Vaibhav Vyapaar IPO: Price Band, Dates, GMP & Review
Vaibhav Vyapaar Limited, an RBI-registered non-banking financial company (NBFC) running the digital lending platform LoanFront, opens its SME IPO next week. The 100% fresh issue opens for subscription on Tuesday, October 13, 2026, closes on Thursday, October 15, 2026, and will list on NSE Emerge. Here is a complete breakdown of the price band, lot size, important dates, financials, valuations, grey market premium and our review.
Vaibhav Vyapaar IPO Details
| Particular | Detail |
|---|---|
| IPO dates | 13 – 15 October 2026 |
| Price band | ₹51 – ₹54 per share |
| Face value | ₹5 per share |
| Issue size | 77,96,000 shares (~₹39.76 – ₹42.10 crore) |
| Issue structure | 100% fresh issue — no offer for sale |
| Lot size | 2,000 shares |
| Minimum application | 2 lots / 4,000 shares = ₹2,16,000 at the upper band |
| Market maker reservation | 3,90,000 shares |
| Net issue to public | 74,06,000 shares |
| Listing exchange | NSE Emerge |
| Promoters | Itha Venkata Raghava Gowrinath, Capfront Technologies Private Limited |
| Book running lead manager | GetFive Advisors Private Limited |
| Registrar | KFin Technologies Limited |
Vaibhav Vyapaar IPO Important Dates
| Event | Date |
|---|---|
| Anchor investor bid | 12 October 2026 |
| IPO opens | 13 October 2026 |
| IPO closes | 15 October 2026 |
| Allotment finalisation | 16 October 2026 |
| Refunds initiated | 19 October 2026 |
| Shares credited to demat | 19 October 2026 |
| Listing on NSE Emerge | 21 October 2026 |
About the Company: LoanFront's Digital Lending Business
Vaibhav Vyapaar is a Kolkata-based NBFC that offers unsecured personal loans through its digital platform, LoanFront, to salaried and self-employed borrowers across urban and semi-urban India. The platform handles the full lending lifecycle digitally — customer acquisition, KYC, credit assessment, underwriting, disbursal, repayment and collections — using credit bureau data, income and device signals and AI/ML-based credit models. The company also lends through co-lending arrangements with other financial institutions and earns fee income by providing application and technology services to other NBFCs.
As of 31 July 2026, the company had assets under management (AUM) of ₹81.24 crore, split between ₹68.23 crore of on-book assets and ₹13.01 crore of off-book assets. Five states — Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Maharashtra — accounted for 77.09% of AUM, with salaried borrowers contributing 53.79% and self-employed customers 46.21%. As of March 2026, LoanFront had roughly 86 lakh registered users and had disbursed about 24 lakh loans, run by a team of just 56 employees.
Vaibhav Vyapaar Financial Performance
| Particular (₹ crore) | FY 2024 | FY 2025 | FY 2026 | 4M FY 2027 |
|---|---|---|---|---|
| Revenue | 25.25 | 25.05 | 36.80 | 18.00 |
| Expenses | 24.86 | 24.32 | 34.48 | 13.91 |
| Profit after tax | 0.45 | 1.48 | 1.97 | 3.01 |
| PAT margin | 1.80% | 5.91% | 5.36% | 16.70% |
Revenue grew about 47% in FY 2026 while profitability kept improving, and the four-month FY 2027 stub already shows stronger margins.
Valuation and Peer Comparison
On FY 2026 EPS of ₹1.22, the price band implies a pre-issue P/E of 41.8–44.26x, rising to roughly 57.79–61.19x on a post-issue basis after dilution. That looks rich against the peers disclosed in the offer document: Paisalo Digital trades at about 30.5x earnings and Apollo Finvest at about 22x. The company's return on net worth of 6.75% and debt-to-equity of 1.60x are modest for a lender, though return on capital employed of about 27% is healthy. Another listed digital lender — Moneyview, which debuted earlier this month — is also named among the peers; read our Moneyview IPO final subscription and listing coverage for context.
| Company | Revenue (₹ cr) | P/E | RoNW |
|---|---|---|---|
| Vaibhav Vyapaar | 37.64 | 61.19x | 6.75% |
| Paisalo Digital | 917.41 | 30.53x | 13.24% |
| Apollo Finvest | 21.25 | 22.00x | 9.36% |
| Moneyview | 1,902.31 | NA | 5.85% |
Peer figures as disclosed in the company's offer document.
Objects of the Issue
- ₹32 crore to augment the company's capital base
- Balance towards general corporate purposes
Because this is a pure fresh issue, the entire ₹42.10 crore goes into the company — nothing to selling shareholders.
Vaibhav Vyapaar IPO GMP Today
No grey market premium has been quoted for Vaibhav Vyapaar yet — leading trackers show ₹0 as of October 10, 2026. Remember that GMP is unofficial, market-reported data that can swing sharply and is not a reliable predictor of listing gains. Check back once bidding begins on October 13.
Anchor Investors
Anchor bidding opens a day before the public issue, on October 12, 2026, with 22 lakh shares on offer — roughly ₹11.88 crore at the upper price band.
Strengths and Risks
Strengths:
- Digital-first lending platform with real operating scale — 86 lakh registered users and 24 lakh loans disbursed
- Profitable and growing: revenue up ~47% in FY 2026 with improving margins
- Fee income from co-lending and technology services diversifies revenue beyond the loan book
- 100% fresh issue — all proceeds strengthen the company's capital base
Risks:
- Rich post-issue valuation of ~58–61x earnings, well above listed NBFC peers
- Small loan book (₹81.24 crore AUM) relative to established competitors
- Unsecured personal loans carry higher credit and collection risk in a downturn
- Geographic concentration — five states account for 77% of AUM
- Modest return on net worth of 6.75%
- SME listing on NSE Emerge means lower liquidity than mainboard stocks
Review: Should You Apply?
Vaibhav Vyapaar offers a pure-play bet on India's digital consumer-lending boom, with a working platform, rising user scale and improving unit economics. But the pricing leaves little margin of safety — at roughly 58–61x post-issue earnings it is valued well above established listed NBFC peers, and the loan book is small and geographically concentrated. Risk-tolerant SME-IPO investors may consider it for listing-gain potential while keeping the valuation risk in mind; conservative investors may prefer to watch the anchor response and subscription numbers before deciding. This is not investment advice — read the red herring prospectus carefully before applying.
Frequently Asked Questions
When does the Vaibhav Vyapaar IPO open and close?
The IPO opens on October 13, 2026 and closes on October 15, 2026.
What is the Vaibhav Vyapaar IPO price band?
₹51 to ₹54 per share, with a face value of ₹5.
What is the lot size for Vaibhav Vyapaar IPO?
2,000 shares per lot. The minimum application is 2 lots (4,000 shares), which works out to ₹2,16,000 at the upper band.
When will Vaibhav Vyapaar IPO list?
The tentative listing date is October 21, 2026 on NSE Emerge.
What is the Vaibhav Vyapaar IPO GMP today?
No GMP has been quoted yet — trackers show ₹0 as of October 10, 2026. GMP is unofficial and subject to change.
Who is the registrar for the Vaibhav Vyapaar IPO?
KFin Technologies Limited.
Conclusion
Vaibhav Vyapaar's ₹42.10 crore SME IPO opens October 13 with a ₹51–54 band, anchor bidding on October 12 and a tentative NSE Emerge listing on October 21. The LoanFront platform has genuine scale and the financials are improving, but the rich valuation is the key question investors must answer. Also opening next week: HD Fire Protect (October 13–15) and Fusion CX (October 14–16).