Novus Loyalty IPO Day 2: Issue booked 85% so far; check GMP, price band and other details before applying

Novus Loyalty IPO: The initial public offering (IPO) of Novus Loyalty entered its second day of bidding on Wednesday, March 18, garnering a decent response from investors. The offer opened on March 17 and will close on March 20.

The SME IPO, worth ₹60.15 crore, is a mix of fresh share sale of ₹48 crore and an offer for sale of around 12 crore. The company has fixed the Novus Loyalty IPO price band at ₹139 to ₹146 per share.

Investors can apply for the offer in lots of 1000 shares, with retailers required to apply for at least two lots, resulting in a minimum ₹2,92,000 investment at the upper end of the price band.

Novus Loyalty, which provides loyalty and rewards solutions, plans to use the fresh proceeds from the initial share sale for funding development of new products, marketing activities, driving inorganic acquisition and general corporate purposes.

Novus Loyalty IPO subscription status

The offer is off to a decent start as it has garnered 85% bids as of 1.15 pm on the second day of subscription. According to BSE data, Novus Loyalty IPO received bids for 25,53,000 shares as against 29,90,000 shares on offer.

Novus Loyalty IPO's retail investor quota was booked 1.15 times, while the qualified institutional buyer (QIB) segment received 89% bids, and the non-institutional investor (NII) portion was booked 32% so far.

Novus Loyalty IPO GMP

Novus Loyalty IPO is not witnessing any traction in the grey market currently. According to the websites tracking the unofficial market, Novus Loyalty IPO GMP today is ₹0. The GMP has remained nil for some time now.

If the current trend prevails, Novus Loyalty IPO listing price could be the same as offer price. Shares of Novus Loyalty IPO are slated to list on BSE SME on March 25.

About Novus Loyalty

Novus Loyalty is a technology-driven company offering loyalty and rewards solutions tailored for industries such as fintech, e-commerce, software, finance, banking, FMCG, and real estate.

The company has developed a modern, scalable loyalty platform using the latest technology stack, which delivers comprehensive, data-driven solutions that help enterprises build meaningful relationships with their customers.

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.