Novus Loyalty IPO: Issue fully subscribed on Day 3
Novus Loyalty's IPO wrapped up with full subscription by Day three, receiving bids for 31.66 lakh shares versus the 29.9 lakh offered, so about 1.06 times subscribed as of March 19.
The ₹60.15 crore issue included 41.2 lakh shares, priced at the upper end of the ₹139-₹146 band (₹146 per share).
Retail investors especially enthusiastic
Retail investors were especially enthusiastic, oversubscribing their portion by 1.38 times, while institutional and non-institutional buyers came in at 89% and 70%.
Anchor investors had already picked up a chunk, 11.3 lakh shares for ₹16.5 crore, from names like Bengal Finance and PSEB Alpha Fund on March 16.
Company profile and fresh issue details
Novus Loyalty creates customizable loyalty programs for industries like fintech, e-commerce, FMCG, banking, and real estate: think reward points, cashback deals, digital vouchers, and more to keep customers coming back.
Proceeds from the fresh issue will be used for product upgrades (₹13 crore) and business development and marketing including manpower hiring (₹9.6 crore), with the balance for general corporate purposes and an unidentified inorganic acquisition.
Share allotment will be finalized by March 23.