Novus Loyalty
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 25 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹146 | ₹0 |
| 24 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹146 | ₹0 |
| 23 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹146 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Mar 2026 – 20 Mar 2026
- Listing date
- 25 Mar 2026
- Face value
- ₹10 per share
- Price band
- ₹139 – ₹146
- Issue price
- ₹146 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹60.15 Cr
- Market cap at offer price
- ₹227 Cr
- Promoter holding
- 95.62% → 70.05% pre-issue → post-issue
- ISIN
- INE1TFS01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 727, Udyog Vihar Phase V, Industrial Complex Dundahera, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,30,000 | — | — |
| Market maker | 2,30,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹146
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,46,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,92,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,76,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,22,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹146 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.93 | 7.47 |
| P/E (×) | 49.83 | 19.54 |
| Price to book (×) | 13.67 | — |
| Market cap | — | ₹227 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.39%
- ROCE
- 40.40%
- PAT margin
- 3.43%
- EBITDA margin
- 5.44%
- NAV per share
- ₹10.68
- Price to book
- 13.67
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Novus Loyalty
Novus Loyalty Limited, incorporated as Clavax Technologies Private Limited in June 2011 and renamed to Novus Loyalty Limited in August 2025, is a technology-driven company specializing in loyalty and rewards solutions. The company has developed a modern, scalable loyalty platform using the latest technology stack to help enterprises build meaningful relationships with their customers. The platform delivers comprehensive, data-driven solutions that enhance customer engagement, retention, and acquisition across multiple industries. The company provides both customizable and ready-to-use program models, including point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers.
Company Analysis
from RHPNovus Loyalty Limited is a technology-driven company offering loyalty and rewards solutions tailored for Fintech, E-commerce, Software, Finance, Banking, FMCG, and Real Estate industries.
Novus Loyalty Limited, incorporated as Clavax Technologies Private Limited in June 2011 and renamed to Novus Loyalty Limited in August 2025, is a technology-driven company specializing in loyalty and rewards solutions. The company has developed a modern, scalable loyalty platform using the latest technology stack to help enterprises build meaningful relationships with their customers. The platform delivers comprehensive, data-driven solutions that enhance customer engagement, retention, and acquisition across multiple industries. The company provides both customizable and ready-to-use program models, including point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers.
Objects of the Issue
- Funding of expenditure towards Investment in enhancement of existing products and development of new products ₹ 1,300.00 Lakhs p.31
- Business Development and Marketing Activities including manpower hiring ₹ 962.48 Lakhs p.31
- General corporate purposes and unidentified inorganic acquisition p.31
- Funding of expenditure towards Investment in upgrading existing products and development of new products ₹1,300.00 Lakhs p.94
- Business Development and Marketing Activities including manpower hiring ₹962.48 Lakhs p.94
- General corporate purposes and unidentified inorganic acquisition p.94
- Expansion of existing service portfolio including enhancement of existing products and development of new products p.142
- —
Issue Structure
- Total Issue
- Up to 41,20,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 33,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 8,20,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
Novus Loyalty generates revenue through providing loyalty and rewards solutions to enterprises across various sectors. The company operates on an order-by-order basis with customers, offering customizable and ready-to-use program models including point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers. Revenue is derived primarily from service delivery and licensing of the loyalty platform across sectors like Fintech, E-commerce, Software, Finance, Banking, FMCG, and Real Estate.
Business Segments
SWOT Analysis
- • Technology-driven loyalty platform with modern stack(p.31)
- • Diversified industry client base across multiple sectors(p.31)
- • Quality certifications including ISO 27001:2022 and CMMI Level 3(p.41)
- • Strong revenue growth trajectory over past years(p.54)
- • No past information technology system failures or data security breaches(p.53)
- • Established brand with significant marketing investment and presence in loyalty solutions(p.55)
- • Diversified product portfolio across enterprise, SaaS, and merchant solutions(p.96)
- • Strong cash position and recent capital raise through bonus issue(p.69)
- • Stable management team with no attrition among key personnel(p.57)
- • Comprehensive loyalty solutions across multiple verticals(p.141)
- • Experienced promoters with 20 years industry expertise(p.141)
- • International client presence across multiple regions(p.141)
- • Multiple quality certifications and compliance(p.141)
- • Strong financial performance with improving margins(p.140)
- • High return metrics indicating efficient capital deployment(p.140)
- • Comprehensive loyalty solutions across multiple industry verticals(p.208)
- • Strong quality certifications and compliance standards(p.164)
- • Significant growth in revenue and profitability(p.206)
- • Experienced leadership with 20+ years in the industry(p.180)
- • Strong cash position and debt-free status(p.205)
- • Investment in innovation and training for QA capabilities(p.164)
- • Global recognition and industry presence at major fintech and loyalty conferences(p.162)
- • Extreme customer concentration with top 1 customer at 16.70% of revenue(p.40)
- • No long-term contracts with customers; order-by-order basis only(p.41)
- • 100% dependence on top 10 suppliers; no long-term supplier agreements(p.45)
- • Multiple delayed statutory filings including GST, EPF, TDS, and corporate forms(p.50)
- • Trademark applications objected; brand protection uncertain(p.48)
- • GST demand contingent liability of ₹62.07 lakhs(p.47)
- • Group companies with negative net worth and losses(p.42)
- • Promoters involved in criminal litigation with ₹24 lakhs at stake(p.45)
- • Limited experience with acquisitions and no track record of M&A success(p.54)
- • High employee attrition rates among general workforce(p.58)
- • Promoters and Executive Directors lack experience with public listed company management(p.58)
- • Missing original registration certificates for TAN and ESIC(p.56)
- • Dependence on few key customers and concentrated customer base(p.54)
- • Heavy concentration in domestic market(p.158)
- • Significant revenue concentration in Uttar Pradesh and Rajasthan(p.158)
- • Dependence on single industry (Finance) for majority of revenue(p.157)
- • Declining export revenue trend(p.158)
- • Inconsistent software vertical performance(p.157)
- • High employee attrition rate(p.164)
- • Significant reliance on key personnel(p.163)
- • Trademark registration challenged(p.165)
- • Limited employee base(p.163)
- • Concentration of promotional shareholding(p.192)
- • No formal dividend policy(p.199)
- • Rapid digitalization and digital transformation in retail and service sectors(p.31)
- • Expanding into new sectors and geographic markets(p.43)
- • Product enhancement and development of new products planned(p.51)
- • Investment in business development and marketing with ₹962.48 lakhs proceeds(p.52)
- • Planned software product development investment of ₹1,300 lakhs(p.32)
- • Expansion into new geographical markets, especially Asia-Pacific(p.100)
- • Integration of AI and ML capabilities into existing products(p.97)
- • Migration to cloud-native architecture for improved scalability(p.97)
- • Development of new product lines targeting employee incentives and e-commerce(p.97)
- • Growing demand for digital financial solutions and loyalty programs(p.100)
- • Expansion of service portfolio with new products(p.142)
- • Growing Indian loyalty management market(p.136)
- • Increasing digitalization and e-commerce adoption in India(p.136)
- • Rising digital payment adoption in India(p.136)
- • Expansion into untapped sectors(p.139)
- • Strong FDI inflows supporting business services sector(p.123)
- • Global loyalty management market expansion(p.135)
- • Expansion across retail, hospitality, e-commerce and financial services verticals(p.208)
- • Global market expansion with existing international revenue(p.214)
- • Growing demand for loyalty solutions in fintech and BFSI sectors(p.162)
- • Customized loyalty program solutions leveraging latest technology(p.208)
- • Enhanced UPI capabilities presenting growth opportunity(p.169)
- • Increasing digital adoption and data-driven business models in India(p.170)
- • Rapidly evolving technology landscape and industry standards(p.41)
- • Competition with potential new low-cost competitive products(p.41)
- • Dependence on specific geographic regions with regional risks(p.43)
- • Declining export revenues indicating loss of international market(p.43)
- • Regulatory changes in Government policies and RBI policies for BFSI sector(p.51)
- • Risk of statutory authority penalties and regulatory actions(p.48)
- • Lease arrangement for registered office subject to termination risk(p.46)
- • First public offer with no active trading history post-listing assurance(p.1)
- • Software defects or service disruptions could result in customer loss and litigation(p.54)
- • Competition laws and regulations could restrict business practices and impose penalties(p.61)
- • Global economic instability and financial market volatility(p.59)
- • Natural disasters, pandemics, and geopolitical conflicts could disrupt operations(p.60)
- • Foreign exchange volatility and currency fluctuations(p.55)
- • Rising inflation could increase costs without ability to pass on to customers(p.61)
- • Regulatory approval delays and changing compliance requirements(p.56)
- • High competition in loyalty management market(p.135)
- • Threat of substitute offerings in loyalty programs(p.133)
- • Regulatory compliance and data privacy requirements(p.133)
- • Global trade policy uncertainty affecting growth(p.121)
- • Rising operational costs and input price inflation(p.124)
- • Geopolitical tensions affecting global supply chains(p.121)
- • Intense competition from organized and unorganized players(p.164)
- • Stringent data protection and privacy regulations(p.168)
- • Regulatory complexity and compliance burden(p.173)
- • Dependence on technology infrastructure and cybersecurity risks(p.163)
- • Foreign exchange and international trade volatility(p.214)
- • Compliance with evolving Payment Systems regulations(p.169)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Deepak Tomar | Promoter Selling Shareholder | 50.98% | — |
| Sweta Singh | Promoter Selling Shareholder | 44.64% | — |
| Deepak Tomar | Promoter | 50.98% | 40.13% |
| Sweta Singh | Promoter | 44.64% | 35.17% |
| Deepak Tomar | Promoter | — | — |
| Sweta Singh | Promoter & Whole Time Director | — | — |
| Deepak Tomar | Promoter | 50.98% | — |
| Sweta Singh | Promoter | 44.64% | — |
| Deepak Tomar | Promoter and Chairman and Managing Director | — | — |
| Sweta Singh | Promoter Group | — | — |
| Deepak Tomar | Selling Shareholder | — | — |
| Sweta Singh | Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.