Vaibhav Vyapaar IPO
Vaibhav Vyapaar IPO is an SME IPO raising ₹42 Cr at ₹51 – ₹54 a share. It listed on 21 Oct 2026 at ₹53, −2.0% against its issue price of ₹54, and trades at ₹53 today (−2.3% since issue). It was subscribed 3.80× in total.
3.8 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Vaibhav Vyapaar Limited is a Reserve Bank of India-registered Non-Banking Financial Company (NBFC) that lends unsecured personal loans to salaried and self-employed individuals through its proprietary mobile-app platform, 'LoanFront'. It originates loans on its own balance sheet (direct lending) and via co-lending arrangements with other NBFCs, targeting first-time borrowers and lower-income salaried professionals across urban and semi-urban India. It also sells its application and technology services to other NBFCs.
How it earns
Earns interest and fees on personal loans disbursed on its own books (on-book AUM) and on its 20% share under co-lending; additionally earns revenue from technology and sourcing services (hurdle interest, penalty/closure charges, sourcing fees) provided to other NBFCs.
Who buys
Retail individual borrowers only — no named B2B customers. Concentration: top 5 states (Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Maharashtra) account for 77.09% of AUM as of 31.07.2026; repeat customers contribute 77.13% of revenue in the same period (75.40% in FY2025-26).
Scale
AUM of ₹8,124.05 lakhs (≈₹81.24 crore or ≈₹812.4 million) as on 31.07.2026, of which on-book ₹6,822.76 lakhs and off-book ₹1,301.29 lakhs; net worth ₹4,719.55 lakhs; ~86 lakh registered users, ~18 lakh KYC-verified users, ~24 lakh loans to ~5 lakh customers, 114 lakh+ app downloads and cumulative disbursements of ₹1,500 crore as of June 2026 (figures stated in lakhs/crore; 1 crore = 100 lakh = 10 million).
What it says sets it apart
- Large digital user franchise: ~86 lakh registered users, ~18 lakh KYC-verified users, ~24 lakh loans disbursed to ~5 lakh customers, and ~75% repeat borrowers as of 31.03.2026
- Proprietary end-to-end digital platform 'LoanFront' (acquired via slump-sale BTA dated 01.06.2022 from CapFront Technologies for ₹2 crore), built around modular architecture integrating credit bureaus, payment gateways, e-NACH, UPI AutoPay, Aadhaar/PAN and video-KYC
- Dual revenue streams: own lending plus recurring application/technology services to other NBFCs (₹300.31 lakhs in FY2025-26, ₹242.57 lakhs in FY2024-25)
- Risk-sharing co-lending structure: company retains 20% of each loan, partner retains 80%, supporting balance-sheet leverage (debt-to-equity 0.80 as on 31.07.2026)
- Geographic concentration in South India (~65% of AUM from Tamil Nadu, Karnataka, Telangana and Andhra Pradesh) with 25-state footprint and ₹1,500 crore cumulative disbursements as of June 2026
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs54 / stated EPS Rs1.22 (FY26 (year ended 31.03.2026) basic & diluted, restated standalone). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| 31 March 2026 | ₹37 Cr | ₹2 Cr | 5.4% | ₹29 Cr | ₹47 Cr |
| 31 March 2025 | ₹25 Cr | ₹1 Cr | 5.9% | ₹27 Cr | ₹23 Cr |
| 31 March 2024 | ₹25 Cr | ₹0 Cr | 1.8% | ₹26 Cr | ₹27 Cr |
| 31 July 2026 | ₹18 Cr | ₹3 Cr | 16.7% | ₹47 Cr | ₹38 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Getfive Advisors Private Limited — median +113.0% across the 4 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 26 Nov 2026.
What to watch
- Priced at 44.3× earnings — 69% above the median of the peers the issuer itself names.
- The register's top risk: Severe negative operating cash flow of Rs 1,843.74 lakhs in FY2026 (prospectus page 38).
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track VAIBHAV VYAPAAR LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.