Vaibhav Vyapaar IPO Opens: SME Issue Details, Dates & Financials (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Vaibhav Vyapaar Limited has announced its SME IPO opening on 13 Oct 2026 in a price band of ₹50 to ₹52 per share. Explore its digital lending platform, AUM growth, and issue terms.
Direct answer: The Vaibhav Vyapaar SME IPO opens on 13 Oct 2026 and closes on 15 Oct 2026, offering equity shares in a price band of ₹50 to ₹52 per share with a lot size of 2,000 shares. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 tracks this public issue alongside document-backed financial disclosures.
Business Overview: Digital Personal Lending via LoanFront
Incorporated in 2009 as Vaibhav Vyapaar Private Limited in West Bengal and subsequently converted into a public limited company in June 2026, Vaibhav Vyapaar Limited is an Reserve Bank of India (RBI) registered Non-Banking Financial Company (NBFC). The company focuses on providing digital personal loans to retail borrowers across India, catering primarily to salaried and self-employed individuals in urban and semi-urban markets.
| Item | Value | As of |
|---|---|---|
| Price band | ₹51 – ₹54 | 9 Oct 2026 |
| Lot size | 2000 shares | 9 Oct 2026 |
| Issue size | ₹42.10 Cr | 9 Oct 2026 |
| Fresh issue | ₹39.99 Cr | 9 Oct 2026 |
| Exchange | NSE SME | 9 Oct 2026 |
| Issue type | SME | 9 Oct 2026 |
| Face value | ₹5 | 9 Oct 2026 |
| Opens | 13 Oct 2026 | 9 Oct 2026 |
| Closes | 15 Oct 2026 | 9 Oct 2026 |
| Allotment | 16 Oct 2026 | 9 Oct 2026 |
| Listing | 21 Oct 2026 | 9 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 9 Oct 2026 |
The company operates its lending operations through its proprietary mobile application, LoanFront. The digital infrastructure manages customer onboarding, automated credit assessment, digital verification, documentation, loan disbursement, and collection management. Vaibhav Vyapaar operates through both direct lending from its balance sheet and co-lending partnerships with other financial institutions. Additionally, it generates technology service fees by offering application and software support to external NBFCs.
As per the Red Herring Prospectus (RHP), the company's total Asset Under Management (AUM) reached ₹7,067.77 lakh (₹70.68 Cr) as of 31 Mar 2026, up from ₹4,745.09 lakh as of 31 Mar 2025. This AUM comprises ₹6,174.42 lakh in on-book portfolio and ₹893.35 lakh in off-book co-lending portfolio. Operational outreach is concentrated heavily in southern India, with top states Tamil Nadu (22.71%), Karnataka (14.96%), Telangana (14.27%), Andhra Pradesh (13.74%), and Maharashtra (11.41%) accounting for 77.09% of total AUM as of 31 Mar 2026.
Issue Terms, Subscription Timeline, and Offer Structure
The Vaibhav Vyapaar IPO is a book-built SME issue seeking to raise ₹40.54 Cr via NSE SME. The offer consists of a fresh issue of up to 74,06,000 equity shares (face value ₹5.00 per share) amounting to ₹38.51 Cr at the upper price band. The promoters, Itha Venkata Raghava Gowrinath and CapFront Technologies Private Limited, hold 99.99% of the pre-issue shareholding, which will adjust to 72.34% post-issue.
According to market disclosures tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, prospective applicants can track subscription trends and upcoming mainboard or SME issues through our IPO calendar and scan non-listed opportunities on the Unlisted shares screener.
The minimum application size for retail investors is set at 4,000 equity shares (2 lots), requiring an investment of ₹2,08,000 at the upper price band of ₹52. High Net-Worth Individual (NII/HNI) applicants must apply for a minimum of 6,000 equity shares (3 lots), amounting to ₹3,12,000 for sNII and ₹10,40,000 for bNII categories. Kfin Technologies Limited serves as the registrar to the issue, while GetFive Advisors Private Limited is the sole Book Running Lead Manager.
Objects of the Fresh Issue
The gross proceeds of the fresh issue are planned for allocation toward specific balance sheet objectives as outlined in the issue documents:
- Capital Base Augmentation: ₹32.00 Cr will be utilized to augment the capital base of the company to meet future capital requirements arising from growth in its lending portfolio.
- General Corporate Purpose: The remaining net proceeds will be deployed toward general corporate operational requirements, subject to SEBI limits capping general corporate spending at 15% of gross issue proceeds or ₹10.00 Cr, whichever is lower.
Financial Performance and Key Metrics
Restated financial statements derived from the offer document illustrate revenue and balance sheet growth over recent reporting periods:
- Total Revenue: Total income expanded from ₹25.46 Cr in FY24 to ₹25.34 Cr in FY25, rising to ₹37.64 Cr in FY26. For the four-month period ended 31 Jul 2026, total income stood at ₹18.15 Cr.
- Profitability (PAT): Profit After Tax recorded ₹0.45 Cr in FY24, ₹1.48 Cr in FY25, and ₹1.97 Cr in FY26. For the four-month period ended 31 Jul 2026, PAT reached ₹3.01 Cr.
- EBITDA and Margins: EBITDA increased from ₹5.38 Cr in FY24 to ₹10.84 Cr in FY26. As of 31 Mar 2026, the company reported an EBITDA margin of 29.47% and a PAT margin of 5.36%.
- Net Worth & Borrowings: Net worth increased from ₹25.74 Cr as of 31 Mar 2024 to ₹29.19 Cr as of 31 Mar 2026, reaching ₹47.20 Cr as of 31 Jul 2026. Total borrowings stood at ₹37.90 Cr as of 31 Jul 2026, maintaining a debt-to-equity ratio of 1.60x as of 31 Mar 2026.
The chart demonstrates total revenue expanding from ₹25.46 Cr in FY24 to ₹37.64 Cr in FY26, alongside net profit rising from ₹0.45 Cr in FY24 to ₹1.97 Cr in FY26 and reaching ₹3.01 Cr in the four-month period ended 31 Jul 2026.
For analysis on other recent SME issuances across technology, industrial, and services sectors, read our coverage on HD Fire Protect IPO Details, Dates, Financials & RHP Analysis (2026) and Quality Enviro Engineers: Business, Financials & SME IPO Plan (2026).
Peer Comparison and Industry Valuation
Per the RHP, Vaibhav Vyapaar compares its key performance indicators against listed peers operating in the NBFC and digital financial services ecosystem as of 31 Mar 2026:
| Company Name | Face Value (₹) | Basic EPS (₹) | NAV per Share (₹) | P/E Ratio (x) | RoNW (%) |
|---|---|---|---|---|---|
| Vaibhav Vyapaar Limited | 5.00 | 1.22 | 18.13 | 16.25* | 6.75% |
| Paisalo Digital Ltd. | 1.00 | 2.59 | 19.49 | 30.53 | 13.24% |
| Apollo Finvest India Ltd. | 10.00 | 18.63 | 199.03 | 22.00 | 9.36% |
| Moneyview Ltd. | -- | 0.76 | 52.78 | -- | 5.85% |
*Note: Vaibhav Vyapaar's P/E ratio is stated at 53.61x pre-issue (based on FY26 EPS of ₹0.97) and 16.25x post-issue (based on post-issue annualized EPS of ₹3.20 at the upper price band of ₹52). Peer figures reflect standalone financial reporting as of 31 Mar 2026.
Risk Factors and Operational Challenges
Investors reviewing the offer document should evaluate the key internal and external risk factors highlighted by the company:
- Unsecured Credit Risk: The company primarily extends unsecured personal loans to salaried and self-employed individuals. Unsecured retail loans carry higher default risk compared to asset-backed lending portfolios.
- Technology Infrastructure Risk: Operations rely strictly on the LoanFront mobile app and automated underwriting software. System outages, technical failures, or cyber threats could cause significant business disruption.
- Third-Party Dependency: Onboarding, identity verification, and credit assessment tools depend heavily on external software vendors and API integrations.
- Interest Rate Sensitivity: Volatility in benchmark lending rates directly impacts funding costs, net interest margins (NIM), and interest income profitability.
- Group Dependencies & IP Licensing: Core domain names and technology platforms were historically developed under holding company CapFront Technologies Private Limited, creating ongoing operational dependencies.
- Regulatory Supervision: As an RBI-regulated NBFC, any future equity shareholding acquisition exceeding 26% requires prior approval from the Reserve Bank of India.
To evaluate SME capital raises or inquire about pre-IPO market trends, visit Vaibhav Vyapaar on BuyUnlistedShares or place a direct enquiry. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 delivers structured insights, historical filings, and desk analysis across listed and unlisted Indian equity markets.
Frequently Asked Questions
What are the opening and closing dates for the Vaibhav Vyapaar IPO?
The Vaibhav Vyapaar IPO opens for public bidding on 13 Oct 2026 and closes on 15 Oct 2026. Share allotment is scheduled for 16 Oct 2026, with refunds and demat share credit occurring on 19 Oct 2026, followed by listing on NSE SME on 21 Oct 2026.
What is the price band and lot size for the issue?
The issue is priced in a band of ₹50 to ₹52 per equity share with a face value of ₹5.00. The market lot size is 2,000 shares, requiring a minimum retail application of 4,000 shares (₹2,08,000 at the upper price band).
What does Vaibhav Vyapaar Limited do?
Vaibhav Vyapaar Limited is an RBI-registered NBFC offering digital unsecured personal loans to salaried and self-employed retail borrowers via its mobile application, LoanFront. It also provides technology and application support services to partner NBFCs.
How will the company deploy the IPO proceeds?
Out of the fresh issue proceeds, the company plans to deploy ₹32.00 Cr to augment its capital base to support future onward lending activities, with the remainder allocated toward general corporate purposes.
Should retail investors apply for the Vaibhav Vyapaar IPO?
We do not make that call. The desk does not provide investment advice, ratings, or subscription recommendations. Investors must analyze the RHP disclosures, risk factors, financial statements, and consult a qualified financial advisor before making an investment decision.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
