Vaibhav Vyapaar
What they do: The company develops and maintains web applications, e-commerce platforms, and customized software solutions for enterprise customers. It also offers technology solutions for digital payment integration and manages technology platforms for financial services.
By IPO Milega Research · Published
The company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- N/A
- Grey market premium
- Opens
- 13 Oct
- Closes 15 Oct
- Min. investment
- ₹2,08,000
- 4000 shares
GMP is an unofficial grey market indication.
- Price band
- ₹50-52
- Lot size
- 4000 shares
- Min. investment
- ₹2,08,000
- Issue size
- 40.54 Cr.
- Open13 Oct 2026
- Close15 Oct 2026
- Allotment16 Oct 2026
- Listing21 Oct 2026
Overview
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance8.0
- Flexibility8.0
- Timing5.0
- Risk4.0
The approximate gains potential is based on the company's strong growth trajectory, operational efficiency, and digital platform leverage, despite the absence of GMP data. However, significant financial and regulatory risks, along with moderate financial fundamentals, temper the potential gains.
Strengths3
- Transitioned from a traditional NBFC to a digital lending platform post-2019 acquisition.
- Achieved a significant reduction in 90+ DPD from 5.82% in FY23 to 3.10% by July 2026.
- Expanded AUM significantly, with a diversified presence across multiple states.
Concerns5
- High GNPA ratio indicating borrower default risk.
- Significant related party transactions affecting financial independence.
- Delays in tax filings and payments due to administrative issues.
- Inaccuracies in regulatory reporting to RBI.
- High employee attrition rate impacting talent retention.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,08,0002 lots, 4000 shares
- Retail Maximum2,08,0002 lots, 4000 shares
- S-HNI Minimum3,12,0003 lots, 6000 shares
- S-HNI Maximum9,36,0009 lots, 18000 shares
- B-HNI Minimum10,40,00010 lots, 20000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,08,000 |
| Retail Maximum | 2 | 4000 | 2,08,000 |
| S-HNI Minimum | 3 | 6000 | 3,12,000 |
| S-HNI Maximum | 9 | 18000 | 9,36,000 |
| B-HNI Minimum | 10 | 20000 | 10,40,000 |
Timing
5.0/10The timing of the IPO is moderate, with both opportunities and challenges present. While the company is entering the market at a time of regulatory changes and potential market volatility, these factors could either pose risks or offer opportunities depending on how they are managed. The lack of a prior public market for the shares adds uncertainty to the IPO's success.
- Time to market
- The company's entry into the public market is neither particularly advantageous nor disadvantageous. The evolving regulatory landscape and potential market volatility present both risks and opportunities, making the timing of the IPO average.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- NSE SME
Key milestones
- 13 Oct 2026IPO Opens
- 15 Oct 2026IPO Closes
- 16 Oct 2026Basis of Allotment
- 19 Oct 2026Refunds Initiated
- 19 Oct 2026Credit to Demat Account
- 21 Oct 2026Listing Date
Financials
5.0/10- Revenue
- ₹37.64 Cr
- +48.5%
- Profit after tax
- ₹1.97 Cr
- +33.1%
- Net margin
- 5.2%
- -0.6 pts
- Assets
- ₹84.23 Cr
- +53.0%
- Return on equity
- 6.99%
- Debt to equity
- 1.60
- Revenue CAGR
- 10%
- ROCE
- 26.99%
- Return on net worth
- 6.75%
- NAV per share (₹)
- 18.13
Financial performance trend
Amount ₹ in croresThe company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin. However, the lack of detailed financial ratios and liabilities data limits a comprehensive assessment.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Operational risks1
- Regulatory risks2
Significant financial and regulatory risks due to related party transactions, high GNPA, tax filing delays, and regulatory reporting inaccuracies.
How the company offsets these
Strengthen internal controls and compliance processes to mitigate financial and regulatory risks.
Financial risks3
- High GNPA ratio indicating borrower default risk.
- Significant related party transactions affecting financial independence.
- Interest rate volatility affecting financial stability.
Operational risks1
- High employee attrition rate impacting talent retention.
Regulatory risks2
- Delays in tax filings and payments due to administrative issues.
- Inaccuracies in regulatory reporting to RBI.
Performance
8.0/10Vaibhav Vyapaar Limited, a digital lending NBFC, has shown strong growth and operational efficiency. The company leverages a digital platform, LoanFront, to provide unsecured personal loans, primarily targeting salaried and self-employed individuals. It has a diversified geographical presence, with significant operations in southern India. The company's AUM has grown significantly, and it maintains a healthy debt-to-equity ratio. The management team is experienced, and the company has a robust risk management framework.
- Historical growth
- The company's AUM grew from ₹29.40 crore in FY23 to ₹81.24 crore by July 2026, indicating a strong growth trajectory., The AUM growth rate was 14.95% for the period ending July 2026, with a notable 48.95% growth in FY25.
- Market comparison
- Vaibhav Vyapaar Limited operates in a competitive NBFC sector, leveraging digital platforms to compete effectively with traditional and fintech lenders.
- Future potential
- The company is well-positioned for future growth with plans to expand its product offerings and enhance its digital platform.
- Operational consistency
- The consistent growth in AUM and reduction in delinquency rates indicate strong operational execution.
- Experience
- The management team has extensive experience in financial services, credit operations, and technology.
- Track record
- The management has successfully transitioned the company to a digital platform and maintained strong growth.
Key achievements
- 01Transitioned from a traditional NBFC to a digital lending platform post-2019 acquisition.
- 02Achieved a significant reduction in 90+ DPD from 5.82% in FY23 to 3.10% by July 2026.
- 03Expanded AUM significantly, with a diversified presence across multiple states.
Flexibility
8.0/10The company has shown significant market adaptability by expanding its digital lending platform, LoanFront, and increasing its geographic presence across multiple states in India. This expansion is supported by a strong understanding of customer needs and market conditions.
The company maintains a healthy financial position with a debt-to-equity ratio of 0.80 and a growing Asset Under Management (AUM). The reduction in early-stage delinquency levels and improvements in portfolio performance further indicate financial stability.
Vaibhav Vyapaar Limited exhibits high operational agility through its fully digital lending platform, which supports efficient loan origination, underwriting, and servicing processes. The company's ability to quickly adapt to digital innovations and regulatory changes enhances its operational flexibility.
Vaibhav Vyapaar Limited demonstrates strong flexibility and adaptability, driven by its digital lending platform, diversified geographic presence, and robust financial metrics. The company has effectively leveraged technology to streamline operations and expand its customer base, indicating high operational agility and market adaptability.
- Product diversification
- The company offers unsecured personal loans to both salaried and self-employed individuals, with plans to expand its product offerings further. This diversification strategy is supported by co-lending arrangements with other NBFCs.
- Future adaptability
- The company's focus on digital transformation and technology enablement positions it well for future adaptability. Continuous enhancements to its digital platform and a strong risk management framework support its potential to adapt to evolving market conditions and customer needs.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.