Updated on 25.03.2026|11:58 AM
Novus Loyalty Limited is set to launch its Initial Public Offering (IPO) on Tuesday, March 17, 2026.
It is a technology-driven provider of end-to-end loyalty and rewards solutions for industries spanning FinTech, Banking, and E-commerce, operating through both On-Premises and SaaS models, the company offers customizable digital voucher and cashback systems.
The IPO, which closes on Friday, March 20, 2026, aims to raise approximately ₹60.15 Crores through a mix of Fresh Issue and Offer for Sale (OFS), with a price band fixed at ₹139 to ₹146 per share. You can check all the upcoming and live IPOs of 2026 at our IPO hub page.
In this article, you will find Novus Loyalty IPO GMP today, price band, and a detailed review. For subscription check our regularly updated IPO subscription section and for the allotment status, check our IPO allotment status hub page for details.
Briefs of Novus Loyalty IPO Details:
- Price Band: ₹139 – ₹146 per equity share
- IPO Open / Close Dates: March 17, 2026 – March 20, 2026
- Lot Size: 1,000 Shares (Note: Retail Minimum Application is 2 Lots / 2,000 Shares)
- Issue Size: 41,20,000 Equity Shares / ~₹60.15 Crores
- Fresh Issue: 33,00,000 Shares (₹48.18 Cr)
- Offer for Sale (OFS): 8,20,000 Shares (₹11.97 Cr)
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
Investors who have allotment related queries to Kfin Technologies can find our detailed guide on step by step guide on Kfin allotment status quite useful.
WHAT IS THE Novus Loyalty IPO GMP Today?
You can check the GMP of this and other issues at our GMP today section which is updated regularly.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 146.00 | 146.00 | 0.00 |
What Are The Important Novus Loyalty IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, March 17, 2026
- IPO Close Date: Friday, March 20, 2026
- Basis of Allotment Date: Monday, March 23, 2026
- Refund Initiation Date: Tuesday, March 24, 2026
- Credit of Shares: Tuesday, March 24, 2026
- Listing Date: Wednesday, March 25, 2026
What Are The Objectives of Novus Loyalty IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Software Development: A significant portion of ₹13.00 Crores is earmarked for upgrading its platform, specifically integrating AI/ML capabilities to enhance predictive analytics and customer engagement features.
- Marketing & Business Development:₹9.62 Crores is allocated to aggressive marketing campaigns and expanding the sales force to capture a larger market share domestically and potentially internationally.
- General Corporate Purposes: The remaining funds will be used to meet ongoing operational contingencies.
How is The Financial Performance of Novus Loyalty?
The following table summarises the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 71.43 | 104.63 | 73.61 | 59.61 |
Profit After Tax (PAT) | 5.80 | 3.58 | 2.96 | 0.55 |
EBITDA | 7.79 | 5.69 | 4.82 | 2.27 |
Total Borrowing | 0.00 | 0.00 | 0.82 | 3.53 |
Assets | 21.83 | 14.81 | 12.36 | 13.38 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated robust top-line growth, with Total Income reaching ₹104.63 Crores in FY25, up from ₹59.61 Crores in FY23. This trajectory is supported by the rapid expansion of India's digital payment ecosystem, driving demand for backend loyalty management systems.
Profit After Tax (PAT):
Profitability surged impressively, jumping from ₹0.55 Crores in FY23 to ₹3.58 Crores in FY25. The momentum accelerated further in the first half of FY26 with PAT reaching ₹5.80 Crores. This is largely attributed to a strategic pivot from lower-margin third-party implementation to a highly scalable proprietary SaaS model.
EBITDA:
Operational efficiency is a key highlight, with EBITDA expanding from ₹2.27 Crores in FY23 to ₹5.69 Crores in FY25. The EBITDA margin improved to nearly 10.91% in the recent stub period (Sep '25), reflecting optimised manpower costs and better pricing realisation.
Total Borrowing:
Novus Loyalty has successfully transitioned to a debt-free status. Total borrowings were reduced to nil by the end of FY25 and remained zero as of September 2025, drastically lowering financial risk and interest burdens.
Assets:
The asset base grew to ₹21.83 Crores by September 2025, largely fueled by strong operating cash flows, leading to an increase in cash equivalents. This provides ample liquidity for the company's planned R&D investments.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹2.93, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 49.83x at the upper end of the price band (₹146).
P/E Ratio = ₹146(Price) / ₹2.93Earnings Per Share)
P/E Ratio ≈ 49.83x
Peer Comparison Table (FY 2024-25 Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) |
Novus Loyalty | 49.83 | 27.39 | 2.93 |
| Pelatro Limited | 53.72 | 6.31 | 5.64 |
Analysis:
Novus Loyalty is entering the market at a P/E multiple of approximately 49.83x based on its FY25 EPS. When compared to its listed peer, Pelatro Limited (53.72x), the issue appears to be priced competitively.
More importantly, Novus has a better Return on Net Worth (RoNW) of 27.39% compared to Pelatro's 6.31%. This indicates that Novus is highly efficient in generating profits from shareholder equity, potentially justifying the premium valuation typically associated with asset-light tech firms.
What Are the Industry Outlook Of Novus Loyalty Limited ?
Growth Potential:
The global loyalty management market is expanding rapidly as brands prioritise customer retention over acquisition. In India, the surge in FinTech and e-commerce has made reward programs a critical differentiator for businesses.
Market Trends:
There is a distinct shift towards data-driven, AI-integrated loyalty programs. Novus Loyalty’s strategic focus on integrating AI/ML capabilities aligns perfectly with the industry's demand for personalised consumer engagement.
What Are The Strengths and Risks of Novus Loyalty IPO?
Strengths:
- Debt-Free Balance Sheet: Operating with zero debt provides financial stability and allows the company to reinvest its strong operating cash flows entirely into growth.
- High Return Ratios: An ROE of over 31% and ROCE of 40% in FY25 highlight exceptional capital efficiency.
- Compliance Moat: Holding critical certifications like PCI DSS and ISO 27001 ensures data security, which is paramount for winning contracts in the BFSI and FinTech sectors.
Risks:
- High Client Concentration: The top 10 customers contributed over 91% of total revenue in FY25. The loss of a major client could severely impact financial performance.
- Lack of Long-Term Contracts: The company operates primarily on an order-by-order basis. The absence of long-term lock-ins leads to potential revenue volatility.
- Geographic Concentration: With nearly 98% of revenue coming from the domestic market (heavily skewed towards UP and Telangana), the company is exposed to regional economic shifts.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Minimum Investment: Investors should note the high entry barrier. The minimum application for Retail Individual Investors is 2 Lots (2,000 Shares), amounting to ₹2,92,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation Context: At ~50x P/E, the pricing factors in the recent exponential growth in H1FY26. Investors are paying for future AI-led scalability rather than just historical earnings.
- Promoter Acquisition Cost: The promoters' average cost of acquisition is near zero due to a massive pre-IPO bonus issue (1200:1), which investors should be aware of when assessing the premium demanded at the IPO.
Key Takeaways
- IPO Price: ₹146 per share (Upper Band).
- Min Investment: ₹2,92,000 (2,000 Shares).
- Financials: Revenue ₹104 Cr (FY25); Debt-Free.
- Allotment: March 23, 2026
- Listing: BSE SME platform on March 25, 2026.
FAQs on Novus Loyalty IPO
What is Novus Loyalty IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check it our gmp section which is updated regularly.
What is Novus Loyalty IPO price band?
The price band is fixed at ₹139 to ₹146 per equity share.
What is Novus Loyalty IPO allotment date?
The allotment status is expected to be finalised on Monday, March 23, 2026.
How to check Novus Loyalty IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE IPO allotment portal, you can also check our IPO allotment status hub page for more details.
What is Novus Loyalty IPO listing date?
The shares are tentatively scheduled to list on Wednesday, March 25, 2026.
Investment Perspective on Novus Loyalty IPO
Novus Loyalty offers a high-growth, asset-light opportunity in the expanding SaaS and FinTech ancillary space. The zero-debt structure and strong return ratios are highly attractive. However, the steep minimum investment size and extreme client concentration are critical risk factors that require careful consideration.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
