data, customer profiling, repayment history, and AI/ML-driven models, with GNPA improving from 6.72% in FY2024 to 4.56% as of July 31, 2026, and 90+ DPD (1st EMI) declining from 5.82% to 3.10% over the same period.
Risk factors
As stated in the offer document
Unsecured Lending Operations and Credit Default Risk
The company's entire loan portfolio consists of unsecured personal loans to salaried and self-employed individuals, exposing it to elevated credit risk and lower recovery rates. GNPA stood at 4.56% (July 2026), 4.71% (March 2026), 5.25% (March 2025), and 6.72% (March 2024), with Closing Gross NPA at ₹311.34 lakhs as of July 31, 2026.
Interest Rate Volatility Impacting Net Interest Income and Margins
The company's financial performance is substantially dependent on net interest income, which is highly sensitive to RBI monetary policy, macroeconomic conditions, and market liquidity. Finance costs rose from ₹402.21 lakhs (FY2024) to ₹664.44 lakhs (FY2026), and any increase in borrowing costs without corresponding lending rate adjustments could materially compress margins.
Technology Infrastructure Dependency and Cybersecurity Risks
The company's end-to-end lending operations — including customer onboarding, credit assessment, loan disbursement, and collections — are entirely dependent on its proprietary 'LoanFront' digital platform and third-party technology vendors. Any system failure, cyber-attack, data breach, or third-party service disruption could halt operations, result in regulatory penalties, and cause significant reputational and financial damage.
Capital Adequacy and Negative Operating Cash Flows
The company recorded negative operating cash flows of ₹(1,843.74) lakhs in FY2026 and ₹(434.15) lakhs in FY2024, raising concerns about sustained liquidity. While CRAR stood at 43.80% as of July 2026, continued portfolio growth may require additional Tier I and Tier II capital, and any regulatory changes to provisioning norms could adversely affect the company's capital position.
RBI Regulatory Non-Compliance and Reporting Inaccuracies
The company failed to obtain prior RBI approval for a change in Board composition as required under NBFC regulations, and identified inaccuracies in regulatory reporting (DNBS02 return for FY2024) due to incorrect NPA recognition and provisioning policies. These instances could result in penalties, supervisory actions, restrictions on business operations, and reputational harm.
Geographic Concentration of AUM
A substantial portion of the company's AUM is concentrated in select states, with Uttar Pradesh (₹475.00 lakhs), West Bengal (₹415.27 lakhs), and Gujarat (₹241.11 lakhs) comprising the largest exposures as of July 31, 2026. Any adverse economic, regulatory, or climatic developments in these regions could disproportionately impact portfolio quality and business performance.
Dependence on Third-Party Lending Partners and Off-Book Loan Arrangements
Off-book loans constituted 16.02% of total AUM (₹1,301.29 lakhs) as of July 31, 2026, and the company's operations are significantly dependent on continued co-lending and loan assignment arrangements with NBFCs and banks. Any premature termination, non-renewal, or adverse regulatory changes affecting these arrangements could materially reduce loan origination capacity and revenue.
Inadequate Stamp Duty on Business Transfer Agreement and NCD Compliance Failures
The company did not pay appropriate stamp duty on a Business Transfer Agreement executed with its holding company, Capfront Technologies Private Limited, exposing it to potential adjudication, penalties, and interest charges. Additionally, procedural non-compliances related to Non-Convertible Debentures — including failure to obtain ISIN prior to issuance and pending CHG-9 charge registrations — may attract regulatory observations and penalties.
Substantial Capital Requirements and Debt Covenant Restrictions
The company's total borrowings stood at ₹3,790.11 lakhs (July 2026) with a debt-to-equity ratio of 0.80x, and its ability to raise further capital depends on market conditions, regulatory environment, and operational performance. Financing arrangements contain restrictive covenants requiring lender consent for key corporate actions, and any breach could result in acceleration of debt obligations or termination of credit facilities.
Domain Name Ownership Risk and Brand Dependency on 'LoanFront'
The company's digital operations are substantially dependent on a domain name legally registered in the name of its holding company, Capfront Technologies Private Limited, used only under a No Objection Certificate. Any revocation, non-renewal, or dispute over the domain, combined with risks to the 'LoanFront' trademark from infringement or adverse publicity, could severely disrupt customer onboarding, brand recognition, and overall business continuity.
Company Analysis
from RHPVaibhav Vyapaar Limited is a non-banking financial company that provides unsecured personal loans through its digital lending platform, spanning NBFC and digital lending.
Vaibhav Vyapaar Limited was originally incorporated as Vaibhav Vyapaar Private Limited on 24.02.2009 under the Companies Act, 1956, and was later converted to a public limited company, with its name changed to Vaibhav Vyapaar Limited and a fresh certificate of incorporation dated 02.06.2026. The Company is regulated by the Reserve Bank of India as an NBFC, with its registered office in Kolkata, West Bengal and its corporate office in Bangalore, Karnataka. It offers unsecured personal loans to salaried and self-employed individuals, with customer onboarding, credit assessment, loan disbursement and servicing conducted largely digitally through its proprietary platform, "LoanFront". As of 31.07.2026, the Company's total AUM was 8,124.05 lakhs, comprising on-book loans of 6,822.76 lakhs and off-book loans of 1,301.29 lakhs, the latter facilitated through partnerships with other financial institutions. The Company is a subsidiary of its holding company, Capfront Technologies Private Limited, which is also a promoter, and it had no subsidiaries as of the date of the Red Herring Prospectus.
Objects of the Issue
- Augment the capital base of the company (to strengthen Tier I capital and support onward lending and business growth) 3,200.00 lakhs p.87
- General Corporate Purpose p.90
- Augment the capital base of our company p.264
- General corporate purposes (less than 15% of the Issue Proceeds) p.264
- Onward lending p.263
Issue Structure
- Total Issue
- Up to 77,96,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 77,96,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Lot Size
- [●] equity shares
- Face Value
- ₹ 5/- each
Business Model
The Company's results substantially depend on net interest income, which the document describes as its primary source of revenue. It funds its lending through borrowings including term loans, working capital facilities, securitised loans and NCDs, and inter-corporate deposits. Revenue from off-book loans arises from spreads earned under long-term lending arrangements with third-party NBFCs.
Business Segments
SWOT Analysis
- • Repeat customer base anchors AUM(p.34)
- • CRAR stayed above RBI requirements across periods(p.38)
- • Strong CRAR headroom as of 31.07.2026(p.38)
- • Profit after tax rose from FY24 to the stub period(p.24)
- • Shareholders' funds grew over the period shown(p.23)
- • Strong regulatory capital position with CRAR of 43.80% as of 31.07.2026(p.89)
- • Fully digital unsecured personal loan platform across direct and co-lending models(p.88)
- • Technology-driven, paperless and scalable operating model(p.88)
- • Revenue diversification through application and technology services to other NBFCs(p.88)
- • Large user base and repeat lending activity on the LoanFront platform(p.126)
- • Repeat borrowers make up about 75% of the outstanding loan portfolio(p.126)
- • Proprietary, modular digital lending platform with third-party integrations(p.127)
- • Promoter and Chairman's experience in technology-led operations(p.127)
- • Multi-parameter underwriting using credit bureau, income and repayment data(p.127)
- • Reported improvement in early-stage delinquency(p.122)
- • NBFC licence held since 2010(p.120)
- • RBI-registered NBFC (Category N) since 2010(p.188)
- • Cumulative app installations crossed 1 crore by October 2025(p.153)
- • Cumulative loan disbursements of Rs. 1,500 Crore by 2026(p.153)
- • Co-lending agreement with an RBI-registered NBFC partner(p.153)
- • Proprietary LoanFront application owned by the Company after BTA(p.154)
- • Strong capital adequacy (CRAR) above 28% in every period shown(p.235)
- • No default on interest, instalments or principal(p.197)
- • Not declared a wilful defaulter by any lender(p.223)
- • Diversified customer base, no single-customer dependence(p.252)
- • Net worth has grown across the periods presented(p.206)
- • Positive and rising net worth across restated periods(p.262)
- • ISO/IEC 27001:2022 information security certification(p.259)
- • ISO 9001:2015 quality management certification(p.259)
- • Membership of four credit information companies(p.259)
- • AUM concentrated in certain states(p.34)
- • Book is primarily unsecured lending with higher default risk(p.35)
- • History of negative operating cash flows(p.37)
- • Elevated leverage, debt to equity of 1.60x at March 2026(p.44)
- • Heavy reliance on off-book loans via lending partners(p.45)
- • Stamp duty shortfall on BTA with holding company(p.38)
- • NCD charge filings rejected and NCDs not issued in demat form(p.39)
- • Corporate and statutory records untraceable, with no assurance of future availability(p.48)
- • History of delayed statutory filings, payments and returns(p.48)
- • Past inaccuracies in RBI regulatory reporting arising from NPA recognition and provisioning policies(p.49)
- • High employee attrition, 47.73% in FY 2025 on opening headcount(p.50)
- • Contingent liabilities not provided for in restated financials(p.52)
- • Promoter holds majority and can exert significant influence over the Company(p.52)
- • Outstanding litigation involving Company, directors and KMP(p.53)
- • Related party transactions with directors, group companies and promoters(p.53)
- • Holding company controls almost all equity (99.98%)(p.156)
- • Heavy reliance on short-term borrowings(p.184)
- • Irrecoverable debts written off remain significant in restated cash flows(p.186)
- • Debt-to-equity rose sharply in FY2026 as borrowings expanded(p.219)
- • Heavy dependence on technology systems for core operations(p.235)
- • Credit assessment and recovery deficiencies could hit asset quality(p.234)
- • Promoter holds almost all equity, limiting free float(p.195)
- • Large irrecoverable debt write-offs in FY2026(p.243)
- • Profit improvement partly driven by NPA provision reversal(p.246)
- • Negative operating cash flow in FY2026 and FY2024(p.263)
- • Volatile operating profit, down sharply from FY2024 to FY2025(p.262)
- • Free cash flow to equity negative in FY2025 and dependent on borrowings in FY2026(p.263)
- • Fund requirement based on internal estimates, not appraised by any lender(p.264)
- • Trademark still stands in the name of the assignor pending transfer(p.260)
- • Borrowing servicing exceptions cross-referred to Risk Factors(p.274)
- • Focus on enhancing offerings and customer experience(p.34)
- • Aim to strengthen customer trust and loyalty via products(p.34)
- • Commitment to strengthening risk management practices(p.35)
- • Use of Issue proceeds to strengthen capital base for business growth and onward lending(p.89)
- • Allocation of Net Proceeds to maintain higher Tier I capital, aimed at competitiveness and lower borrowing costs(p.90)
- • Use of technology-enabled credit assessment to extend credit to borrowers with limited credit history(p.128)
- • Plan to add loan products for salaried and self-employed borrowers(p.129)
- • Plan to add co-lending and partnership arrangements with financial institutions(p.129)
- • Plan to keep refining the risk management framework(p.128)
- • Industry statement that NBFCs show strong AUM growth and rising profitability(p.114)
- • National policy aims to reach unserved and underserved markets through digital platforms(p.147)
- • Ongoing technology and digital investment to improve efficiency and customer experience(p.243)
- • Processing fee income grew with co-lender volumes and platform usage(p.241)
- • Industry demand from borrowers seeking small-ticket or fast credit(p.236)
- • Repeat lending lowers customer acquisition cost over time(p.234)
- • Net issue proceeds to be deployed for onward lending(p.263)
- • Proceeds to augment capital base and general corporate purposes(p.264)
- • Interest rate fluctuations driven by RBI policy and macro factors(p.34)
- • Demand shocks from economic slowdown, unemployment and competition(p.35)
- • Changes in NBFC regulation, provisioning and capital norms(p.38)
- • Policy changes by app marketplace operators(p.41)
- • IBC limits recovery on loans to individuals and partnership firms(p.43)
- • Disruption in third-party payment systems, UPI, BBPS and payment gateways(p.56)
- • New labour codes may raise employee and labour costs(p.56)
- • DPDP Act compliance and non-compliance exposure(p.57)
- • Natural disasters, pandemics and severe weather disrupting operations and borrowers(p.57)
- • Sovereign rating downgrade raising borrowing costs(p.57)
- • Reclassification under RBI scale-based framework may bring stricter norms(p.57)
- • Income-tax Act, 2025 and Finance Bill changes create interpretive uncertainty(p.58)
- • Heightened RBI scrutiny of digital lending practices(p.58)
- • RBI restrictions on lending categories such as IPO funding, shares and real estate(p.146)
- • RBI prior approval required for changes in more than 30% of directors(p.146)
- • RBI prior approval needed for takeover or acquisition of control, including 26%+ shareholding changes(p.147)
- • Evolving lending regulation may force changes to business model and costs(p.236)
- • Macroeconomic downturn could raise credit losses and provisioning(p.236)
- • Intense competition from banks, NBFCs and fintechs(p.236)
- • Funding channel disruption from market volatility or investor sentiment(p.235)
- • Rate and monetary shifts may raise cost of funds(p.236)
- • Listing depends on NSE permission; refund and interest liability if refused(p.269)
- • Regulatory circulars may change issue timelines(p.278)
- • Regulator reserves right to act on irregularities in the offer document(p.265)
- • Recent SME peer IPO trading below issue price(p.267)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Itha Venkata Raghava Gowrinath | Promoter | — | — |
| Capfront Technologies Private Limited | Promoter | — | — |
| Capfront Technologies Private Limited | Promoter | 99.98% | — |
| Itha Venkata Raghava Gowrinath | Promoter | 0.01% | — |
| Itha Venkata Raghava Gowrinath | Promoter | — | — |
| Capfront Technologies Private Limited | Promoter Group / Holding Company | 99.79% (equity acquired by Capfront under SPA dated 24.10.2019; post-issue holding not stated in this part) | — |
| Itha Venkata Raghava Gowrinath | Promoter | 0.02% | — |
| Capfront Technologies Private Limited | Promoter | 99.98% | — |
| Capfront Technologies Private Limited | Promoter/Promoter Group | 99.98% | — |
| Itha Venkata Raghava Gowrinath | Promoter | 0.02% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vaibhav Vyapaar THIS ISSUE | 1.22 | 18.13 | 16.88, computed at the offer price | 2.98, computed at the offer price | 6.75% |
| 2.59 | 19.49 | 30.53 | — | 13.24% | |
| 18.63 | 199.03 | 22.00 | — | 9.36% | |
Moneyview Ltd. | 0.76 | 52.78 | — | — | 5.85% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.