Vaibhav Vyapaar Ltd IPO
Status: Closed
Overview
IPO date
13 Oct 2026 to 15 Oct 2026
Face value
₹ 5 per share
Price
₹ 51 to ₹54 per share
Issue Size
7,796,000 shares
(aggregating up to ₹ 42.1 Cr)
(aggregating up to ₹ 42.1 Cr)
Allotment Date
16 Oct 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Finance
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T&C*
Strengths vs Risks of Vaibhav Vyapaar Ltd
Know the pros & cons
Strengths
- Ground-Level Market Understanding and Customer Insights.
- Digital Lending Platform with In-House Technology
- Experienced Leadership and Management Team
- Underwriting Framework and Risk Management Systems
Risks
- The company's business is exposed to interest rate volatility, which may adversely affect its lending and treasury operations, Net Interest Income, Net Interest Margin and results of operations.
- The company's success depends on retaining and expanding its customer base. If the company is unable to attract new customers or are unable to retain and grow its relationships with the company's existing customers, its business, financial condition, cash flows, results of operations and prospects would be materially and adversely affected.
- A significant portion of the company's Assets Under Management ("AUM") is concentrated in certain states and regions of India. Any adverse economic, regulatory, political, climatic, social or business developments in such states or regions could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company's lending operations primarily involve unsecured loans to borrowers with a relatively higher risk profile, and any increase in defaults or the company's inability to recover outstanding dues may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company's business operations are highly dependent on the continuous availability, reliability, scalability and security of its mobile application and underlying information technology infrastructure. Any disruption, failures or security breach affecting the company's technology systems could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- The company's digital lending operations are significantly dependent on third-party software vendors and service providers for critical functions such as customer onboarding, identity and document verification, credit bureau checks, account aggregation, payments, disbursals, communications and collections. Any disruption, failures, security breach, regulatory non-compliance or unavailability of such services could adversely affect the company operations, delay loan processing and materially impact its business and financial performance.
- The company's customer onboarding and end-to-end lending operations are substantially dependent on the recognition and continued uses of the "LoanFront" trademark. Any loss, infringement, dilution, adverse publicity or inability to protect or uses the "LoanFront" brand could impair customer trust, disrupt the company operations and materially and adversely affect its business and financial performance.
- The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the company.
- The company has witnessed negative operating cash flows in the past.
- The company's inability to maintain its capital adequacy ratio could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Inadequate payment of stamp duty on a previously executed Business Transfer Agreement with its holding company.
- There have been certain procedural delays in relation to compliances associated with the Non-Convertible Debentures issued by the Company, and any continued non-compliance may subject the Company to regulatory observations and may have an adverse effect on its business, financial condition and reputation.
- Any acquisition of 26% or more of the company's paid-up equity share capital requires prior approval of the Reserve Bank of India.
- Any inappropriate conduct or misconduct by the company's employees, collection personnel or recovery agents may expose it to legal and regulatory action, reputational harm and other liabilities, which could materially and adversely affect the company's business, financial condition, results of operations and prospects.
- The company does not maintain certain insurance policies in its own name, and any uninsured loss may adversely affect the company's business, financial condition, cash flows and results of operations.
- A significant portion of the company's Assets Under Management ("AUM") comprises loans extended to self-employed borrowers. Any adverse developments affecting such borrowers or changes in the composition of its loan portfolio may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's business may be adversely affected by the actions or conduct of its recovery agents, which could expose the company to customer complaints, litigation, regulatory action and reputational risk.
- The company's end-to-end customer onboarding, credit assessment and loan disbursement process is substantially dependent on its proprietary digital lending platform, "LoanFront". Any disruption, malfunction or failures of the platform or its integrated technology infrastructure could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
- Any failures or significant weakness in the company's internal processes or systems could result in operational errors or incidents of fraud, which may adversely affect its business, profitability and reputation.
- The company's business is dependent on digital distribution platforms, including mobile application marketplaces, and any disruption or adverse changes in the policies of such platforms may adversely affect its customer acquisition and business operations.
- The Company is exposed to risks associated with its loan assignment and co-lending arrangements with banks and other financial institutions, including changes in applicable regulations and reduced demand for such transactions.
- The company's digital lending operations are significantly dependent on third-party software vendors and service providers for critical functions such as customer onboarding, identity and document verification, credit bureau checks, account aggregation, payments, disbursals, communications and collections. Any disruption, failures, security breach, regulatory non-compliance or unavailability of such services could adversely affect the company operations, delay loan processing and materially impact its business and financial performance.
- The company's acquisition of loan portfolios from other NBFCs, HFCs or other eligible entities may expose it to credit and asset quality risks, including higher-than-anticipated delinquencies and defaults, which could adversely affect the company's business, financial condition and results of operations.
- The bankruptcy code in India may affect its right to recover loans from the company's customers.
- The company's digital lending operations relies on the continued permission granted by its holding company, Capfront Technologies Private Limited, to use a domain name registered in its name for the company's business purposes. Any revocation, non-renewal, dispute, change in control or failures to maintain or transfer such domain rights could disrupt the company's digital platform, affect customer engagement and materially and adversely impact its business, operations and financial performance.
- The company depends on the accuracy and completeness of information provided by its borrowers. Any misleading information provided to the company by its borrowers may affect the company's judgement of their credit worthiness, which could have an adverse effect on its business, cash flows, results of operations, financial condition.
- The company requires substantial capital for its business. Any disruption in the company's sources of capital or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- The company may faces asset-liability mismatches, which could adversely affect its liquidity and consequently affect the company profitability, business, results of operations, cash flows and financial condition.
- The company has entered into lending arrangements with certain third-party NBFCs for a certain portion of its total AUM which was attributable to the company off-book loans. Any premature termination of such lending arrangements may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- The company may not be able to identify, monitor and manage risks or effectively implement its risk management policies, which may adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Any non-compliance with applicable statutory and regulatory requirements may expose the company to penalties and regulatory action, which could adversely affect its business, financial condition and results of operations.
- The company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
- Risk relating to Non-Compliance of RBI Direction, regulatory supervision by RBI, reporting inaccuracies, and NPA provisioning errors.
- The company's success depends in large part upon its Promoters, KMPs and certain other employees and the company's inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Certain non-GAAP financial measures and other selected statistical and operational information included in the Red Herring Prospectus may differ from standard methodologies applicable across the financial services industry and may not be comparable with similarly described measures presented by other companies.
- Annualized financial data included in this Red Herring Prospectus may not be indicative of the company's actual financial performance for the relevant financial year.
- The company's ability to attract and retain customers and maintain relationships with its lenders, business partners and other stakeholders is dependent, to some extent, on the confidence and trust placed in the company.
- The company has certain contingent liabilities that have not been provided for in its Restated Consolidated Financial Information, which if they materialize, may adversely affect the company's financial condition.
- The loans provided to the company's customers can be used for various purposes and its may not have any control over such use. This may result in a failures by customers to repay the loans in a timely manner or at all and this may have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
- The company's Promoter will continue to hold a majority shareholding in the Company after the Offer and will be able to exercise significant influence over its business and management.
- There are outstanding legal proceedings on the date of this Red Herring Prospectus involving the Company, Promoters, Directors, KMP/SMP and Group Company however there may be possible litigation which may adversely affect its business, financial condition and results of operations.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The company may requires further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy the company's capital needs, which its may not be able to procure and any future equity offerings by the company.
- Qualified Institutional Buyers ("QIBs") and Non-Institutional Investors are not permitted to withdraw or lower their Bids (either quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute shareholding and sale of Equity Shares by the Promoters, members of its Promoter Group and other significant shareholders may adversely affect the trading price of the Equity Shares.
- Under Indian law, foreign investors are subject to investment restrictions that limit the company's ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
- The company's Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Offer Price may not be indicative of the market price of the Equity Shares after the Offer.
- Requirements of being a listed company may strain its resources and impose additional requirements.
- Investors may be subject to Indian taxes arising from income earned on the sale of the company's Equity Shares.
- There is no guarantee that the Equity Shares will be listed, or continue to be listed, on the Stock Exchanges in a timely manner, or at all, and such that the prospective investors will not be able to immediately sell their Equity Shares.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, the Equity Shares at a particular point in time.
Vaibhav Vyapaar Ltd Peer Comparison
Understand the company’s industry standing
Vaibhav Vyapaar Ltd
Paisalo Digital Ltd
Apollo Finvest (India) Ltd
Face Value
5
1
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
37.6353
917.4063
21.246
EPS-Basis
1.22
2.59
18.63
EPS-Diluted
1.22
2.59
18.63
NAV Per Share
18.13
19.49
199.03
P/E-Basic EPS
---
30.53
22.00
P/E-Diluted EPS
---
---
---
RONW(%)
6.75
13.24
9.36
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 13 Oct 2026 & closes on 15 Oct 2026.
Vaibhav Vyapaar Limited was originally incorporated as Vaibhav Vyapaar Private Limited on 24.02.2009 under the Companies Act, 1956 with Certificate of incorporation issued by the Registrar of Companies, West Bengal. Subsequently, the name of the Company was changed to 'Vaibhav Vyapaar Limited' dated 02.06.2026 issued by the CPC, Manesar.
Vaibhav Vyapaar is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). It provide unsecured personal loans to salaried individuals and self-employed individuals through the fully digital lending platform, both on a direct lending & co-lending basis. In parallel, it generate revenue by providing the application and technology services to other NBFCs.
Company was acquired by Capfront Technologies Private Limited through Share Purchase Agreement dated 24.10.2019. A Business/Assets Transfer Agreement dated 01.06.2022 was entered into between Capfront Technologies Private Limited and the Company for transfer of business via slump sale as a going concern in FY22.
As on 31.03.2026, Company has Asset Under Management (AUM) of Rs. 7,067.77 Lakhs and a net worth of Rs. 2,721.70 Lakhs. Company also maintained a debt-to-equity ratio of 1.60 as on March 31, 2026.
Apart from this, the business model helps credit access, particularly first-time borrowers, including lower-income salaried professionals. Company provide personal loans, through Mobile application namely 'LoanFront- Personal Loan App' which provides credit facilities to retail customers. Alongside the direct lending portfolio, it participate in co-lending arrangements other NBFCs, wherein loans are originated, underwriting process along with documentation, and services.
Company has filed a Draft Prospectus with SEBI &is planning for IPO, consisting a Fresh Issue of 76,00,000 Equity shares having Face value of Rs 5 each.
Vaibhav Vyapaar Ltd IPO will close on 15 Oct 2026.
- Ground-Level Market Understanding and Customer Insights.
- Digital Lending Platform with In-House Technology
- Experienced Leadership and Management Team
- Underwriting Framework and Risk Management Systems
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Capfront Technologies Pvt Ltd | 20382415 | 99.98 | 20382415 | 72.32 |
| 2 | Itha Venkata Raghava Gowrinath | 3996 | 0.01 | 3996 | 0.01 |
- The company's business is exposed to interest rate volatility, which may adversely affect its lending and treasury operations, Net Interest Income, Net Interest Margin and results of operations.
- The company's success depends on retaining and expanding its customer base. If the company is unable to attract new customers or are unable to retain and grow its relationships with the company's existing customers, its business, financial condition, cash flows, results of operations and prospects would be materially and adversely affected.
- A significant portion of the company's Assets Under Management ("AUM") is concentrated in certain states and regions of India. Any adverse economic, regulatory, political, climatic, social or business developments in such states or regions could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company's lending operations primarily involve unsecured loans to borrowers with a relatively higher risk profile, and any increase in defaults or the company's inability to recover outstanding dues may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company's business operations are highly dependent on the continuous availability, reliability, scalability and security of its mobile application and underlying information technology infrastructure. Any disruption, failures or security breach affecting the company's technology systems could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- The company's digital lending operations are significantly dependent on third-party software vendors and service providers for critical functions such as customer onboarding, identity and document verification, credit bureau checks, account aggregation, payments, disbursals, communications and collections. Any disruption, failures, security breach, regulatory non-compliance or unavailability of such services could adversely affect the company operations, delay loan processing and materially impact its business and financial performance.
- The company's customer onboarding and end-to-end lending operations are substantially dependent on the recognition and continued uses of the "LoanFront" trademark. Any loss, infringement, dilution, adverse publicity or inability to protect or uses the "LoanFront" brand could impair customer trust, disrupt the company operations and materially and adversely affect its business and financial performance.
- The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the company.
- The company has witnessed negative operating cash flows in the past.
- The company's inability to maintain its capital adequacy ratio could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Inadequate payment of stamp duty on a previously executed Business Transfer Agreement with its holding company.
- There have been certain procedural delays in relation to compliances associated with the Non-Convertible Debentures issued by the Company, and any continued non-compliance may subject the Company to regulatory observations and may have an adverse effect on its business, financial condition and reputation.
- Any acquisition of 26% or more of the company's paid-up equity share capital requires prior approval of the Reserve Bank of India.
- Any inappropriate conduct or misconduct by the company's employees, collection personnel or recovery agents may expose it to legal and regulatory action, reputational harm and other liabilities, which could materially and adversely affect the company's business, financial condition, results of operations and prospects.
- The company does not maintain certain insurance policies in its own name, and any uninsured loss may adversely affect the company's business, financial condition, cash flows and results of operations.
- A significant portion of the company's Assets Under Management ("AUM") comprises loans extended to self-employed borrowers. Any adverse developments affecting such borrowers or changes in the composition of its loan portfolio may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's business may be adversely affected by the actions or conduct of its recovery agents, which could expose the company to customer complaints, litigation, regulatory action and reputational risk.
- The company's end-to-end customer onboarding, credit assessment and loan disbursement process is substantially dependent on its proprietary digital lending platform, "LoanFront". Any disruption, malfunction or failures of the platform or its integrated technology infrastructure could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
- Any failures or significant weakness in the company's internal processes or systems could result in operational errors or incidents of fraud, which may adversely affect its business, profitability and reputation.
- The company's business is dependent on digital distribution platforms, including mobile application marketplaces, and any disruption or adverse changes in the policies of such platforms may adversely affect its customer acquisition and business operations.
- The Company is exposed to risks associated with its loan assignment and co-lending arrangements with banks and other financial institutions, including changes in applicable regulations and reduced demand for such transactions.
- The company's digital lending operations are significantly dependent on third-party software vendors and service providers for critical functions such as customer onboarding, identity and document verification, credit bureau checks, account aggregation, payments, disbursals, communications and collections. Any disruption, failures, security breach, regulatory non-compliance or unavailability of such services could adversely affect the company operations, delay loan processing and materially impact its business and financial performance.
- The company's acquisition of loan portfolios from other NBFCs, HFCs or other eligible entities may expose it to credit and asset quality risks, including higher-than-anticipated delinquencies and defaults, which could adversely affect the company's business, financial condition and results of operations.
- The bankruptcy code in India may affect its right to recover loans from the company's customers.
- The company's digital lending operations relies on the continued permission granted by its holding company, Capfront Technologies Private Limited, to use a domain name registered in its name for the company's business purposes. Any revocation, non-renewal, dispute, change in control or failures to maintain or transfer such domain rights could disrupt the company's digital platform, affect customer engagement and materially and adversely impact its business, operations and financial performance.
- The company depends on the accuracy and completeness of information provided by its borrowers. Any misleading information provided to the company by its borrowers may affect the company's judgement of their credit worthiness, which could have an adverse effect on its business, cash flows, results of operations, financial condition.
- The company requires substantial capital for its business. Any disruption in the company's sources of capital or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- The company may faces asset-liability mismatches, which could adversely affect its liquidity and consequently affect the company profitability, business, results of operations, cash flows and financial condition.
- The company has entered into lending arrangements with certain third-party NBFCs for a certain portion of its total AUM which was attributable to the company off-book loans. Any premature termination of such lending arrangements may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- The company may not be able to identify, monitor and manage risks or effectively implement its risk management policies, which may adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Any non-compliance with applicable statutory and regulatory requirements may expose the company to penalties and regulatory action, which could adversely affect its business, financial condition and results of operations.
- The company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
- Risk relating to Non-Compliance of RBI Direction, regulatory supervision by RBI, reporting inaccuracies, and NPA provisioning errors.
- The company's success depends in large part upon its Promoters, KMPs and certain other employees and the company's inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Certain non-GAAP financial measures and other selected statistical and operational information included in the Red Herring Prospectus may differ from standard methodologies applicable across the financial services industry and may not be comparable with similarly described measures presented by other companies.
- Annualized financial data included in this Red Herring Prospectus may not be indicative of the company's actual financial performance for the relevant financial year.
- The company's ability to attract and retain customers and maintain relationships with its lenders, business partners and other stakeholders is dependent, to some extent, on the confidence and trust placed in the company.
- The company has certain contingent liabilities that have not been provided for in its Restated Consolidated Financial Information, which if they materialize, may adversely affect the company's financial condition.
- The loans provided to the company's customers can be used for various purposes and its may not have any control over such use. This may result in a failures by customers to repay the loans in a timely manner or at all and this may have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
- The company's Promoter will continue to hold a majority shareholding in the Company after the Offer and will be able to exercise significant influence over its business and management.
- There are outstanding legal proceedings on the date of this Red Herring Prospectus involving the Company, Promoters, Directors, KMP/SMP and Group Company however there may be possible litigation which may adversely affect its business, financial condition and results of operations.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The company may requires further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy the company's capital needs, which its may not be able to procure and any future equity offerings by the company.
- Qualified Institutional Buyers ("QIBs") and Non-Institutional Investors are not permitted to withdraw or lower their Bids (either quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute shareholding and sale of Equity Shares by the Promoters, members of its Promoter Group and other significant shareholders may adversely affect the trading price of the Equity Shares.
- Under Indian law, foreign investors are subject to investment restrictions that limit the company's ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
- The company's Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Offer Price may not be indicative of the market price of the Equity Shares after the Offer.
- Requirements of being a listed company may strain its resources and impose additional requirements.
- Investors may be subject to Indian taxes arising from income earned on the sale of the company's Equity Shares.
- There is no guarantee that the Equity Shares will be listed, or continue to be listed, on the Stock Exchanges in a timely manner, or at all, and such that the prospective investors will not be able to immediately sell their Equity Shares.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, the Equity Shares at a particular point in time.
The Issue type of Vaibhav Vyapaar Ltd is Book Building - SME.
The minimum application for shares of Vaibhav Vyapaar Ltd is 4000.
The total shares issue of Vaibhav Vyapaar Ltd is 7796000.
Initial public issue of up to 77,96,000 equity shares of face value of Rs. 5/- each of vaibhav vyapaar limited ("VVL" or the "Company" or the "Issuer") for cash at a price of Rs. 54 per equity share including a share premium of Rs. 49 per equity share (the "Issue Price") aggregating to Rs. 42.10 Crores ("The Issue"), of which 3,90,000 equity shares of face value of Rs. 5/- each for cash at a price of Rs. 54 per equity share including a share premium of Rs. 49 per equity share aggregating to Rs. 2.11 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Net issue of 74,06,000 equity shares of face value of Rs. 5/- each at a price of Rs. 54 per equity share including a share premium of Rs. 49 per equity share aggregating to Rs. 39.99 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.66% and 26.28%, respectively, of the post issue paid up equity share capital of the company.
Price Band: Rs. 54.00 per equity share of face value of Rs. 5.00/- each.
The floor price is 10.80 times the face value of the equity shares.
Bids can be made for a minimum size of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.