Novus Loyalty IPO was launched through the Book Built SME route by Novus Loyalty Limited. The public issue consisted of a fresh issue of equity shares along with an offer for sale by existing shareholders. Through the IPO, the company planned to raise capital for business expansion, technology enhancement, working capital requirements, and general corporate purposes. After the completion of the public issue process, the company’s equity shares were listed on the BSE SME platform.
Novus Loyalty Limited operates in the customer loyalty and engagement technology industry. The company develops and manages technology-based loyalty programmes, customer engagement solutions, rewards management platforms, and incentive programmes for businesses across different sectors. Its services help organisations improve customer retention, increase engagement, and strengthen long-term relationships with customers.
The company’s operations include designing, developing, implementing, and managing customised loyalty programmes based on client requirements. It also provides reward management, promotional campaign support, customer engagement solutions, digital platform management, data-driven insights, and programme administration services.
Its business model combines technology, software development, customer engagement tools, and digital programme management to deliver scalable loyalty solutions. Continuous investment in technology infrastructure, platform development, and product innovation supports the company’s long-term business strategy.
India’s customer loyalty and digital engagement industry continues to expand with increasing adoption of digital platforms across retail, financial services, hospitality, travel, e-commerce, healthcare, and other consumer-focused industries. Businesses are increasingly adopting technology-driven loyalty programmes to improve customer experience and strengthen brand relationships.
Since the IPO has already been completed and the shares are listed, investors should carefully evaluate the company’s financial performance, technology capabilities, business model, valuation, competitive position, and long-term growth prospects before making an investment decision.
Novus Loyalty IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Novus Loyalty IPO |
| Company Name | Novus Loyalty Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹139 to ₹146 Per Share |
| Issue Size | ₹60.15 Crore |
| Fresh Issue | ₹48.18 Crore |
| Offer for Sale | ₹11.97 Crore |
| Total Shares Offered | 41,20,000 Equity Shares |
| IPO Open Date | 17 March 2026 |
| IPO Close Date | 20 March 2026 |
| Basis of Allotment | 23 March 2026 |
| Refund Initiation | 24 March 2026 |
| Shares Credited to Demat Account | 24 March 2026 |
| Listing Date | 25 March 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Equity Shares |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Indorient Financial Services Limited |
The IPO included both a fresh issue of equity shares and an offer for sale. The funds proposed to be raised through the fresh issue were intended to support technology development, business expansion, working capital requirements, and general corporate activities.
Novus Loyalty IPO Dates
The important milestones relating to the Novus Loyalty IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 17 March 2026 |
| IPO Closing Date | 20 March 2026 |
| Basis of Allotment | 23 March 2026 |
| Refund Initiation | 24 March 2026 |
| Shares Credited to Demat Account | 24 March 2026 |
| Listing Date | 25 March 2026 |
Following completion of the allotment process, successful applicants received their allotted equity shares in their demat accounts before trading commenced on the BSE SME platform.
Novus Loyalty IPO Reservation
The equity shares offered through the IPO were allocated among different categories of investors in accordance with the applicable SME IPO allocation framework.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category depended on the number of valid applications received during the subscription period.
Novus Loyalty IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot sizes.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (2,000 Shares) | ₹2,92,000 |
| Retail Maximum | 2 Lots (2,000 Shares) | ₹2,92,000 |
| HNI Minimum | 3 Lots (3,000 Shares) | ₹4,38,000 |
The investment values shown above are calculated using the upper price band of ₹146 per equity share.
About Novus Loyalty Limited
Novus Loyalty Limited operates in the customer loyalty and engagement technology industry. The company provides technology-driven loyalty programme management, customer engagement solutions, rewards platforms, incentive programmes, and digital relationship management services for businesses across multiple industries. Its solutions help organisations strengthen customer retention, improve engagement, and enhance long-term customer relationships through digital platforms.
The company combines technology, software development, analytics, and programme management to design and operate customised loyalty solutions. Its services are delivered through digital platforms that enable businesses to manage customer engagement programmes efficiently.
Business Operations
Novus Loyalty Limited offers a range of technology-enabled customer engagement and loyalty management services.
- Customer Loyalty Programmes – The company designs, develops, and manages customised loyalty programmes for corporate clients across different industries.
- Rewards Management – It operates reward and redemption platforms that allow businesses to offer incentives, promotional benefits, and customer rewards.
- Customer Engagement Solutions – The company provides digital engagement platforms that help organisations improve customer interaction and brand loyalty.
- Incentive Programme Management – It develops and manages incentive programmes for customers, channel partners, employees, and business associates.
- Technology Platform Development – The company develops and maintains software platforms that support loyalty programme administration and customer engagement activities.
- Campaign Management – It assists businesses in planning, executing, and monitoring promotional campaigns designed to improve customer participation and retention.
- Data Analytics and Reporting – Analytical tools and reporting systems provide businesses with customer insights, programme performance analysis, and engagement metrics.
- Programme Administration – The company manages programme implementation, customer support, reward fulfilment, and operational activities throughout the programme lifecycle.
- Digital Solutions – Technology-based applications and online platforms enable businesses to manage loyalty programmes through secure and scalable digital systems.
- Client Support Services – Ongoing operational and technical support helps ensure efficient programme execution and customer satisfaction.
Industry Overview
India’s digital customer engagement and loyalty solutions industry continues to expand with increasing adoption of digital platforms across retail, financial services, e-commerce, travel, hospitality, healthcare, telecommunications, and other consumer-focused industries. Businesses are increasingly investing in customer loyalty programmes to improve retention, strengthen customer relationships, and increase repeat business.
The growing use of digital payments, mobile applications, data analytics, artificial intelligence, and cloud-based software continues to create long-term opportunities for companies providing customer engagement and loyalty technology solutions.
Business Strategy
Novus Loyalty Limited aims to strengthen its market position by expanding its technology platform, enhancing software capabilities, increasing its client base, and developing innovative customer engagement solutions. The company also focuses on improving digital infrastructure, strengthening analytics capabilities, expanding service offerings, and supporting long-term customer relationships.
Through continuous investment in technology development, operational efficiency, product innovation, and customer support, the company seeks to expand its presence across multiple industries and achieve sustainable long-term business growth.
Novus Loyalty IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has expanded and how effectively it has generated earnings from its operations.
Novus Loyalty Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹87.46 Crore | ₹112.38 Crore | ₹146.72 Crore |
| Total Income | ₹88.11 Crore | ₹113.24 Crore | ₹147.85 Crore |
| EBITDA | ₹15.28 Crore | ₹20.36 Crore | ₹27.84 Crore |
| Profit Before Tax (PBT) | ₹11.46 Crore | ₹15.39 Crore | ₹21.67 Crore |
| Profit After Tax (PAT) | ₹8.53 Crore | ₹11.48 Crore | ₹16.19 Crore |
| Net Worth | ₹32.64 Crore | ₹44.08 Crore | ₹60.27 Crore |
| Total Borrowings | ₹9.84 Crore | ₹10.72 Crore | ₹9.36 Crore |
The company has reported steady growth in revenue and profitability during the last three financial years. Revenue has increased consistently due to business expansion and growth in customer engagement solutions. Profitability has also improved, reflecting better operational efficiency and disciplined cost management. Growth in net worth indicates a strengthening financial position, while borrowings have remained at moderate levels. Investors should evaluate these financial results together with future business strategy, technology development, industry outlook, and valuation before making an investment decision.
Novus Loyalty IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors evaluate the company’s profitability, capital efficiency, financial strength, and overall operating performance. These financial ratios provide additional insights into how effectively the company utilises its resources to generate returns.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 31.04% |
| Return on Capital Employed (ROCE) | 29.52% |
| Return on Net Worth (RONW) | 26.86% |
| EBITDA Margin | 18.84% |
| PAT Margin | 10.96% |
| Debt-to-Equity Ratio | 0.16 |
| Earnings Per Share (EPS) | ₹12.94 |
| Net Asset Value (NAV) Per Share | ₹48.21 |
| Price to Earnings (P/E) | 11.28x |
The financial indicators reflect healthy profitability, efficient utilisation of capital, and a balanced financial structure. The company has maintained stable operating margins while improving earnings over recent years. Return ratios indicate efficient utilisation of shareholders’ funds, while the debt-to-equity ratio suggests relatively low financial leverage. Investors should consider these financial metrics together with the company’s technology capabilities, customer base, competitive position, and future growth strategy before making an investment decision.
Objects of the Novus Loyalty IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Investment in technology platform development and software enhancement.
- Meeting additional working capital requirements.
- Expansion of business operations and service capabilities.
- General corporate purposes.
The planned utilisation of the IPO proceeds is expected to strengthen technology infrastructure, improve operational efficiency, support business expansion, and provide financial flexibility for long-term growth.
Novus Loyalty IPO Listing Performance
The listing performance indicates how the company’s shares performed when trading began on the stock exchange after the IPO was completed. While listing gains reflect initial investor interest, long-term returns depend on the company’s financial performance, business execution, technology development, and future growth.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 25 March 2026 |
| Issue Price | ₹146 Per Share |
| Listing Price | ₹165.00 Per Share |
| Listing Gain | ₹19.00 Per Share |
| Listing Gain (%) | 13.01% |
Novus Loyalty Limited made a positive debut on the BSE SME platform by listing above its issue price. Although the shares delivered a listing premium, investors should evaluate the company’s long-term business performance and growth prospects before making investment decisions.
Novus Loyalty IPO Subscription Status
The subscription figures indicate the level of investor demand received during the IPO bidding period. While strong subscription generally reflects positive market sentiment, investors should also consider the company’s financial performance, valuation, and long-term business outlook.
Novus Loyalty IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 95.83 Times |
| Non-Institutional Investors (NII) | 187.41 Times |
| Retail Individual Investors (RII) | 141.56 Times |
| Total Subscription | 132.84 Times |
The IPO received strong participation across all investor categories. Non-institutional investors recorded the highest subscription, while qualified institutional buyers and retail investors also showed healthy interest during the subscription period.
Novus Loyalty IPO Review
Novus Loyalty Limited operates in the customer loyalty and engagement technology sector by providing technology-driven loyalty programmes, rewards management solutions, customer engagement platforms, and incentive programme services. The company serves businesses across multiple industries by helping them strengthen customer relationships through digital engagement solutions.
Its operations include loyalty programme development, software platform management, campaign execution, reward administration, customer engagement, analytics, and technology support. The company’s focus on technology-enabled solutions allows clients to improve customer retention and enhance brand loyalty.
The company has reported consistent growth in revenue, profitability, and net worth over recent financial years, reflecting expansion in business operations and improving financial performance. Increasing digital adoption across industries and growing demand for customer engagement platforms continue to create long-term business opportunities.
However, investors should also consider factors such as technological changes, competitive market conditions, customer retention risks, dependence on enterprise clients, and continuous investment requirements before making an investment decision.
Overall, Novus Loyalty Limited operates in a technology-driven industry supported by increasing digital transformation and customer engagement initiatives. Investors should carefully evaluate the company’s financial performance, technology capabilities, valuation, and long-term growth prospects before investing.
Novus Loyalty IPO Strengths
Novus Loyalty Limited has established its business through technology-driven customer engagement solutions and digital loyalty programme management.
- Technology-Based Business Model – The company provides software-driven loyalty and customer engagement solutions across multiple industries.
- Diversified Service Portfolio – Its offerings include loyalty programmes, rewards management, campaign management, analytics, and customer engagement platforms.
- Scalable Digital Platform – Technology infrastructure enables the company to manage programmes efficiently for enterprise clients.
- Consistent Financial Growth – Revenue, profitability, and net worth have improved steadily over recent financial years.
- Growing Digital Adoption – Increasing use of digital customer engagement solutions supports long-term industry demand.
- Experienced Management Team – Management focuses on technology development, operational efficiency, customer service, and business expansion.
Novus Loyalty IPO Risk Factors
Every technology-enabled business is exposed to operational and industry-related risks. Investors should carefully consider the following factors before making an investment decision.
- Technology Risk – Continuous software development and platform enhancement are necessary to remain competitive.
- Competitive Industry – The company operates in a competitive market with several technology and customer engagement solution providers.
- Client Dependence – Business performance may be influenced by the retention of existing enterprise customers and acquisition of new clients.
- Data Security and Privacy – Customer engagement platforms require effective data protection and cybersecurity measures.
- Changing Market Trends – Rapid changes in technology and customer preferences may require continuous business adaptation.
- Operational Execution Risk – Successful implementation and management of loyalty programmes are important for maintaining customer satisfaction and business growth.
Novus Loyalty IPO Promoters
Novus Loyalty Limited is promoted by professionals with experience in customer engagement technology, loyalty programme management, and business development. The promoters have played a key role in expanding the company’s technology platform, strengthening client relationships, enhancing service offerings, and supporting long-term business growth.
Novus Loyalty IPO Promoters Details
| Promoter | Designation |
|---|---|
| Ankit Shah | Promoter & Managing Director |
| Bhavin Shah | Promoter |
Novus Loyalty IPO Management Team
The company is managed by professionals with experience in technology, software development, finance, operations, customer engagement, business strategy, and corporate governance. The management team focuses on product innovation, technology enhancement, operational efficiency, and sustainable business expansion.
| Name | Designation |
|---|---|
| Ankit Shah | Managing Director |
| Bhavin Shah | Whole-Time Director |
| Karan Mehta | Chief Financial Officer |
| Riddhi Shah | Company Secretary & Compliance Officer |
Novus Loyalty IPO Registrar Details
The registrar was responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds, and handling investor-related services during the IPO process.
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Private Limited |
| Website | https://www.bigshareonline.com |
| IPO Allotment Status | https://ipo.bigshareonline.com/ipo_status.html |
| Email ID | [email protected] |
| Contact Number | +91-22-6263 8200 |
Novus Loyalty IPO Lead Manager Details
The Book Running Lead Manager coordinated the public issue, managed regulatory compliance, and assisted the company throughout the IPO process.
| Particular | Details |
|---|---|
| Lead Manager | Indorient Financial Services Limited |
| Website | https://www.indorient.in |
| Email ID | [email protected] |
| Contact Number | +91-22-4286 1200 |
Novus Loyalty Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Novus Loyalty Limited |
| Registered Office | Mumbai, Maharashtra, India |
| Website | https://www.novus-loyalty.com |
| Email ID | [email protected] |
How to Check Novus Loyalty IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through either the registrar’s website or the BSE IPO portal.
Through Bigshare Services Private Limited
- Visit the official Bigshare Services IPO allotment portal.
- Select Novus Loyalty IPO from the available IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details correctly.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Novus Loyalty IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to check the allotment status.
Frequently Asked Questions (FAQs)
What is the Novus Loyalty IPO?
Novus Loyalty IPO was a Book Built SME public issue comprising a fresh issue of equity shares along with an offer for sale.
What was the price band of the Novus Loyalty IPO?
The IPO was offered at a price band of ₹139 to ₹146 per equity share.
What was the total issue size of the Novus Loyalty IPO?
The total issue size was ₹60.15 crore.
When did the Novus Loyalty IPO open and close?
The IPO opened on 17 March 2026 and closed on 20 March 2026.
On which stock exchange are Novus Loyalty shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Novus Loyalty IPO?
Bigshare Services Private Limited acted as the registrar to the issue.
Who was the lead manager for the Novus Loyalty IPO?
Indorient Financial Services Limited served as the Book Running Lead Manager.
What was the minimum lot size for the Novus Loyalty IPO?
The minimum application size was 2 lots consisting of 2,000 equity shares.
What does Novus Loyalty Limited do?
The company provides technology-driven customer loyalty programmes, rewards management solutions, customer engagement platforms, and incentive programme services for businesses across multiple industries.
What were the objectives of the Novus Loyalty IPO?
The IPO proceeds were proposed to be utilised for technology platform development, business expansion, working capital requirements, and general corporate purposes.
