Novus Loyalty ipo

Novus Loyalty, a player in the loyalty program space since 2011, is gearing up for an IPO. They connect with brands across sectors like banking and e-commerce, letting customers earn points for purchases, redeemable for shopping or gift cards. The IPO funds are earmarked for growth, but a chunk going to "inorganic acquisitions or general corporate purposes" raises a red flag. Interestingly, their website history is spotty, and their main income is from India, despite past international ventures. The management seems seasoned, but a major worry is the lack of trademark registration for "Novus Loyalty" itself, leaving their brand vulnerable. Revenue primarily stems from loyalty point redemptions and digital vouchers, with fintech and FMCG sectors being key contributors. While growth looks good, the IPO valuation appears steep, especially considering recent dips in similar companies. My take? The business model has potential, but this IPO price feels a bit rich. It might be smarter to wait for a dip before diving in.