The Novus Loyalty IPO seeks to raise an amount of around ₹60 crore from the market. This offering will issue 41,20,000 shares at a nominal value of ₹10. The IPO will start accepting bids from March 17, 2026. The applications can be made until the subscription closes on March 20, 2026. The company has proposed the allotment to take place on March 23, 2026. This issue’s listing on the BSE SME platform will be done on March 25, 2026.
The price band of the Novus Loyalty IPO ranges from ₹139 to ₹146. Each lot of the issue has 1,000 shares. The individual investors can participate by applying for 2 lots, which will amount to ₹2,92,000. For the sNII category, the minimum bid begins at ₹4,38,000 for 3 lots. The bNII participants will have to apply for 7 lots, which means their investment will be ₹10,22,000.
Novus Loyalty IPO Details
Below is an overview of the important details related to this offering
| Particulars | Details |
| IPO Opens | March 17, 2026 |
| IPO Closes | March 20, 2026 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding |
| Issue Price | – |
| Price Band | ₹139 to ₹146 |
| IPO Lot Size | 1,000 Shares |
| Listing at | BSE SME |
| Fresh Issue | 30,70,000 shares (₹45 crore) |
| Offer for Sale(OFS) | 8,20,000 shares (₹12 crore) |
| Total Issue | 41,20,000 shares (₹60 crore) |
| Minimum Investment | ₹2,92,000 |
Novus Loyalty IPO Timeline
The offering is expected to proceed according to the given schedule:
| Particulars | Details |
| IPO Opens | March 17, 2026 |
| IPO Closes | March 20, 2026 |
| Tentative Allotment | March 23, 2026 |
| Initiation of Refunds | March 24, 2026 |
| Demat Credit of Shares | March 24, 2026 |
| Listing Scheduled | March 25, 2026 |
| UPI mandate cut-off | 5:00 p.m. on March 20, 2026 |
Novus Loyalty Key Performance Indicators
The key performance indicators (KPIs) for Novus Loyalty are presented in the table below:
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 8.73 | 36.94 | 31.74 |
| ROCE (%) | 11.39 | 42.76 | 40.40 |
| Debt Equity (times) | 0.54 | 0.09 | – |
| RoNW (%) | 8.36 | 31.18 | 27.39 |
| PAT Margin (%) | 0.92 | 4.04 | 3.43 |
| EBITDA margin (%) | 3.81 | 6.57 | 5.44 |
| Price Book Value | – | – | 13.67 |
Novus Loyalty Financials
Below is a summary of Novus Loyalty’s major financial metrics:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 5,960.66 | 7,361.20 | 10,462.59 |
| Total Assets | 1,337.56 | 1,235.89 | 1,481.46 |
| Profit | 54.67 | 296.24 | 358.48 |
Subscription Status of the Novus Loyalty IPO
The subscription details for the Novus Loyalty IPO are currently unavailable as the bidding window has not opened yet. Updates will be provided once the issue begins accepting applications on March 17, 2026.
Investors can submit bids between 10:00 AM and 5:00 PM during the issue period.
Novus Loyalty IPO Grey Market Premium Today
The GMP for Novus Loyalty IPO is presently ₹0, signalling limited demand in the grey market. In the past three days, the premium has remained stable. Based on this trend, the IPO is expected to list around ₹146, implying no listing gains.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Last Updated |
| 10-03-2026 | ₹0 | ₹146 | 0.00% | 10-Mar-2026 15:02 |
Note: The GMP is based on unofficial market transactions and can vary depending on demand and investor sentiment.
Novus Loyalty IPO Reservation
The allocation of shares among various investor types is as follows:
| Investor Category | Reservation |
| Market Maker Shares | 2,30,000 (5.58%) |
| QIB Shares | 19,40,000 (47.09%) |
| NII (HNI) Shares | 5,85,000 (14.20%) |
| Retail Shares | 13,65,000 (33.13%) |
| Total Shares | 41,20,000 (100.00%) |
Lot Size of the Novus Loyalty IPO
Bids must follow the lot size guidelines set for the issue:
| Investor Type | Lots | Shares | Amount |
| Individual Investors (Minimum) | 2 | 2,000 | ₹2,92,000 |
| Individual Investors (Maximum) | 2 | 2,000 | ₹2,92,000 |
| S-HNI (Minimum) | 3 | 3,000 | ₹4,38,000 |
| S-HNI (Maximum) | 6 | 6,000 | ₹8,76,000 |
| B-HNI (Minimum) | 7 | 7,000 | ₹10,22,000 |
Novus Loyalty IPO Anchor Investors
The following section outlines the anchor investor participation in this issue:
| Particulars | Details |
| Anchor Bidding Opens | March 16, 2026 |
| Shares Offered | 11,30,000 |
| Portion Size | 60% of the QIB portion |
| 50% Shares Lock-in (30 Days) | April 22, 2026 |
| Remaining shares Lock-in (90 Days) | June 21, 2026 |
Novus Loyalty IPO Prospectus
Further information about the offering is available in the documents provided below:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed |
About Novus Loyalty
Novus Loyalty was established in 2011 by Deepak Tomar. He leads the organisation as the managing director and is the other promoter besides Sweta Singh. The company offers loyalty and rewards solutions for various segments like banking, fintech, e-commerce, real estate, and FMCG. Its platform has points, cashback, and promotional campaigns designed to connect seamlessly with existing digital infrastructure. It also supports retailers and firms through customer engagement tools and digital vouchers.
The company provides both on-premises and SaaS models, which are powered by AI-driven analytics. Novus Loyalty serves clients in India and internationally, with a presence in the USA, Puerto Rico, the UAE, and Australia. Pelatro Limited is another player competing against it in the IT and services sector.
| Lead Manager | Smart Horizon Capital Advisors |
| Issue Registrar | Kfin Technologies |
Objectives of the Novus Loyalty IPO
The capital generated through this issue will be directed to fulfill these purposes:
| Particulars | Amount (in ₹ lakh) |
| Product Development & Upgrades | 1,300.00 |
| Business Development & Marketing | 962.48 |
| General Corporate Purposes | – |
Strengths of Novus Loyalty
The points below outline the factors that strengthen Novus Loyalty’s market presence:
- Comprehensive Platform: The company provides a complete loyalty management platform that supports rewards programs, cashback offers, and vouchers that can be smoothly integrated with clients’ existing digital infrastructure.
- Global Presence: Novus has expanded its international footprint and serves clients in markets such as the UAE, the USA, and Australia. This highlights its ability to deliver solutions across various regions and industries.
- Experienced Promoters: Each promoter carries with them around two decades of industry experience. Their guidance has contributed significantly to the business expansion, operational stability, and long-term growth.
- Quality and Compliance Standards: It maintains strict assurance supported by ISO 27001, CMMI Level-3, and PCI DSS certifications. These standards ensure secure software development, reliable performance, and protection of sensitive data.
Risks of Novus Loyalty
A careful review of the main risks related to Novus Loyalty is necessary before making any investment decision.
- Absence of Contracts: The company does not have long-term agreements with many clients and operates on an order-based model. Discontinuation of services for the clients directly impacts the revenue.
- Cybersecurity: Novus Loyalty handles sensitive customer and financial data. Any cyberattacks or data breaches could affect business operations, damage reputation, and lead to penalties.
- Revenue Concentration: A large portion of the company’s earnings comes from Uttar Pradesh, Rajasthan, and Telangana. This increases the exposure to local economic, regulatory, or operational risks.
- Dependence on Suppliers: Novus Loyalty relies on a limited number of suppliers for certain operational requirements. This means disruption in supplier relationships could affect service delivery and overall profitability.
Novus Loyalty IPO Review
Novus Loyalty operates in the loyalty and customer engagement solutions segment. This offering provides an opportunity to be a part of a business with improving financial health, international presence, and a comprehensive service platform backed by a strong leadership team. However, small margins, revenue concentration, and reliance on external parties remain key concerns.
This offering may be considered by investors seeking long-term opportunities while accepting a moderate level of risk.
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Novus Loyalty IPO FAQs
The Novus Loyalty IPO is a book-built SME issue worth about ₹60 crore. It consists of a fresh issue of 30,70,000 shares (₹45 crore) and an OFS of 8,20,000 shares (₹12 crore).
Investors can apply for the Novus Loyalty IPO through ASBA via their bank account or through online brokerage platforms that support IPO applications. Bids have to be placed in prescribed lot sizes between 10:00 AM and 5:00 PM.
The Novus Loyalty IPO offers exposure to a loyalty solutions company with improving financials and global presence. However, factors like moderate margins, revenue concentration, and limited GMP should be evaluated before investing.
Currently, the grey market premium (GMP) stands at ₹0, indicating neutral sentiment in the unofficial market. Based on the upper price band of ₹146, the IPO may list close to its issue price, suggesting limited listing gains.
The Novus Loyalty IPO will open for subscription on March 17, 2026, and close on March 20, 2026.
The lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares), which requires an investment of ₹2,92,000 at the upper price band.
The share allotment for the Novus Loyalty IPO will be finalised on March 23, 2026.
The shares of Novus Loyalty will list on the BSE SME platform on March 25, 2026.
