Kolkata-based digital lender Vaibhav Vyapaar has filed its red herring prospectus and will open its initial public offering for public subscription on October 13, 2026. According to reports from The Economic Times, the Bengaluru-headquartered non-banking finance company is looking to raise up to ₹42.10 crore through a public issue of 77.96 lakh shares at the upper end of the price band of ₹51-54 per share. The issue comprises entirely a fresh issue of shares by the company. The price band has been revised from the previously reported ₹50-52 per share. The IPO is structured as a book-built issue with a lot size of 2,000 shares and a minimum retail investment of ₹2,16,000 for 4,000 shares. Kfin Technologies Ltd. serves as the registrar, while GetFive Advisors Pvt. Ltd. acts as the book running lead manager. The issue will remain open for bidding for three days, closing on October 15, 2026, with allotment expected to be finalised on October 16, 2026 and shares tentatively scheduled to list on the NSE SME platform on October 21, 2026.
As reported by The Economic Times, the anchor book will open for a day on October 12, 2026, while the IPO will remain open for public subscription until October 15, 2026. The company is expected to finalise the IPO share allotment by October 16, 2026 and make its shares debut on the NSE Emerge platform on October 21, 2026. The subscription details for the first day of the issue will be available post 10 am. The issue structure shows half of the net offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for individual investors. According to the latest subscription data, Individual investors have subscribed 649 times with ₹2,08,000 minimum investment, while HNI investors have shown 62 subscriptions with ₹3,12,000 minimum investment. The subscription structure shows Individual investors can invest minimum ₹2,08,000 with 2 lots of 4,000 shares, while HNI investors can invest minimum ₹3,12,000 with 3 lots of 6,000 shares and S-HNI investors can invest minimum ₹9,36,000 with 9 lots of 18,000 shares.
According to reports from The Economic Times, incorporated in 2009 and acquired by its current parent in 2019, Vaibhav Vyapaar received its NBFC licence from the RBI in 2010. The company provides unsecured personal loans to salaried and self-employed individuals through its fully digital lending platform, LoanFront - Personal Loan App, offering loans in the range of ₹1,500 to ₹2,00,000. As per Itha Venkata Raghava Gowrinath, Chairman, Managing Director and Promoter, the company has focused on extending credit access to salaried and self-employed individuals, including first-time borrowers across urban and semi-urban India. The LoanFront app has crossed 114 lakh downloads and achieved cumulative disbursements of ₹1,500 crore as of June 2026. The company also generates revenue by offering its application and technology services to other NBFCs. The digital infrastructure utilises verification and technology-enabled tools to facilitate credit assessment, credit decisioning and risk evaluation. As of July 31, 2026, the company utilizes digital payment modes of UPI and payment gateways with a total manpower of 56 employees across functions including technology, operations and risk management.
As reported by Moneycontrol, for the four-month period ended July 2026, Vaibhav Vyapaar reported a profit of ₹3 crore and revenue from operations of ₹18 crore. For the fiscal year ended March 2026, the company's profit increased 33.2 percent year-on-year to ₹1.97 crore, while revenue surged 46.9 percent to ₹36.8 crore from the previous year. The company reported FY26 income of ₹176.8 crore with profit of ₹64.8 crore, reflecting improved financial performance and growth. As of July 31, 2026, the company's Assets Under Management (AUM) stood at ₹812.41 crore, with a net worth of ₹471.96 crore and a debt-to-equity ratio of 0.80. However, as of March 31, 2026, the company's AUM stood at ₹70.68 crore with a net worth of ₹27.22 crore and a higher debt-to-equity ratio of 1.60. The company's Return on Net Worth (RoNW) improved to 6.37% in July 2026 from 6.75% in March 2026, while Earnings Per Share (EPS) increased to ₹1.66 from ₹1.22 in the previous quarter. The company's Gross NPA stood at 4.71% in FY26, with finance costs of ₹6.64 crore during the year.
According to reports from The Economic Times, the IPO proceeds will be primarily utilised to augment the company's capital base, with the remaining funds earmarked for general corporate purposes. As per Itha Venkata Raghava Gowrinath, the proceeds from the fresh issue will be used primarily to augment capital base, support the loan book growth in line with RBI capital adequacy norms. Aman Jain, Director at GetFive Advisors, noted that India's digital lending ecosystem continues to expand, supported by rising smartphone penetration, digital KYC and growing demand for formal credit among underserved borrowers. The company's Assets Under Management (AUM) stood at ₹812.41 crore as of July 31, 2026, spread across 30 states/UTs with 5 southern and western states contributing about 77% of AUM and 75% of loans from repeat customers. The company's Equity Share Capital stands at ₹10.19 crore as of July 2026, with Total Equity of ₹471.96 crore and Total Borrowings of ₹37.9 crore.
