Vaibhav Vyapaar IPO
- Issue price
- ₹54
- Listing price
- ₹52.9
- -2.04%
- Current price
- ₹54.5
- +0.93%
- Subscribed
- 3.08x
- Issue size
- ₹42.1 Cr
- Listed on
- 21 Oct 2026
IPO timeline
- Opens13 OctTue
- Closes15 OctThu
- Allotment16 OctFri
- Refunds19 OctMon
- Demat credit19 OctMon
- Listing21 OctWed
Issue details
- Price band
- ₹51 – ₹54 per share
- Issue size
- ₹42.1 Cr
- Fresh issue
- ₹42.1 Cr · 0.78 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹5 per share
- Lot size
- 2,000 shares
- Minimum investment
- ₹1,08,000
- Listing on
- NSE SME
- Exchange code
- LOANFRONT-SM · LOANFRONT
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,08,000 |
| Retail (Max) | 1 | 2,000 | ₹1,08,000 |
| HNI (Min) | 2 | 4,000 | ₹2,16,000 |
Reservation
- QIB
- 36,94,000 shares (49.88% of the Offer)
- NII
- 11,16,000 shares (15.07% of the Offer)
- Retail
- 25,96,000 shares (35.05% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on KFin Technologies- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 16 Oct 2026
- Refunds initiated
- 19 Oct 2026
- Shares credited to demat
- 19 Oct 2026
- Listing
- 21 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹3
- +5.56%
- Estimated listing price
- ₹57
- Issue price ₹54
- Highest
- ₹5
- 17 Oct
- Lowest
- ₹0
- 8 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 21 Oct 2026 | ₹3 | +5.56% | ₹57 |
| 20 Oct 2026 | ₹3 | +5.56% | ₹57 |
| 19 Oct 2026 | ₹5 | +9.26% | ₹59 |
| 18 Oct 2026 | ₹5 | +9.26% | ₹59 |
| 17 Oct 2026 | ₹5 | +9.26% | ₹59 |
| 16 Oct 2026 | ₹2 | +3.70% | ₹56 |
| 15 Oct 2026 | ₹2 | +3.70% | ₹56 |
| 14 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 13 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 12 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 11 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 10 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 9 Oct 2026 | ₹0 | 0.00% | ₹54 |
| 8 Oct 2026 | ₹0 | 0.00% | ₹54 |
- Subject to sauda
- ₹7,600
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB1.61x
- NII (HNI)5.19x
- Retail2.7x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 14,94,000 | 23,98,000 | 1.61x |
| Non-Institutional Investors (NII) | 15,06,000 | 78,10,000 | 5.19x |
| bNII — bids above ₹10 Lakh | 10,04,000 | 62,48,000 | 6.22x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 5,02,000 | 15,62,000 | 3.11x |
| Retail Individual Investors (RII) | 25,96,000 | 70,04,000 | 2.7x |
| Total | 55,96,000 | 1,72,12,000 | 3.08x |
Financials
- P/E Ratio
- 16.25
- EPS (₹)
- 3.20
- RoE
- 7.87%
- RoCE
- 12.44%
- RoNW
- 6.37%
- PAT Margin
- 16.70%
- EBITDA Margin
- 41.72%
- Debt / Equity
- 0.80
- NAV (₹)
- 23.15
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 96.16 | 84.23 | 55.04 | 61.18 |
| Total Income | 18.15 | 37.64 | 25.34 | 25.46 |
| Profit After Tax | 3.01 | 1.97 | 1.48 | 0.45 |
| EBITDA | 7.51 | 10.84 | 7.07 | 5.38 |
| NET Worth | 47.20 | 29.19 | 27.22 | 25.74 |
| Reserves and Surplus | 37.00 | 21.14 | 23.19 | 21.71 |
| Total Borrowing | 37.90 | 46.80 | 22.66 | 26.76 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Vaibhav Vyapaar This IPO | ₹42.1 Cr | 16.25 | 6.37% | 16.70% | 3.08x | -2.04% |
| Shah Investor's Home Mainboard · listed 6 Oct 2026 | ₹90.17 Cr | 26.94 | 7.35% | 18.24% | 38.12x | +2.40% |
| Gaja Alternative Asset Management Mainboard · listed 26 Aug 2026 | ₹550 Cr | 27.54 | 13.13% | 51.94% | 31.33x | +15.63% |
| Asset Reconstruction Co.(India) Mainboard · listed 17 Sep 2026 | ₹732.97 Cr | — | 13.95% | 51.95% | 20.1x | 0.00% |
| Manipal Payment & Identity Solutions Mainboard · listed 17 Sep 2026 | ₹805 Cr | 31.02 | 22.93% | 18.68% | 1.42x | -2.65% |
| Turtlemint Fintech Solutions Mainboard · listed 29 Jun 2026 | ₹882.67 Cr | -ve | -63.38% | — | 1.24x | -10.39% |
| OnEMI Technology Solutions (KISSHT) Mainboard · listed 8 May 2026 | ₹926 Cr | 12.65 | 15.97% | — | 9.96x | +11.11% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How Vaibhav Vyapaar plans to use the money raised, as stated in the offer document.
- Augment the capital base of the company₹32 Cr
- General Corporate Purpose
About Vaibhav Vyapaar
Vaibhav Vyapaar Limited was incorporated in February 2009 and is a non-banking finance company (NBFC). It gives unsecured personal loans to salaried and self-employed borrowers under the LoanFront brand, entirely through a mobile app. The app handles the full loan journey: application, customer verification, due diligence, underwriting, documents, disbursal and repayment. The company lends directly and also through co-lending with other NBFCs. It earns extra fees by giving application and technology services to other NBFCs. Its borrowers include first-time borrowers and lower-income salaried people in urban and semi-urban India. CapFront Technologies Private Limited acquired the company in October 2019, and it has run the digital lending business for the last six years. As on 31 July 2026 it had 56 employees, of whom 17 work in technology, 11 in operations and 11 in risk.
Strengths
- Total income rose from Rs 25.34 crore in FY2025 to Rs 37.64 crore in FY2026, a rise of 48%.
- Profit after tax rose from Rs 0.45 crore in FY2024 to Rs 1.48 crore in FY2025 and Rs 1.97 crore in FY2026. For the four months to 31 July 2026 it was Rs 3.01 crore.
- EBITDA was Rs 10.84 crore in FY2026 on income of Rs 37.64 crore, and the PAT margin for the four months to 31 July 2026 was 16.70%.
- Net worth grew from Rs 25.74 crore at 31 March 2024 to Rs 47.20 crore at 31 July 2026, and debt to equity fell from 1.60 to 0.80 over the last four months.
- The issue is priced at 16.25 times post issue earnings on an EPS of Rs 3.20 at the upper band of Rs 52, against 53.61 times on a pre issue EPS of Rs 0.97.
- The whole Rs 40.54 crore issue is fresh capital, with no offer for sale. Rs 32.00 crore of the net proceeds is to add to the capital base for lending.
- The company lends directly and through co-lending, and also earns technology service fees from other NBFCs, so its income has more than one source.
Risks
- The latest figures cover only four months to 31 July 2026. The post issue EPS of Rs 3.20 is based on annualised earnings for that short period, so it may not hold for a full year.
- The source page quotes a net worth of Rs 471.96 crore and assets under management of Rs 812.41 crore in its text. These do not match the restated table, which shows net worth of Rs 47.20 crore and total assets of Rs 96.16 crore, so those two figures should not be relied on.
- Net worth rose from Rs 29.19 crore at 31 March 2026 to Rs 47.20 crore at 31 July 2026, while profit for the period was only Rs 3.01 crore. Most of the rise came from new capital, not earnings.
- Total borrowing more than doubled from Rs 22.66 crore at 31 March 2025 to Rs 46.80 crore at 31 March 2026. It was Rs 37.90 crore at 31 July 2026.
- Return on net worth is low at 6.37% and return on equity is 7.87% for the period to 31 July 2026. Profit after tax of Rs 1.97 crore in FY2026 is small against assets of Rs 84.23 crore.
- Unsecured personal loans to first-time and lower-income borrowers carry a higher chance of non-payment, and the data available to us does not state bad loan levels.
- Total income was flat at Rs 25.46 crore in FY2024 and Rs 25.34 crore in FY2025 before it rose in FY2026, so the growth is recent.
- Promoters hold 99.99% before the issue and 72.34% after it. The promoter group includes a company, CapFront Technologies Pvt.Ltd, and the company has only 56 employees.
- The object of the issue is only to add to the capital base, with a general corporate purpose share that has no amount stated, so there is no specific use of funds to track.
- This is an SME issue. One lot is 2,000 shares, which is about Rs 1.04 lakh at the upper band of Rs 52, and SME shares usually trade in low volume after listing.
Promoters and shareholding
Itha Venkata Raghava Gowrinath and CapFront Technologies Pvt.Ltd
- Promoter holding, pre-issue
- 99.99%
- Promoter holding, post-issue
- 72.34%
Registrar, lead managers and documents
Lead manager
Company contact
Arch Square-X2, Unit-1406, 14th Floor, EP-GP Block, Sector V, Bidhannagar, Bidhan Nagar CK Market, North 24 Parganas, Saltlak, Kolkata, West Bengal, 700091
9986611345
investors@vaibhavvyapaar.comDocuments
Vaibhav Vyapaar IPO: common questions
1.When does the Vaibhav Vyapaar IPO open and close?
The Vaibhav Vyapaar IPO opens on 13 Oct 2026 and closes on 15 Oct 2026.
2.What is the price band of the Vaibhav Vyapaar IPO?
The price band is ₹51 – ₹54 per share, with a lot size of 2,000 shares and a minimum investment of ₹1,08,000.
3.What is the size of the Vaibhav Vyapaar IPO?
The issue size is ₹42.1 Cr (Fresh capital only).
4.What is the GMP of the Vaibhav Vyapaar IPO?
The last reported grey market premium is ₹3 per share as of 21 Oct 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
5.When is the Vaibhav Vyapaar IPO allotment?
The basis of allotment is expected on 16 Oct 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
6.When will the Vaibhav Vyapaar IPO list?
The shares listed on 21 Oct 2026 on NSE SME.
7.Who is the lead manager of the Vaibhav Vyapaar IPO?
The book running lead manager is GetFive Advisors Pvt. Ltd., and the registrar is KFin Technologies Limited.
8.What will the money raised in the Vaibhav Vyapaar IPO be used for?
As stated in the offer document, the proceeds are for: Augment the capital base of the company; General Corporate Purpose.
9.How can my company launch an IPO like Vaibhav Vyapaar?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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