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Novus Loyalty Solutions Limited IPO
🟢 Open Now BSE SME SME IPO Technology
Issue Price
₹72–76
Issue Size
₹28 Cr
Lot Size
1600 shares
Min. Investment
₹1,21,600
Open Date
20 Mar 2026
Close Date
24 Mar 2026
Listing Date
27 Mar 2026
Registrar
Bigshare Services
Live Subscription Status
(Updated every 30 min)Overall6.20x
QIB (Qualified Institutional Buyers)0.00x
NII (HNI — High Net Worth)7.80x
RII (Retail Individual Investors)4.60x
Data sourced from BSE + NSE live bidding portals. Subscription above 1x means oversubscribed.
IPOGenie Review — Novus Loyalty Solutions Limited IPO
Novus Loyalty Solutions provides cloud-based customer loyalty and rewards management platforms to retail, BFSI, and e-commerce companies. The company's SaaS model enables brands to design, launch, and manage loyalty programs with real-time analytics and multi-channel reward redemption. Novus serves 80+ enterprise clients including regional banks, retail chains, and digital-first brands.
Novus Loyalty is a decent SME IPO in the growing SaaS space. However, client concentration and limited scale are concerns. The valuation is fair but not compelling. Suitable only for investors comfortable with SME-specific risks. Skip if you prefer mainboard safety.
Strengths
- Recurring SaaS revenue model with high client retention
- Growing loyalty program adoption across Indian enterprises
- Low capital intensity of SaaS business model
- Affordable pricing compared to global loyalty platforms
- Strong pipeline from BFSI sector digitization
Risks
- International competition from global loyalty platform players
- Client concentration — top 10 clients form 62% of revenue
- Technology obsolescence risk in fast-changing SaaS landscape
- Limited scale compared to established global players
- IPO size is small — liquidity concerns post-listing
Novus Loyalty Solutions Limited IPO — Full Details
| IPO Date | 20 March 2026 to 24 March 2026 |
| Issue Size | ₹28 Crores |
| Fresh Issue | ₹28 Crores |
| Offer for Sale | None |
| Price Band | ₹72 – ₹76 per share |
| Face Value | ₹10 per share |
| Lot Size | 1600 shares |
| Minimum Investment (Retail) | ₹1,21,600 |
| Listing Exchange | BSE SME |
| IPO Type | SME IPO (NSE Emerge / BSE SME) |
| QIB Allocation | 0% of issue |
| NII/HNI Allocation | 50% of issue |
| Retail Allocation | 50% of issue |
| Registrar | Bigshare Services |
| Lead Managers | Vivro Financial Services |
| Allotment Date | 25 March 2026 |
| Refund Initiation | TBA |
| Credit to Demat | TBA |
| Listing Date | 27 March 2026 |
Novus Loyalty Solutions Limited — Financial Summary
Revenue (FY24)
₹42 Cr
Net Profit (FY24)
₹6.8 Cr
EPS
₹5.2
ROE
16.4%
P/E (Post-Issue)
14.6x
Issue Size
₹28 Cr
Issue Type
Fresh Issue
Sector
Technology
IPO Documents
⚠️ Always read the RHP (Red Herring Prospectus) before investing. It contains all material disclosures.
Frequently Asked Questions — Novus Loyalty Solutions Limited IPO
What is an IPO?
An Initial Public Offering (IPO) is the process through which a private company offers its shares to the general public for the first time on a stock exchange. This allows the company to raise capital from public investors, and gives the public an opportunity to own a piece of the company. After the IPO, the company's shares are traded on stock exchanges like NSE and BSE.
How can I apply for an IPO in India?
You can apply for an IPO through three methods: (1) ASBA (Application Supported by Blocked Amount) via your bank's net banking — this is the most common method where funds are blocked in your bank until allotment; (2) Through your stockbroker's trading platform like Zerodha Kite, Upstox, or Angel One using UPI; (3) Through your broker's UPI-based IPO application. You need a valid PAN card, Demat account, and bank account to apply. Applications above ₹5 lakh must use ASBA; below ₹5 lakh can use UPI.
What is ASBA in IPO?
ASBA (Application Supported by Blocked Amount) is a mandatory mechanism for IPO applications above ₹5 lakh. Under ASBA, your application money is blocked (not debited) in your bank account until allotment is finalized. If allotment is successful, the exact amount is debited; otherwise, the block is released. This means your funds earn interest while the IPO is being processed.
What is QIB, NII, and RII in IPO?
These are the three investor categories in an IPO: (1) QIB (Qualified Institutional Buyers) — includes mutual funds, banks, FPIs, and insurance companies; they are typically allocated 50% of the issue; (2) NII (Non-Institutional Investors), also called HNI — includes individuals, companies, and trusts applying for more than ₹2 lakh; typically 15% of the issue; (3) RII (Retail Individual Investors) — individuals applying for ₹2 lakh or less; typically 35% of the issue.
What is the difference between Mainboard and SME IPO?
Mainboard IPOs are for companies listing on the main segments of NSE and BSE and have a minimum post-issue paid-up capital of ₹10 crore. SME IPOs list on NSE Emerge (NSE SME) or BSE SME platform and are designed for smaller companies with paid-up capital between ₹1 crore and ₹25 crore. SME IPOs have higher lot sizes (often requiring ₹1-2 lakh investment), lower liquidity after listing, and are considered higher risk. Market makers are mandatory for SME IPOs to provide liquidity.
What is DRHP and RHP in IPO?
DRHP (Draft Red Herring Prospectus) is the first public document filed by a company with SEBI when it plans an IPO. It contains detailed information about the company's business, financials, management, risks, and proposed use of funds — but does not include the final issue price and dates. RHP (Red Herring Prospectus) is the final prospectus filed after SEBI approval, which includes the price band, lot size, and issue dates. Always read the RHP before investing.
What is a cut-off price in IPO?
The cut-off price is the final issue price determined after the book-building process. Retail investors and employees can bid at the cut-off price without specifying a number — this means they are willing to pay whatever price is finally determined within the price band. Bidding at cut-off is advisable for retail investors as it maximizes allotment chances.
Can I sell IPO shares on the listing day?
Yes — you can sell your IPO shares on listing day itself. Many retail investors choose to sell on listing day to book listing gains. However, if you believe in the company long-term, holding beyond listing is also a valid strategy. Note that if you sell within 1 year of allotment, gains are taxed as short-term capital gains (STCG) at 15%. Selling after 1 year attracts LTCG at 10% above ₹1 lakh.