1. IPO Snapshot
| Particular | Details |
|---|
| Company name | Vaibhav Vyapaar Limited |
| IPO type | 100% book-built public issue; fresh issue only |
| Fresh issue | 77,96,000 equity shares, including 3,90,000 shares reserved for market maker |
| Total issue size | 77,96,000 shares; advertisement states price band ₹50–₹52 per share |
| Face value | ₹5 per equity share |
| Price band | ₹50–₹52 per share |
| Minimum bid | 4,000 shares, in multiples of 2,000 shares |
| Opening / closing | 13 October 2026 / 15 October 2026 |
| Anchor bidding | 12 October 2026 |
| Listing exchange | NSE EMERGE (NSE SME platform) |
| Registrar | Kfin Technologies Limited |
2. IPO Details
| Particular | At Floor Price ₹50 | At Cap Price ₹52 |
|---|
| Fresh Issue Shares | 77,96,000 | 77,96,000 |
| Fresh Issue Amount | ₹3,898.00 lakhs | ₹4,053.92 lakhs |
| Market Maker Shares | 3,90,000 | 3,90,000 |
| Market Maker Value | ₹195.00 lakhs | ₹202.80 lakhs |
| Net Issue Shares to Public | 74,06,000 | 74,06,000 |
| Net Issue Value to Public | ₹3,703.00 lakhs | ₹3,851.12 lakhs |
| Total Offer Shares | 77,96,000 | 77,96,000 |
| Total Offer Value | ₹3,898.00 lakhs | ₹4,053.92 lakhs |
| Pre-Issue Shares | 2,03,86,423 | 2,03,86,423 |
| Post-Issue Shares | 2,81,82,423 | 2,81,82,423 |
| Post-Issue Market Capitalisation | ₹14,691.84 lakhs | ₹14,654.86 lakhs |
3. Issue Reservation
| Category / portion | Disclosure |
|---|
| QIB portion | Not more than 50% of the net offer under the stated framework |
| NII portion | Not less than 15% of the net offer under the stated framework |
| Individual investors | Not less than 35% of the net offer under the stated framework |
4. IPO Lot Size
| Application category | Lots | Shares | Amount at ₹50 floor price | Amount at ₹52 cap price |
|---|
| Individual investor — minimum | 2 | 4,000 | ₹2,00,000 | ₹2,08,000 |
| S-HNI — minimum | 3 | 6,000 | ₹3,00,000 | ₹3,12,000 |
| B-HNI — minimum | 10 | 20,000 | ₹10,00,000 | ₹10,40,000 |
5. About the Company
Vaibhav Vyapaar Limited was originally incorporated as Vaibhav Vyapaar Private Limited on 24 February 2009 under the Companies Act, 1956. It became a public limited company following a shareholder special resolution dated 2 January 2026 and received a fresh certificate of incorporation dated 2 June 2026.
The company is a non-banking financial company (NBFC) providing unsecured personal loans to salaried and self-employed individuals through its digital lending platform under the “LoanFront” brand. Its mobile application supports loan origination, customer verification, due diligence, underwriting, documentation, disbursal and repayment. The company provides loans directly and through co-lending arrangements with other NBFCs. It also provides application and technology services to other NBFCs.
The company follows a technology-enabled lending model supported by digital verification, credit assessment, credit decisioning and risk evaluation tools. Its business is exposed to factors including interest-rate volatility, borrower defaults, technology-system availability, access to capital and co-lending relationships.
6. Restated Financial Information
| Particular (₹ lakh, except EPS) | 31 Jul 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 1,800.33 | 3,679.94 | 2,504.86 | 2,525.44 |
| Other income | 14.88 | 83.59 | 29.53 | 20.86 |
| Total income | 1,815.21 | 3,763.53 | 2,534.39 | 2,546.30 |
| Finance costs | 266.64 | 664.44 | 508.84 | 402.21 |
| Depreciation and amortisation | 75.42 | 188.54 | 125.38 | 96.14 |
| Profit before tax | 423.98 | 315.10 | 102.76 | 60.78 |
| Tax expense | 123.25 | 118.00 | (45.21) | 15.30 |
| Profit after tax | 300.73 | 197.10 | 147.97 | 45.48 |
| Basic EPS (₹) | 1.66 | 1.22 | 0.92 | 0.28 |
| Diluted EPS (₹) | 1.66 | 1.22 | 0.92 | 0.28 |
| Total assets | 9,615.96 | 8,422.52 | 5,503.92 | 6,117.53 |
| Share capital | 1,019.32 | 805.04 | 402.52 | 402.52 |
| Reserves and surplus | 3,700.23 | 2,113.77 | 2,319.18 | 2,171.20 |
| Long-term borrowings | 820.00 | 704.26 | 1,167.13 | 375.36 |
| Short-term borrowings | 2,970.11 | 3,975.26 | 1,098.71 | 2,300.74 |
| Trade receivables | 67.01 | 95.67 | 119.66 | 37.43 |
| Trade payables — MSME | 128.14 | 32.76 | 5.29 | 54.67 |
| Trade payables — other creditors | 43.27 | 45.97 | 14.86 | 28.64 |
7. Key Performance Indicators
| KPI | 31 Jul 2026 | FY2026 | FY2025 | FY2024 |
|---|
| AUM | 8,124.05 | 7,067.77 | 4,745.09 | 4,236.51 |
| On-book AUM | 6,822.76 | 6,174.42 | 3,414.17 | 3,608.03 |
| On-book AUM % | 83.98% | 87.36% | 71.95% | 85.17% |
| Off-book AUM | 1,301.29 | 893.35 | 1,330.92 | 628.48 |
| Off-book AUM % | 16.02% | 12.64% | 28.05% | 14.83% |
| AUM growth % | 14.95% | 48.95% | 12.00% | — |
| New customer metric* | 1,721.20 | 905.25 | 502.47 | 462.94 |
| New customer % | 21.19% | 24.60% | 20.06% | 18.33% |
| Repeat customer metric* | 6,402.85 | 2,774.69 | 2,002.39 | 2,062.50 |
| Repeat customer % | 78.81% | 75.40% | 79.94% | 81.67% |
| Interest rate spread | 12.95% | 12.79% | 12.63% | 13.33% |
8. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure in plain language | Potential impact |
|---|
| Financial / interest-rate risk | The business is exposed to interest-rate volatility affecting lending and treasury operations. | Changes in borrowing or lending rates may affect margins and financial performance. |
| Borrower / credit risk | The company lends to borrowers with higher risk of default; non-recovery may affect its business. | Higher defaults or recoveries below expectations may affect cash flows and profitability. |
| Customer retention | The company needs to retain and grow relationships with existing customers. | Customer loss or lower repeat activity may affect the lending franchise. |
| Technology / cybersecurity | The mobile application and underlying technology infrastructure are critical; failures, interruptions or breaches may affect operations. | Service interruptions or security incidents may disrupt lending and affect customer confidence. |
| Capital and liquidity | The company requires substantial capital; disruption in capital sources or inability to meet obligations may affect operations. | Reduced access to funding could constrain lending activity. |
| Co-lending / partner concentration | The company depends on lending arrangements, and termination of these arrangements could affect the business. | Changes in partner arrangements may affect loan origination and off-book AUM. |
| Brand / competition | Business growth depends on the strength of the LoanFront brand and the ability to keep pace with technological developments. | Brand or technology weaknesses may affect customer acquisition and competitive position. |
| Geographic / economic | The company is exposed to regional economic conditions and changes in certain states. | Local economic weakness may affect borrower repayment and demand. |
9. Litigation & Contingent Liabilities
| Contingent liability (₹ lakh) | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Claims not acknowledged as debts | — | — | — | — |
| Guarantees | — | — | — | — |
| Other contingent money* | 195.93 | 100.89 | 71.98 | 27.98 |
| Total | 195.93 | 100.89 | 71.98 | 27.98 |
10. Registrar
11. Lead Manager
| Field | Details |
|---|
| Name | Getfive Advisors Private Limited |
| SEBI registration number | INM000013147 |
| Address | 4th Floor, Motilal Oswal Tower, Opp. Zion Z1 Tower, Sindhubhavan Road, Thaltej, Ahmedabad, Gujarat 380059 |
| Contact person | Aman Jain |
| Telephone | +91 79907 29901 |
| Email / investor grievance | investor.grievance@getfive.in |
| Website | www.getfive.in |
12. Company Contact Details
| Field | Details |
|---|
| 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 700091 |
| Corporate office | 119 Road No. 3, 2nd Floor, EPIP Area Phase 1, Whitefield Road, Whitefield, Bengaluru, Karnataka 560066 |
| Company Secretary / Compliance Officer | Aditya Singh Solanky |
| Email | investors@vaibhav-vyapaar.com |
| Telephone | +91 40 6716 2222 / 1800 309 4001 |
| Website | www.vaibhav-vyapaar.com |
