Novus Loyalty IPO
Market Sentiment
Market Lot Size
IPO Details
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Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 59.61 | 73.61 | 104.63 | 71.43 |
| Expense | 58.81 | 69.56 | 99.57 | 63.79 |
| Profit (PAT) | 0.55 | 2.96 | 3.58 | 5.80 |
| Total Assets | 13.38 | 12.36 | 14.81 | 21.83 |
Promoters: Deepak Tomar and Sweta Singh
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,22,50,200 | 95.62% |
Company Information
Novus Loyalty, founded in 2011, is one of the leading companies to offer loyalty and rewards solutions using its technology platform. The firm provides both ready-to-use and customizable solutions, such as point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers. Its services cater to various industries like Fintech, E-commerce, Software, Banking, FMCG, Real Estate, and more. Its platform offers both On-premises and SaaS (cloud-based) solutions with AI analytics. Novus loyalty has set its presence in both the domestic market, in states like Telangana, Haryana, Uttar Pradesh, Maharashtra, Punjab, Tamil Nadu, Rajasthan, Delhi, and Karnataka, and the international market in the UAE, USA, Australia, and Puerto Rico.
| Purpose | Amount (Cr) |
|---|---|
| Funding of expenditure towards Investment in upgrading enhancement of and development of new products | 13.00 |
| Business Development and Marketing Activities including manpower hiring | 9.62 |
| General corporate purposes and unidentified inorganic acquisition | - |
Resources & Documents
Novus Loyalty Ltd., 727, Udyog Vihar Phase V, Industrial Complex Dundahera,, Gurgaon, Haryana, 122016
Novus Loyalty has set a price band of Rs 139–Rs 146 per share for an issue size of Rs 60 crore. The stock listed flat against its issue price.
Novus Loyalty, founded in 2011, is one of the leading companies to offer loyalty and rewards solutions using its technology platform. The firm provides both ready-to-use and customizable solutions, such as point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers.
The issue is promoted by Deepak Tomar and Sweta Singh with Smart Horizon Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding of expenditure towards Investment in upgrading enhancement of and development of new products (Rs 13 crore) and Business Development and Marketing Activities including manpower hiring (Rs 10 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 1.51x, retail at 1.82x, QIB at 1.38x, NII at 1.12x.
On fundamentals, the company is posting revenue growth of 42.1%, a profit margin of 3.4%, return on equity of 31.7% in its most recent reported period. Listed peers in this segment include Pelatro Limited (P/E 53.72x, market cap Rs 6 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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