Novus Loyalty IPO Update

Key Highlights

• The ₹60.15 crore initial public offering (IPO) of Novus Loyalty has entered its final day of subscription, with the issue closing on Thursday, March 19.
• The IPO price band has been set at ₹139-146 per share, with the company aiming to raise ₹60.15 crore through a mix of fresh shares and an offer for sale (OFS).
• The issue consists of a fresh issue of 0.33 crore shares aggregating to ₹48.18 crore and an offer for sale of 0.08 crore shares aggregating to ₹11.97 crores.

IPO Subscription Status

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• As of 3:15 pm on Day 3, the IPO has been subscribed 1.04 times, with the retail portion subscribed 1.32 times and the NII portion booked 0.58 times.
• Qualified Institutional Buyers (QIBs) portion received 0.89 times bids, with the company receiving bids for 28.58 lakh shares against 27.60 lakh shares on offer.

IPO Utilization

• The proceeds from the fresh issue will be primarily utilized for:
  • Development of new products: ₹20.00 crore
  • Strengthening marketing initiatives: ₹15.00 crore
  • Pursuing inorganic growth opportunities: ₹5.00 crore
  • Meeting general corporate requirements: ₹8.18 crore

Listing Details

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• The stock is scheduled to list on the BSE SME with a tentative listing date of Wednesday, March 25.
• Successful applicants are likely to receive their shares on Monday, March 23, while refunds for non-allottees will also be processed on the same day.

Market Outlook

• The grey market premium (GMP) for Novus Loyalty IPO is ₹0 on March 19, indicating muted investor sentiment.
• The stock is likely to debut at ₹146, same as the IPO price.