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- Price band
- ₹51 – ₹54
- Issue size
- ₹42.10 Cr
- Lot size
- 2000 sh
- Bidding
- 13 – 15 Oct
- Grey market
- ₹0
Face value ₹5.00
100% fresh capital
₹2,16,000 minimum
Lists 21 Oct 2026
Unofficial quote
The question this issue poses
In one sentence
An ₹81 Cr digital loan book asking 44 times FY26 earnings — the price rests entirely on whether a profit that jumped from ₹1.97 Cr across all of FY26 to ₹3.01 Cr in the next four months is a new run-rate or a moment.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
48Mixed
IPOVista score 48 out of 100, graded Mixed.IPOVista score
Real growth, demanding price
81% of the scoring model was backed by disclosed data for Vaibhav Vyapaar, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 1.6× leaves limited headroom if demand softens or rates rise.
Priced above its peer group
The upper band asks a 193.7% premium to the median P/E of the listed peers named in the prospectus.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
To apply
2 days left
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The company
What the business actually does
Founded 2009 · Kolkata, West Bengal (corporate office in Bengaluru) · 56 employees · part of CapFront Technologies Private Limited
Vaibhav Vyapaar is an RBI-registered non-banking financial company that lends small, unsecured personal loans through a mobile app branded LoanFront. There are no branches: the app handles the whole journey — customer onboarding, identity verification, due diligence, underwriting, documentation, disbursal and repayment collection. The target borrower is deliberately at the thinner end of the credit market: first-time borrowers and lower-income salaried and self-employed people in urban and semi-urban India who struggle to get a bank personal loan. The company was incorporated in West Bengal in 2009 as a traditional NBFC and was acquired by CapFront Technologies in October 2019, which is when the digital lending business was built on top of the licence. As at 31 July 2026 it ran an AUM of ₹81.24 Cr with 56 employees, of whom 17 sit in technology, 11 in operations and 11 in risk — a headcount shape that tells you this is a software operation with a lending licence rather than a branch lender.
Three income streams sit behind the ₹37.64 Cr of FY26 total income. First, direct lending off its own balance sheet, which is what the ₹81.24 Cr AUM at 31 July 2026 represents and which is funded by a mix of equity and borrowings — ₹46.80 Cr of borrowings at 31 March 2026, cut to ₹37.90 Cr by July. Second, co-lending arrangements with other NBFCs, where Vaibhav Vyapaar originates and services the loan but a partner carries part of the exposure, so the book can grow faster than its own capital allows. Third, and unusually for a lender, it sells the LoanFront application and technology stack as a service to other NBFCs, which converts the platform cost into a fee line rather than pure overhead. The economics depend on repeat business — more than 75% of lending is to customers who have borrowed before, so the acquisition cost of a borrower is amortised across several loans. AUM roughly doubled in fifteen months, from ₹47.45 Cr at March 2025 to ₹70.68 Cr at March 2026 to ₹81.24 Cr at July 2026, and that growth, not margin, is what moved total income 48.5% in FY26.
What makes it hard to copy
It owns the LoanFront stack outright — the loan management system, APIs and analytics transferred to it from CapFront — and sells that same stack to rival NBFCs, so the platform that underwrites its own ₹81 Cr book also earns fee income from other lenders' books.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Processing fees44.2%
- Interest from loans and advances29.8%
- Miscellaneous income10.3%
- Platform commission8.2%
- Foreclosure charges7.5%
Hover or focus a segment for its share and what it covers.
Where it operates
- Registered office (rented)1
Bidhannagar, Kolkata, West Bengal
- Corporate office (sub-leased from promoter CapFront Technologies)1
Whitefield, Bengaluru, Karnataka
- Branches0
0.0% of revenue is earned outside India.
Markets served
Tamil NaduKarnatakaTelanganaAndhra PradeshMaharashtraUttar PradeshWest BengalGujaratOther states and union territories of India
Who runs it
- Itha Venkata Raghava GowrinathChairman and Managing Director · since 2019Promoter. On the board since 24 October 2019 — the month CapFront acquired the NBFC. Also a director of CapFront Technologies and Neofront Technologies.
- Ganeshprasad R PavaskarWhole-Time Director · since 2022Appointed 11 July 2022; current five-year term from 18 December 2025.
- Bhawesh JhabakChief Financial Officer · since 2025Appointed with effect from 4 November 2025, about eleven months before the issue opened.
- Satyanarayana Reddy Veera Venkata MallidiAdditional Executive Director · since 2025Appointed 10 December 2025.
The company on paper
- Legal name
- Vaibhav Vyapaar Limited
- Incorporated
- 24 Feb 2009
- CIN
- U51909WB2009PLC133054
- Parent group
- CapFront Technologies Private Limited
- Sector
- Financials · Non-banking finance — digital unsecured personal lending
- Employees
- 56
- Registered office
- Arch Square-X2, Unit 1406, 14th Floor, EP-GP Block, Sector V, Bidhannagar, Kolkata 700 091, West Bengal
- Statutory auditor
- M/s K S Ramkumar & Co., Chartered Accountants
- Promoters
- Itha Venkata Raghava Gowrinath, CapFront Technologies Private Limited
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 72.3%
- Website
- vaibhav-vyapaar.com
The numbers
Financial performance
Revenue has compounded at 21.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
At the upper band this issue asks a 193.7% premium to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
3 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹0.97
- EPS, post-issue
- ₹0.70
- Price / sales
- —
- Net asset value per share
- ₹14.32
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 6.8%
- Return on capital employed
- —
- EBITDA margin
- 28.8%
- Net margin
- 5.2%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 1.60×
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issue
- ₹42.10 Cr
- Offer for sale
- —
- Total issue size
- ₹42.10 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 2,03,86,423
- Employee discount
- None
- Market maker portion
- 3,90,000
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- General corporate purposes — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
Bidding has not opened yet, so there is no subscription data to show.
Grey market premium
Premium quoted over the ₹54 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹0 to ₹0, a spread of ₹0, across the period shown.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
Lots
2
- Shares applied for
- 4,000
- At cut-off price
- ₹54.00
- Amount blocked
- ₹2,16,000
One lot is 2000 shares at ₹1,08,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,16,000. That already exceeds the ₹2,00,000 retail ceiling, so every application here bids into the non-institutional category — which is normal on the SME board. Since April 2022 that category is also allotted by draw of lots for the minimum application when it is oversubscribed, so the odds beside this apply much the same way.
Applying needs a demat account with a linked UPI ID, and the ₹2,16,000 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹54.00
implied listing price, 0.0% over the cut-off
- Cut-off price
- ₹54.00
- Grey market premium
- ₹0.00
- If allotted 2000 shares
- ₹0
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Vaibhav Vyapaar
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
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Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Total income grew 48.5% in FY26, from ₹25.34 Cr to ₹37.64 Cr, after two years of standing still at roughly ₹25 Cr (₹25.46 Cr in FY24, ₹25.34 Cr in FY25).
- AUM compounded hard: ₹47.45 Cr at March 2025, ₹70.68 Cr at March 2026, ₹81.24 Cr at July 2026 — a 71% increase over the fifteen months.
- The four months to 31 July 2026 earned ₹3.01 Cr of PAT, more than the ₹1.97 Cr earned in the whole of FY26, at a 16.70% PAT margin against 5.36% for FY26.
- Entirely a fresh issue — all ₹42.10 Cr goes to the company and no promoter sells a share, with ₹32.00 Cr of it going straight into the lending capital base.
- The balance sheet was de-levered before the raise rather than after it: debt-to-equity fell from 1.60x at March 2026 to 0.80x at July 2026 as net worth went from ₹29.19 Cr to ₹47.20 Cr.
- Income is not purely spread-based — co-lending arrangements and the sale of the LoanFront technology stack to other NBFCs both generate income without consuming the company's own capital.
- Over 75% of lending goes to repeat borrowers, which lowers acquisition cost per rupee lent and gives the underwriting model its own repayment history to learn from.
What to weigh against it
- At the ₹54 cap the issue is priced at 44.3x FY26 basic EPS of ₹1.22, against the 26.27x median of the profitable listed peers named in the prospectus — Paisalo Digital at 30.53x and Apollo Finvest at 22.00x.
- FY26 RoNW of 6.75% is about half Paisalo Digital's 13.24% and below Apollo Finvest's 9.36%, so a premium multiple is being asked for a lower return on equity.
- The profit base is thin and recent: ₹0.45 Cr in FY24 and ₹1.48 Cr in FY25 on roughly ₹25 Cr of income each year — PAT margins of 1.80% and 5.91%.
- Every rupee lent is unsecured and aimed at first-time and lower-income salaried borrowers, so there is no collateral to recover against if collections deteriorate.
- Capital adequacy fell from 39.88% at March 2025 to 28.46% at March 2026 as the book grew, against a 15% regulatory minimum; it only recovered to 43.80% by July 2026 because of a pre-IPO equity infusion.
- The price band was raised by corrigendum on 9 October 2026, from ₹50–₹52 to ₹51–₹54 — a 3.8% increase at the cap after the terms had already been advertised and before a single bid was taken.
- The grey market was quoting a premium of ₹0 on 12 October 2026, the day the anchor book was due to be bid.
Easy to miss in the prospectus
- The share count behind the EPS is the single most important thing to check. FY26 basic EPS of ₹1.22 is struck on roughly 1.61 Cr shares, but 2.04 Cr shares exist pre-IPO after a pre-issue infusion. Divide the same ₹1.97 Cr of FY26 profit by the actual 2.04 Cr shares and EPS is ₹0.97, which moves the cap-price multiple from about 44x to about 56x.
- Net worth jumped from ₹29.19 Cr at 31 March 2026 to ₹47.20 Cr at 31 July 2026. That ₹18 Cr pre-IPO infusion resets NAV per share from ₹18.13 to ₹23.15 and flatters every book-value ratio quoted on the stub period rather than on FY26.
- Several widely-read IPO sites still show the superseded ₹50–₹52 band and a ₹40.54 Cr issue size. The live terms are ₹51–₹54 and ₹42.10 Cr, so any P/E, lot value or listing-gain figure computed from the old band is wrong by roughly 4%.
- The four months to 31 July 2026 are a stub, not a year. Annualising ₹3.01 Cr — which is how some sites arrive at a post-issue P/E near 16x — assumes that run-rate holds for the remaining eight months of FY27 and uses the post-issue share count at the same time.
- CapFront Technologies is both a promoter and the party that brought the LoanFront business to this licence after acquiring the company in 2019. Related-party terms between promoter and platform are worth reading in the RHP before taking the technology-services income at face value.
- An anchor portion of 22,00,000 shares — ₹11.88 Cr at the ₹54 cap, 28.22% of the QIB allocation — was scheduled for bidding on 12 October 2026. Whether it fills, and with whom, is the first hard demand signal this issue produces.
- Total assets fell from ₹61.18 Cr in FY24 to ₹55.04 Cr in FY25 before rising to ₹84.23 Cr in FY26. The growth story starts in FY26; FY24 and FY25 were a contraction.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Red Herring Prospectus7 Oct 2026The document the issue was bid on. Carries the price band and the dates.Opens on vaibhav-vyapaar.com · about 5.7 MB
- Draft Red Herring Prospectus1 Jul 2026The first draft, filed for review. No price band and no dates.Opens on vaibhav-vyapaar.com · about 5.3 MB
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GetFive Advisors Private Limited
- Registrar
- KFin Technologies Limited
How these figures were checked
Built from 7 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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