New Delhi, 25 March (H.S.):

Technology service provider Novus Loyalty Limited disappointed IPO investors on Wednesday with a weak stock market debut that saw shares list flat before crashing to the lower circuit. Issued at 146 rupees per share the stock opened unchanged at 146 rupees on the BSE SME platform. Selling pressure kicked in quickly sending it down to 138.70 rupees at the lower circuit level. That handed IPO investors a 7.30 rupee or five percent loss on the first day of trading.

The companys 60.15 crore rupee IPO ran from March 17 to 20 drawing average investor response with overall subscription at 1.55 times. The QIB portion got 1.38 times coverage NII 1.17 times and retail 1.82 times. It issued 41.20 lakh shares of 10 rupees face value including 30.70 lakh fresh shares worth 45 crores and 8.20 lakh via offer for sale.

Fresh issue proceeds will fund upgrades product development hiring marketing and general corporate needs.

Financials per the DRHP filed with SEBI show consistent strengthening. Net profit was 55 lakh rupees in FY 2022-23 rising to 2.96 crores in FY 2023-24 and 3.58 crores in FY 2024-25. For the current FYs first half April to September 30 2025 profit reached 5.80 crores.

Revenue climbed steadily too from 59.61 crores in FY 2022-23 to 73.61 crores in 2023-24 and 104.63 crores in 2024-25. First half of current FY delivered 71.43 crores.

Debt kept shrinking ending at 3.53 crores in FY 2022-23 down to 82 lakh rupees by FY 2023-24 and wiped out completely in FY 2024-25. No legacy debt remains now.

Reserves and surplus grew from 6.53 crores in FY 2022-23 to 9.49 crores in 2023-24 13.08 crores in 2024-25 but dipped to 6.64 crores by September 2025. EBITDA rose from 2.27 crores in 2022-23 to 4.82 crores in 2023-24 5.69 crores in 2024-25 and 7.79 crores in first half 2025.

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Hindusthan Samachar / Jun Sarkar