Vaibhav Vyapaar

ListedListed 21 Oct 2026NSE SMENSE: LOANFRONT-SMCheck allotment

Current price₹ 53.6−0.74% since issue

Listing day−2.04%

Issue price: ₹ 54
Issue size: ₹ 42.1 Cr.
Min. investment: ₹ 1,08,000
Listing price: ₹ 52.9
Subscribed: 3.08x
Lot size: 2,000 shares
P/E: 16.25
RoNW: 6.37%
RoCE: 12.44%
Debt / Equity: 0.80
PAT margin: 16.70%
EBITDA margin: 41.72%
RoE: 7.87%
EPS: ₹ 3.20
NAV: ₹ 23.15
Promoter stake: 72.34%

Our call

Minerva Capital Research Solutions + video

Avoid

About

Vaibhav Vyapaar Limited was incorporated in February 2009 and is a non-banking finance company (NBFC). It gives unsecured personal loans to salaried and self-employed borrowers under the LoanFront brand, entirely through a mobile app. The app handles the full loan journey: application, customer verification, due diligence, underwriting, documents, disbursal and repayment. The company lends directly and also through co-lending with other NBFCs. It earns extra fees by giving application and technology services to other NBFCs. Its borrowers include first-time borrowers and lower-income salaried people in urban and semi-urban India. CapFront Technologies Private Limited acquired the company in October 2019, and it has run the digital lending business for the last six years. As on 31 July 2026 it had 56 employees, of whom 17 work in technology, 11 in operations and 11 in risk.

Minerva Capital Research Solutions' view

Our research team's call on this IPO

Recommendation

Avoid

Our view in brief

This IPO review analyzes Vaibhav Vyapaar, an NBFC issuing a ₹42-crore 100% fresh issue IPO at a price band of ₹51 to ₹54 per share. Operating through its LoanFront app, the company provides high-velocity, high-interest unsecured loans ranging from ₹1,500 to ₹2 lakh with effective interest rates between 30% and 86%. While revenues grew 47% to ₹37 crore with a net profit of ₹2 crore in FY26, serious operational and financial risks exist. The business heavily depends on its parent company, CapFront, which handles technology, guarantees borrowing, collects dues, and extracted ₹6 crore in fees and

Timeline

Opens
13 Oct
done
Closes
15 Oct
done
Allotment
16 Oct
done
Refunds
19 Oct
done
Demat credit
19 Oct
done
Listing
21 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 5 on 17 Oct 2026
Lowest: ₹ 0 on 8 Oct 2026
First quoted: ₹ 0 on 8 Oct 2026

Subscription

How many times each investor group bid for its share, as of 17 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	2,000	₹ 1,08,000
Retail (Max)	1	2,000	₹ 1,08,000
HNI (Min)	2	4,000	₹ 2,16,000

Company overview

Financials

Financials by year

Assets	96.16	84.23	55.04	61.18
Total Income	18.15	37.64	25.34	25.46
Profit After Tax	3.01	1.97	1.48	0.45
EBITDA	7.51	10.84	7.07	5.38
NET Worth	47.2	29.19	27.22	25.74
Reserves and Surplus	37	21.14	23.19	21.71
Total Borrowing	37.9	46.8	22.66	26.76

Strengths

Total income rose from Rs 25.34 crore in FY2025 to Rs 37.64 crore in FY2026, a rise of 48%.
Profit after tax rose from Rs 0.45 crore in FY2024 to Rs 1.48 crore in FY2025 and Rs 1.97 crore in FY2026. For the four months to 31 July 2026 it was Rs 3.01 crore.
EBITDA was Rs 10.84 crore in FY2026 on income of Rs 37.64 crore, and the PAT margin for the four months to 31 July 2026 was 16.70%.
Net worth grew from Rs 25.74 crore at 31 March 2024 to Rs 47.20 crore at 31 July 2026, and debt to equity fell from 1.60 to 0.80 over the last four months.
The issue is priced at 16.25 times post issue earnings on an EPS of Rs 3.20 at the upper band of Rs 52, against 53.61 times on a pre issue EPS of Rs 0.97.
The whole Rs 40.54 crore issue is fresh capital, with no offer for sale. Rs 32.00 crore of the net proceeds is to add to the capital base for lending.
The company lends directly and through co-lending, and also earns technology service fees from other NBFCs, so its income has more than one source.

Risks

The latest figures cover only four months to 31 July 2026. The post issue EPS of Rs 3.20 is based on annualised earnings for that short period, so it may not hold for a full year.
The source page quotes a net worth of Rs 471.96 crore and assets under management of Rs 812.41 crore in its text. These do not match the restated table, which shows net worth of Rs 47.20 crore and total assets of Rs 96.16 crore, so those two figures should not be relied on.
Net worth rose from Rs 29.19 crore at 31 March 2026 to Rs 47.20 crore at 31 July 2026, while profit for the period was only Rs 3.01 crore. Most of the rise came from new capital, not earnings.
Total borrowing more than doubled from Rs 22.66 crore at 31 March 2025 to Rs 46.80 crore at 31 March 2026. It was Rs 37.90 crore at 31 July 2026.
Return on net worth is low at 6.37% and return on equity is 7.87% for the period to 31 July 2026. Profit after tax of Rs 1.97 crore in FY2026 is small against assets of Rs 84.23 crore.
Unsecured personal loans to first-time and lower-income borrowers carry a higher chance of non-payment, and the data available to us does not state bad loan levels.
Total income was flat at Rs 25.46 crore in FY2024 and Rs 25.34 crore in FY2025 before it rose in FY2026, so the growth is recent.
Promoters hold 99.99% before the issue and 72.34% after it. The promoter group includes a company, CapFront Technologies Pvt.Ltd, and the company has only 56 employees.
The object of the issue is only to add to the capital base, with a general corporate purpose share that has no amount stated, so there is no specific use of funds to track.
This is an SME issue. One lot is 2,000 shares, which is about Rs 1.04 lakh at the upper band of Rs 52, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Augment the capital base of the company	32
General Corporate Purpose	—

Promoters

Itha Venkata Raghava Gowrinath
CapFront Technologies Pvt.Ltd

Promoter holding99.99%→72.34%before → after the issue · down 27.65 points

Registrar, lead managers and documents

Listing on: NSE SME
Face value: ₹ 5 a share
Registrar: KFin Technologies Limited
Lead managers: GetFive Advisors Pvt. Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.