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Vaibhav Vyapaar Ltd IPO
Vaibhav Vyapaar Ltd
₹2,04,000 /4000 sharesMinimum investment
IPO listing details
Listed on
21 Oct '26
Issue price
₹54.00
Listing price
₹52.90
Listing gains
-₹1.10 (2.04%)
Exchange
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IPO details
Minimum investment
₹2,04,000
Price range
₹51 - ₹54
Lot size
2,000
Issue size
42.10 Cr
Face value
5
IPO document
Subscription rate
Qualified Institutional Buyers1.61x
Non-Institutional Investor5.17x
Retail Individual Investor2.60x
Total3.03x
As of 15 Oct'26, 04:55 PM
Schedule
13 Oct 2026
IPO open date
15 Oct 2026
IPO close date
16 Oct 2026
Allotment date
16 Oct 2026
Funds unblock or debit
21 Oct 2026
Tentative listing date
About
Founded in
2009
MD/CEO
Mr Itha Venkata Raghava Gowrinath
Parent organisation
Vaibhav Vyapaar Ltd
Vaibhav Vyapar Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As of March 31, 2026, the company’s LoanFront platform had approximately 86 lakh registered users, including around 18 lakh users who had completed KYC verification. During the same period, the company had disbursed approximately 24 lakh loans to around 5 lakh customers.
As of March 31, 2026, approximately 75% of the company’s outstanding loan portfolio comprised repeat borrowers. This indicates continued borrowing from customers who had previously used its lending products.
The company operates LoanFront, a proprietary technology platform that supports customer acquisition, digital onboarding, KYC verification, credit assessment, loan origination, documentation, disbursement, servicing, collections, and portfolio monitoring. The platform uses a modular architecture that can integrate with payment gateways, credit bureaus, banking partners, identity verification providers, and account aggregators.
The company uses an underwriting framework that considers credit bureau information, customer profiles, demographic characteristics, income, application data, repayment history, and other relevant data. It also uses internally developed analytical models, portfolio monitoring, fraud monitoring, and collection processes as part of its credit and risk management practices.
The company’s promoters and senior management have experience across digital lending, financial services, credit underwriting, analytics, information technology, risk management, and business operations. Its promoter, Chairman and Managing Director, Itha Venkata Raghava Gowrinath, has more than 17 years of experience in technology-led operations, project execution, and business management.
The company supports electronic repayment methods such as e-NACH and UPI AutoPay, wherever applicable. Customer servicing teams and technology-enabled monitoring systems support these mechanisms for collection activities throughout the loan tenure.
The company has witnessed a consistent increase in its profit after tax (PAT). PAT increased from Rs 0.45 crore in FY24 to Rs 1.48 crore in FY25 and Rs 1.97 crore in FY26.
The company’s lending and treasury operations are exposed to interest-rate fluctuations, which can affect its net interest income and margins. Finance costs stood at Rs 2.67 crore for the period ended July 31, 2026, and Rs 6.64 crore, Rs 5.09 crore, and Rs 4.02 crore in FY26, FY25, and FY24, respectively. Any increase in borrowing costs without a corresponding increase in lending rates could reduce the company’s net interest income, margins, and profitability.
A significant portion of the company’s loan portfolio is concentrated in certain states, exposing it to risks associated with regional economic, regulatory, political, climatic, and social conditions. As of July 31, 2026, the company’s total loan portfolio stood at Rs 19.15 crore, with Uttar Pradesh at Rs 4.75 crore, West Bengal at Rs 4.15 crore, Gujarat at Rs 2.41 crore, Delhi at Rs 1.63 crore and Bihar at Rs 1.60 crore. Any adverse developments in these states could hurt the company’s business, financial condition, and results of operations.
As at July 31, 2026, its contingent liabilities stood at Rs 1.96 crore. If these obligations materialise, it could adversely affect its financial condition and cash flows.
The company primarily provides unsecured loans to salaried and self-employed individuals, exposing it to higher credit risks and lower recovery rates than secured loans. Its GNPA stood at 4.56% in the period ended July 31, 2026, 4.71% in FY26, 5.25% in FY25, and 6.72% in FY24, while NNPA stood at 1.72%, 1.76%, 1.73%, and 0.60%, respectively. Any sustained increase in customer defaults or failure to recover outstanding dues could adversely affect the company’s business, financial condition, cash flows, and results of operations.
The company has recorded negative operating cash flows of Rs 18.44 crore in FY26 and Rs 4.34 crore in FY24, compared with positive operating cash flows of Rs 2.09 crore in the period ended July 31, 2026, and Rs 0.31 crore in FY25. The negative cash flows were primarily because disbursements made in the ordinary course of its lending business are financed through financing activities and also because of an increase in loans and advances in FY26 and FY24, which resulted in cash used in operations. Failure to increase revenues sufficiently to support its lending activities and other expenses could result in negative operating cash flows in the future, which may adversely affect the company’s business, results of operations and financial condition.
The company’s digital lending operations depend on mobile application marketplaces such as Google Play Store for customer acquisition and access to its lending services. Any adverse changes in platform policies, technical requirements, or approval processes, or any suspension, removal, or delisting of its app, could reduce customer onboarding and loan origination volumes, adversely affecting the company’s business, financial condition, and results of operations.
The company had outstanding financial indebtedness of Rs 37.90 crore as of July 31, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
The company had trade receivables of Rs 0.67 crore as of July 31, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
Application details
For Vaibhav Vyapar IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹51 - ₹54 | ₹2 - ₹5 Lakhs | 2000 |
About
Objective of Vaibhav Vyapaar IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Augment the capital base of the company |
32.00 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Vaibhav Vyapaar IPO
|
Book Running Lead Manager |
Getfive Advisors Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker |
Prabhat Financial Services Limited |
Key Performance Indicators (KPIs) of Vaibhav Vyapaar Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
6.99 |
|
ROCE (%) |
26.99 |
|
EBITDA Margin (%) |
29.47 |
|
Debt/Equity Ratio |
1.60 |
|
PAT Margin (%) |
5.36 |
|
EPS (Pre IPO) (₹) |
0.97 |
|
Return on Net Worth (RoNW) (%) |
6.75 |
|
Net Asset Value (NAV) per Equity Share (₹) |
18.13 |
Vaibhav Vyapaar IPO Contact Details
|
Company Name |
Vaibhav Vyapaar Limited |
|
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. |
|
Phone |
+91 9986611345 |
|
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|
Website |
Vaibhav Vyapaar IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
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Website |