Key IPO Details
| Category | Details |
| IPO Date | March 17 – March 20, 2026 |
| Price Band | ₹139 – ₹146 per share |
| Lot Size | 1,000 Shares |
| Minimum Investment (Retail) | ₹2,92,000 (Min. application is 2 lots / 2,000 shares) |
| Issue Size | ₹60.15 Crore (Fresh Issue: ₹48.18 Cr + OFS: ₹11.97 Cr) |
| Listing At | BSE SME |
| Registrar | KFin Technologies Limited |
Important Dates (Tentative)
- IPO Open: March 17, 2026
- IPO Close: March 20, 2026
- Allotment Finalization: March 23, 2026
- Refunds/Credit of Shares: March 24, 2026
- Listing Date: March 25, 2026
Grey Market Premium (GMP) & Subscription
- Current GMP: ₹0 (Flat) as of March 17. The market expects a listing at the issue price of ₹146.
- Subscription Status (Day 1): The IPO was subscribed 0.83 times overall by the end of the first day, with the retail portion fully booked at 1.04x.
Business Highlights
- Core Product: Provides a B2B technology platform for loyalty and reward programs (points, cashback, digital vouchers).
- Sectors Served: Fintech, E-commerce, Banking, and FMCG.
- Global Footprint: Operates in India with a growing presence in the USA, UAE, and Australia.
- Financials: Revenue grew from ₹73.61 Cr in FY24 to ₹104.63 Cr in FY25. For the first half of FY26 (ended Sept 2025), it reported a PAT of ₹5.80 Cr, showing a sharp rise in profitability compared to previous years.
Investor Note: As an SME IPO, the minimum ticket size is higher (₹2.92 Lakh) and liquidity is generally lower than mainboard IPOs. The proceeds will be used for product development (~₹13 Cr) and marketing (~₹9.6 Cr).
