Novus Loyalty’s initial public offering (IPO) opened for subscription on Tuesday, March 17, and will remain available till Friday, March 20. Ahead of the launch, the company secured ₹16.5 crore from anchor investors on March 16.
Established in 2011, Novus Loyalty offers technology-led loyalty and rewards programme solutions to companies across sectors such as fintech, e-commerce, banking, FMCG, software, and real estate. Its platform allows businesses to drive customer engagement through initiatives like points-based reward systems, cashback offerings, event-driven campaigns, and purchase-linked promotions.
Novus Loyalty IPO subscription status
Novus Loyalty IPO was subscribed 14% on the first day of bidding, as of 12:35 pm.
The individual investors category received 0.28 times bids so far. Meanwhile, the non-institutional investors’ (NIIs) segment was booked 0.04 times. The QIB section remains unsubscribed for now.
Novus Loyalty IPO GMP today
Novus Loyalty grey market premium (GMP) is currently ₹0, according to Investorgain. This means that shares are trading at the same price as the offer price.
The estimated listing price of Novus Loyalty IPO is likely to be ₹146 if the current trends in the grey market persist.
Novus Loyalty IPO details
The company aims to raise around ₹60 crore through its IPO on the BSE SME platform. The issue is a book-built offering of ₹60 crore, comprising a fresh issue of 0.33 crore shares aggregating to ₹48.18 crore and an offer for sale of 0.08 crore shares worth ₹11.97 crore by existing shareholders.
The allotment is likely to be finalised on March 23. The shares are expected to list on the BSE SME platform on March 25. The company has set a price band of ₹139–146 per share, and investors can apply for a minimum lot size of 2,000 shares, amounting to an investment of approximately ₹2.92 lakh at the upper end.
Proceeds from the fresh issue will be primarily used for product development and technology upgrades, business expansion and marketing initiatives, as well as general corporate purposes.
Smart Horizon Capital Advisors is the book-running lead manager to the issue, while Kfin Technologies has been appointed as the registrar. Shreni Shares will act as the market maker for the IPO.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.