Novus Loyalty Limited, a technology-driven provider of customer engagement and loyalty solutions, is set to launch its Initial Public Offering (IPO) on March 17, 2026.

The IPO will remain open for subscription until March 20, 2026.

The company plans to raise ₹60.15 crore through this IPO, which includes a fresh issue of shares as well as an offer for sale (OFS).

After the IPO process is completed, the shares are expected to list on the BSE SME platform on March 25, 2026, subject to regulatory approvals.

About Novus Loyalty Limited

Novus Loyalty Limited operates in the technology and marketing solutions space, providing loyalty program management and customer engagement platforms for enterprises.

The company helps businesses build stronger relationships with their customers by offering digital rewards platforms, loyalty programs, and engagement tools.

These solutions are widely used by companies across industries to:

• Increase customer retention
• Boost brand loyalty
• Encourage repeat purchases
• Improve overall customer engagement

Industries Served

Novus Loyalty provides its solutions to enterprises across multiple sectors.

These include:

• Banking and financial services
• Fintech companies
• Telecom providers
• Retail businesses
• Travel and hospitality companies

By serving a wide range of industries, the company is able to diversify its client base and expand its market opportunities.

Products and Services

Novus Loyalty offers a variety of technology-driven loyalty and engagement services.

These include:

Loyalty Program Platforms

The company develops and manages digital loyalty platforms where customers can earn and redeem rewards.

Rewards Fulfilment Solutions

Businesses can provide gift cards, vouchers, travel rewards, and merchandise to customers through the company’s reward fulfilment system.

Customer Engagement Tools

The company offers campaign management tools, promotions, and targeted marketing programs to help enterprises engage customers more effectively.

Program Management Services

Novus Loyalty also manages end-to-end loyalty programs, including platform management, analytics, and customer experience support.

Through these services, companies can enhance customer loyalty while gaining valuable insights into consumer behaviour.

Novus Loyalty IPO Structure

The Novus Loyalty IPO is structured as a Book Built Issue.

Key details include:

• Total Issue Size: ₹60.15 crore
• Fresh Issue: ₹48.18 crore
• Offer for Sale (OFS): ₹11.97 crore
• Total Shares Offered: Approximately 0.41 crore shares

The fresh issue proceeds will go directly to the company, while the funds raised through the offer for sale will go to the existing shareholders selling their stake.

IPO Price Band and Valuation

The price band for the Novus Loyalty IPO has been fixed between ₹139 and ₹146 per equity share.

At the upper price band of ₹146 per share, the company’s post-listing market capitalisation is expected to be around ₹227.03 crore.

Investors can place bids within this price range during the subscription period.

IPO Timeline

Important dates related to the Novus Loyalty IPO include:

• IPO Opening Date: March 17, 2026
• IPO Closing Date: March 20, 2026
• Allotment Finalisation: March 23, 2026 (Expected)
• Listing Date: March 25, 2026 (Tentative)
• Stock Exchange: BSE SME

These timelines provide investors with a clear schedule for participating in the offering.

Lot Size and Minimum Investment

The IPO has a defined lot size for investors, which determines the minimum number of shares that can be applied for.

• Lot Size: 1,000 shares

Retail investors must apply for a minimum of two lots, which equals 2,000 shares.

At the upper price band of ₹146, the minimum investment required will be:

• ₹2,92,000

For High-Net-Worth Individuals (HNIs):

• Minimum Application: 3 lots
• Total Shares: 3,000 shares
• Minimum Investment: ₹4,38,000

Such higher minimum investments are typical for SME IPOs listed on specialised SME exchanges.

IPO Management and Registrar

Several financial intermediaries are involved in managing the IPO process.

• Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited
• Registrar to the Issue: KFin Technologies Limited
• Market Maker: Shreni Shares Limited

The lead manager coordinates the IPO process, while the registrar handles application processing, allotment, and investor communications.

The market maker helps provide liquidity for the stock once it begins trading.

Novus Loyalty IPO Grey Market Premium

The Grey Market Premium (GMP) for the Novus Loyalty IPO is currently around ₹0.

The grey market refers to an unofficial market where IPO shares are traded before the stock is officially listed.

However, investors should understand that:

• The grey market is unregulated
• Prices are not officially verified
• GMP is based only on demand and supply

Therefore, GMP should be considered only an informal indicator rather than a reliable predictor of listing performance.

Growth of Customer Loyalty Platforms

The customer loyalty and engagement industry has been expanding rapidly as businesses increasingly focus on customer retention and personalised marketing.

Companies across industries are investing in loyalty programs to:

• Strengthen long-term customer relationships
• Increase repeat purchases
• Improve brand loyalty
• Collect customer data for targeted marketing

Technology-driven platforms like those offered by Novus Loyalty allow businesses to manage large-scale loyalty programs efficiently using digital tools and analytics.

Importance of SME IPOs

The Novus Loyalty IPO is part of India’s SME IPO segment, which allows small and mid-sized companies to raise capital through the stock market.

SME IPOs offer benefits such as:

• Access to capital for expansion
• Greater brand visibility and credibility
• Opportunity for investors to participate in emerging companies

However, SME IPOs can also involve higher risk due to smaller company size and relatively limited operating history.

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