compliance under Regulation 32 of SEBI (LODR)
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Novus Loyalty Limited has submitted a compliance filing under SEBI Regulation 32 confirming the utilization status of its IPO proceeds. The company raised Rs. 4,818 Lakhs through its IPO on 20th March 2026. Of this, Rs. 831.46 Lakhs has been utilized for IPO-related expenses, while the remaining Rs. 3,986.54 Lakhs (approximately 83% of proceeds) remains temporarily invested in fixed deposits as of March 31, 2026. The company has confirmed there is no material deviation in the use of funds from the objects stated in the offer document. The allocation includes Rs. 1,300 Lakhs for product development, Rs. 962.48 Lakhs for business development and marketing, and Rs. 1,685.70 Lakhs for general corporate purposes, none of which have been deployed yet. Care Ratings Limited is the monitoring agency for this issue.
The filing indicates no misuse of IPO funds and follows regulatory requirements. However, the large unutilized portion (83%) temporarily parked in fixed deposits suggests slow deployment of capital for stated business objectives, which investors may want to monitor for future utilization timelines.