Novus Loyalty IPO
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Novus Loyalty IPO details
Schedule of Novus Loyalty
| Issue open date | 17 Mar 2026 |
| Issue close date | 20 Mar 2026 |
| UPI mandate deadline | 20 Mar 2026 (5 PM) |
| Allotment finalization | 23 Mar 2026 |
| Refund initiation | 24 Mar 2026 |
| Share credit | 24 Mar 2026 |
| Listing date | 25 Mar 2026 |
| Mandate end date | 04 Apr 2026 |
| Lock-in end date for anchor investors (50%) | 22 Apr 2026 |
| Lock-in end date for anchor investors (remaining) | 21 Jun 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Novus Loyalty
Novus Loyalty Limited started in 2011 as Clavax Technologies before rebranding and becoming a public company in 2025. Based in Gurugram, the company is led by its founders, Deepak Tomar and Sweta Singh. It operates as a B2B technology provider in the loyalty and rewards space. The business builds and manages the digital infrastructure that allows other companies to run points-based rewards, cashback offers, and digital vouchers. Their platforms serve various industries, including banking, e-commerce, and real estate. By providing the underlying software, they help brands track customer behaviour and offer targeted incentives. The move to go public follows its recent conversion to a public limited entity. Investors should note that the business model relies on the ongoing demand for digital engagement tools. The capital raised is typically intended to fund technology upgrades and corporate expansion. This transition marks a significant shift from a private technology firm to a publicly traded player in the Indian fintech services market.
Financials
| Financial Year Ended | March 2024 | March 2025 | September 2025 |
| Total Assets | 12.36 | 14.81 | 21.83 |
| Revenue | 73.61 | 104.63 | 71.43 |
| Profit After Tax | 2.96 | 3.58 | 5.8 |
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 60.15 |
| Fresh Issue – Proceeds go to the company | 48.18 |
| Offer for sale – Proceeds go to the existing investors | 11.97 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Investment in upgrading, enhancement and development of new products | 13 (26.97%) |
| Business development and marketing activities (including manpower hiring) | 9.62 (19.96%) |
| General corporate purposes | 25.56 (53.07%) |
Strengths
- Technology-driven platform offering loyalty and rewards solutions across multiple industries.
- Scalable technology infrastructure supporting customizable and ready-to-use loyalty programs.
- Wide range of engagement solutions including rewards points, cashback, digital vouchers, and promotional campaigns.
- Positioned to benefit from rising digital adoption and smartphone usage in India.
- Data-driven approach to customer engagement, retention, and acquisition for enterprise clients.
Risks
- Significant dependence on a few key customers for a large share of revenue.
- Rapid technological changes may require continuous product upgrades and innovation.
- Inability to adapt quickly to evolving customer needs and market trends may affect growth.
- Business operations may be impacted by regulatory or macroeconomic changes in India.
- Growth depends on the ability to attract and retain skilled technology and management talent.