Novus Loyalty IPO Fully Subscribed; Issue Scheduled to Close on March 20

Novus Loyalty's Initial Share Sale Fully Subscribed at 1.06 Times

On March 19, Novus Loyalty, a loyalty and rewards solutions provider, completed its initial share sale at 1.06 times subscription, backed by a decent response from all categories of investors.

Key Highlights:

• Rs 60.15 crore raised through the initial public offering (IPO) of 41.2 lakh shares at the upper end of the price band of Rs 139-146 per share.
• The IPO consisted of a fresh issuance of 33 lakh shares worth Rs 48.18 crore and an offer-for-sale of 8.2 lakh shares valued at Rs 11.97 crore.
• Deepak Tomar and Sweta Singh were the selling shareholders in the offer-for-sale.

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Subscription Details:

• Retail investors subscribed 1.38 times, with 31.66 lakh shares bid against the offer size of 29.9 lakh shares via 959 applications.
• Qualified institutional buyers and non-institutional investors booked 89% and 70%, respectively.

Proceeds Utilization:

• Rs 13 crore allocated for upgrading existing products and development of new products.
• Rs 9.6 crore for business development and marketing activities, including manpower hiring.
• Balance funds for general corporate purposes and unidentified inorganic acquisition.

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IPO Timeline:

• IPO share allotment finalised by March 23.
• Novus Loyalty shares available for trading on the BSE SME effective March 25.

Company Overview:

• Novus Loyalty provides customisable and ready-to-use program models, including point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers for industries such as fintech, e-commerce, software, finance, banking, FMCG, and real estate.
• Smart Horizon Capital Advisors acted as the book running lead manager for the Novus Loyalty IPO.