Novus Loyalty IPO
smelistedAbout the company
Novus Loyalty is a tech-based company that helps businesses in fintech, e-commerce, banking and other industries to manage loyalty and rewards. It offers a technology platform that can grow with businesses and enables them to run customer engagement and retention programs using different models, like points-based reward schemes, cashback schemes, referral programs, purchase-based promotional programs, and digital vouchers. The company offers its solutions through both SaaS and on-premise delivery models. The company’s platform also includes analytics tools, campaign management, rule-based reward engines and digital voucher distribution systems to help clients track customer behaviour and improve marketing effectiveness. In FY25, the revenue was largely driven by its loyalty ecosystem services. By business vertical, Redemptions contributed 44.11% of revenue, Digital vouchers 42.78%, Technology services 6.92% and Merchant Promotions 6.19%. From an industry perspective, the FinTech segment accounted for 38.63% of FY25 revenue, followed by Finance at 35.35%, E-commerce at 12.37%, while remaining revenue came from industries like FMCG, Banking, Software and Real Estate. The company earns most of its revenue from the domestic markets at 97.82%, while rest comes from exports to markets such as the USA, Australia, UAE and Puerto Rico. Within India, Uttar Pradesh contributes 32.41%, Telangana contributes 19.07%, Rajasthan contributes 13.10%, New Delhi contributes 11.06% along with several other states in FY25.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 20 Mar | ₹0 | ₹146 | 0 |
| 19 Mar | ₹0 | ₹146 | 0 |
| 18 Mar | ₹0 | ₹146 | 0 |
| 17 Mar | ₹0 | ₹146 | 0 |
| 16 Mar | ₹0 | ₹146 | 0 |
| 15 Mar | ₹0 | ₹146 | 0 |
| 14 Mar | ₹0 | ₹146 | 0 |
| 13 Mar | ₹0 | ₹146 | 0 |
Strengths
- Technology-driven company providing loyalty and rewards solutions for multiple industries
- Offers services such as reward programs, cashback systems, digital vouchers, and promotional campaigns
- Scalable technology platform that integrates with websites and mobile applications
- Growing revenue and profitability in recent financial years
- Debt-free balance sheet providing financial stability
- Presence in both domestic and international markets
- Experienced management team with technology and marketing expertise
Risks
- Dependence on a limited number of key clients for revenue
- Lack of long-term contracts may create revenue volatility
- Highly competitive loyalty and marketing technology industry
- Dependence on technology platforms and IT infrastructure
- Exposure to data security and cybersecurity risks
- Limited workforce size may restrict rapid expansion
- Revenue concentration in certain regions may increase business risk
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed17 Mar 2026Bidding starts for all investor categories
IPO Closes
Completed20 Mar 2026Last day to place your bid
Basis of Allotment
Completed23 Mar 2026Share allotment finalised
Refund Initiation
Completed24 Mar 2026Refunds credited for non-allottees
Credit to Demat
Completed24 Mar 2026Allotted shares credited to demat account
Listing on Exchange
Completed25 Mar 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹146,000 | 1 | ₹146,000 | 1 lot only |
| HNI | 2 | 2000 | ₹292,000 | 2 | ₹292,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,105,263 | 30 | 0 | 0.00x | 100% |
| NII | 15% | 631,579 | 9 | 0 | 0.00x | 100% |
| Retail | 35% | 1,473,684 | 21 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
