Vaibhav Vyapaar Limited
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
One observation recorded — too few to plot a trend.
Day-wise premium · 1 observation
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Oct 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 13 Oct 2026 – 15 Oct 2026
- Listing date
- 21 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹51 – ₹54
- 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
- ₹147 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 | 0 | — | — |
| Anchor investor · within QIB | 22,00,000 | — | — |
| NII (HNI) | 0 | — | — |
| bNII > ₹10L · within NII | 0 | — | — |
| sNII < ₹10L · within NII | 0 | — | — |
| Retail (RII) | 0 | — | — |
| Employee | 0 | — | — |
| Market maker | 3,90,000 | — | — |
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
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.97 | 3.20 |
| P/E (×) | 55.67 | 16.88 |
| Price to book (×) | 2.87 | — |
| Market cap | — | ₹147 Cr |
Key performance indicators
Latest reported period, standalone
- 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
- 2.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| 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
Stated use of the net proceeds— open a row for the issuer's full explanation
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 (VVL) is a Reserve Bank of India (RBI)-registered Non-Banking Financial Company (NBFC), incorporated in 2009 and acquired by CapFront Technologies Private Limited in October 2019. The company provides unsecured personal loans to salaried and self-employed individuals through its fully digital lending platform, 'LoanFront,' operating on both direct lending and co-lending basis. As of July 31, 2026, the company reported an AUM of ₹8,124.05 Lakhs, a net worth of ₹4,719.55 Lakhs, and a debt-to-equity ratio of 0.80, with lending operations spanning urban and semi-urban regions across India. In addition to lending, the company generates revenue by offering application and technology services to other NBFCs.
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vaibhav Vyapaar THIS ISSUE | 1.22 | 18.13 | 16.88, computed at the offer price | 2.87, 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.