Novus Loyalty Limited is launching its Initial Public Offering (IPO) with a total issue size of ₹60.15 crores. The IPO is a book-built issue, which means the final price is determined based on investor demand within the announced price band.
The issue consists of two parts. The company is issuing 0.33 crore fresh shares worth ₹48.18 crores, and there is also an offer for sale (OFS) of 0.08 crore shares worth ₹11.97 crores by existing shareholders.
The Novus Loyalty IPO will open for subscription on March 17, 2026, and close on March 20, 2026. For retail investors, the minimum investment is ₹2,92,000 (2,000 shares) based on the upper price band. For High Net-worth Individuals (HNIs), the minimum application requirement is 3 lots (3,000 shares), which amounts to ₹4,38,000.
The IPO is being managed by Smart Horizon Capital Advisors Pvt. Ltd., which acts as the book running lead manager. Kfin Technologies Ltd. is the registrar responsible for handling investor applications and allotments. The market maker for the issue is Shreni Shares Ltd., which helps provide liquidity to the stock after listing.
Novus Loyalty IPO Objectives
- The company will use up to ₹1,300 lakhs to improve its existing loyalty software platforms and develop new products. This includes upgrading the Enterprise Loyalty Platform and Merchant Platform by adding AI and machine learning features, and moving the system to a cloud-based architecture. The company will also develop new solutions such as Pearl Perks and RUBE-COM.
- Novus Loyalty will spend up to ₹962.48 lakhs to expand its business and marketing activities.This includes hiring new sales and marketing employees, running digital marketing campaigns, and participating in fintech events and trade shows. It will also conduct workshops and promotional activities, and increase brand awareness in domestic and international markets
- Part of the IPO proceeds will also be used for general corporate purposes, such as working capital, operational expenses, and potential future acquisitions.
About Novus Loyalty
Incorporated in 2011, Novus Loyalty is a technology-driven company that provides loyalty and rewards solutions to businesses across various industries, including Fintech, E-commerce, Software, Banking, FMCG, and Real Estate. The company offers a modern loyalty platform designed to help businesses improve customer engagement and retention.
Its platform supports a variety of reward program models such as point-based rewards, event-triggered campaigns, cashback offers, purchase-linked promotions, and digital vouchers. The system is flexible and can be easily integrated with existing client systems, allowing businesses to manage loyalty programs across web platforms, mobile applications, and physical stores.
Novus Loyalty offers its solutions through two deployment models. The On-Premises model allows clients to install the platform on their own servers or private cloud, providing greater control over data and security. The SaaS (cloud-based) model is offered on a subscription basis and provides a scalable and easy-to-deploy solution. The platform also includes AI-powered analytics to help businesses gain insights and improve program effectiveness.
The company serves clients across several Indian states and international markets including the UAE, USA, Australia, and Puerto Rico, with a workforce of around 50 employees as of January 2026.
Industry Outlook
- India’s IT and business services sector continues to be a major pillar of economic growth, with the market projected to reach nearlyUS$ 194 billion by 2025. Strong demand for digital transformation, cloud computing, and enterprise automation is expected to support continued growth in SaaS and technology services.
- The rapid growth ofdata centres, AI adoption, big data analytics, and IoT applications is driving demand for scalable SaaS platforms. Increasing enterprise reliance on cloud-based tools for operations, analytics, and security is creating long-term opportunities for SaaS providers.
- India’s fintech sector is expected to reachUS$ 1.5 trillion by 2030, supported by high digital adoption and an 87% fintech usage rate. This ecosystem is encouraging innovation in SaaS solutions related to payments, lending infrastructure, compliance tools, and financial analytics platforms.
- Government initiatives such asBharatNet, Digital Bharat Nidhi, and the expansion of Digital Banking Units are strengthening connectivity and financial inclusion across rural and semi-urban regions. Improved digital infrastructure expands the addressable market for SaaS products and technology services.
- India’s telemedicine market is expected to reachUS$ 5.4 billion by 2025, driven by increasing adoption of remote healthcare solutions and AI-enabled diagnostics. This trend is opening new opportunities for SaaS platforms focused on healthtech, data management, and teleconsultation services.
- India’s services exports reached arecord US$ 387.5 billion in FY25, highlighting the country’s strong position as a global technology and outsourcing hub. The IT-BPM sector is expected to grow10–15% annually, reinforcing India’s role in global SaaS development.
How To Apply for the Novus Loyalty IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Novus Loyalty IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Novus Loyalty IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Novus Loyalty IPO
Registered Address: 727, Udyog Vihar Phase V, Industrial Complex Dundahera, Gurgaon, Haryana, 122016
Phone: 9717154514
Email: investor@novusloyalty.com
Novus Loyalty IPO Reservation
| Investor Category | Allocation (%) |
| Market Maker | 5.58% |
| QIB (Total) | 47.09% |
| – Anchor Investors | 27.43% |
| – QIB (Excluding Anchor) | 19.66% |
| NII (HNI) | 14.20% |
| Retail Investors | 33.13% |
| Total | 100.00% |
Novus Loyalty IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) – Min | 2 | 2,000 | ₹2,92,000 |
| Individual Investors (Retail) – Max | 2 | 2,000 | ₹2,92,000 |
| S-HNI – Min | 3 | 3,000 | ₹4,38,000 |
| S-HNI – Max | 6 | 6,000 | ₹8,76,000 |
| B-HNI – Min | 7 | 7,000 | ₹10,22,000 |
Novus Loyalty IPO Promoter Holding
The promoters of the company are Deepak Tomar and Sweta Singh.
| Particulars | Pre IPO | Post IPO |
| Promoter Holding | 95.62% | To be updated |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Novus Loyalty IPO
| KPI Metric | Fiscal 2025 |
| EBITDA Margin | 5.44% |
| PAT Margin | 3.43% |
| Return on Equity (ROE) | 31.74% |
| Return on Capital Employed (ROCE) | 40.40% |
| Current Ratio | 9.12x |
Novus Loyalty IPO Prospectus
Novus Loyalty IPO Registrar and Lead Managers
Novus Loyalty IPO Lead Managers
- Smart Horizon Capital Advisors Pvt.Ltd.
Registrar for Novus Loyalty IPO
Name: Kfin Technologies Ltd.
Phone: 04067162222
Email: novus.ipo@kfintech.com
Financial Performance of Novus Loyalty
| Metric (₹ in Lakhs) | FY2025 | FY2024 | FY2023 |
| Revenue From Operations | 10,462.47 | 7,329.18 | 5,959.41 |
| EBITDA | 568.68 | 481.69 | 227.19 |
| Profit After Tax (PAT) | 358.48 | 296.24 | 54.67 |
| Revenue From Operations | 10,462.47 | 7,329.18 | 5,959.41 |
| EBITDA | 568.68 | 481.69 | 227.19 |
Peer Comparison of Novus Loyalty
| Particulars | Novus Loyalty Limited (FY25) | Pelatro Limited (FY25) |
| Revenue From Operations | 10,462.47 | 6,149.79 |
| EBITDA | 568.68 | 1,042.29 |
| EBITDA Margin (%) | 5.44% | 16.95% |
| PAT | 358.48 | 510.22 |
| Return On Equity (%) | 31.74% | 10.18% |
Strengths and Opportunities for Novus Loyalty IPO
- The company provides a full-stack loyalty management platform covering reward points, cashbackprogrammes, digital vouchers, event-based campaigns, and purchase-linked promotions. This integrated approach allows businesses to manage customer engagement through a single technology platform.
- The platform is designed to integrate easily with existing enterprise systems. Its modular and flexible architecture allows clients tocustomise loyalty programmes based on their business requirements and customer engagement strategies.
- The company serves clients across international markets including theUAE, USA, Australia, and Puerto Rico, demonstrating its capability to deliver technology solutions across multiple regions and regulatory environments.
- The company caters to a wide range of industries includingmid-sized commercial banks, fintech companies, e-commerce platforms, and retail brands, reducing dependence on a single sector and expanding its addressable market.
- The company is led bypromoters with over 20 years of industry experience, providing strategic direction, operational expertise, and a strong understanding of the loyalty technology and digital engagement ecosystem.
- The company continues to enhance its technology offerings by developing new products and upgrading existing solutions, including platforms such asPearl Perks (employee and partner incentives) and RubE-Com (e-commerce loyalty platform).
- A dedicated quality assurance team conducts extensive testing across sandbox and production environments, ensuring the reliability, performance, and scalability of the company’s software solutions.
Risks and Threats for Novus Loyalty IPO
- A significantportion of revenue comes from a single client. The top customer contributed ₹1,650.47 lakh (22.52%) of revenue in FY24, compared with ₹1,048.87 lakh (17.60%) in FY23, indicating rising concentration risk.
- The company derives a large share of revenue from a limited client base.Top 5 customers contributed ₹4,714.85 lakh (64.32%) in FY24, while Top 10 customers accounted for ₹6,410.61 lakh (87.45%) of total revenue.
- The companylargely operates on an order-by-order basis, meaning customers are not contractually obligated to continue business, which could lead to revenue fluctuations if orders decline or are delayed.
- Operating in a technology-driven sector requires continuous upgrades and innovation.Failure to enhance the loyalty platform in response to evolving industry standards and customer expectations could reduce competitiveness.
- The company processesfinancial and personal data for clients, exposing it to risks such as phishing, hacking, data theft, and advanced persistent cyber threats that could disrupt operations or damage reputation.
- The company recorded negative cash flows in certain periods, includingnet cash used in financing activities of ₹(306.80) lakh in FY25, which could affect liquidity if sustained.
- Some group entities have reported losses and negative net worth. For example,Atomiclaunch Solutions Pvt Ltd reported a loss of ₹(73.88) lakh in FY24 with net worth of ₹(74.30) lakh.
