The Capillary Technologies IPO is a Book Built Issue open for subscription from November 14, 2025, to November 18, 2025. The company aims to raise a total of approximately ₹877.50 crores. This capital raise includes a Fresh Issue of ₹345 crores and an Offer For Sale (OFS) of up to 92,28,796 equity shares with a face value of ₹2 each. The Price Band for the issue is set between ₹549 and ₹577 per share. The shares are scheduled to be allotted on November 19, 2025, and subsequently listed on both the BSE and NSE on November 21, 2025. This IPO structure suggests a blend of raising fresh growth capital and providing an exit for existing investors.
Capillary Technologies has designated specific quotas for investor categories: Qualified Institutional Buyers (QIBs) have the largest allocation at 75%, Non-Institutional Investors (HNIs) are reserved 15%, and Retail Investors have a 10% share. A key factor supporting a positive long-term outlook for the company is its impressive financial turnaround. The company’s revenue demonstrated solid growth, rising to ₹611.87 crores in Fiscal Year 2025 from ₹535.44 crores in the preceding year (2024). More significantly, the company shifted from a loss-making position of ₹59.38 crores in FY2024 to achieving a net profit of ₹13.28 crores in FY2025. This crucial move into profitability underscores improved operational efficiency and a successful business model.
Table of contents
- Capillary Technologies IPO Date & Price Band Details
- Capillary Technologies IPO Market Lot
- Capillary Technologies IPO Reservation
- Capillary Technologies IPO Anchor Investors
- Capillary Technologies IPO Allotment & Listing Dates
- Capillary Technologies IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Capillary Technologies IPO
- Capillary Technologies IPO Company Financial Report
- Capillary Technologies IPO Valuation – FY2025
- Capillary Technologies IPO Peer Group Comparison
- Capillary Technologies Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- Capillary Technologies IPO Registrar
- Capillary Technologies Company Address
- FAQs about Capillary Technologies IPO
Capillary Technologies IPO Date & Price Band Details
Capillary Technologies’ ₹877.50 Cr Book Built IPO is open from November 14 to November 18, 2025, with a Price Band of ₹549 to ₹577 per share. The issue comprises a Fresh Issue of ₹345 Cr and an Offer for Sale of 92,28,796 shares. The SaaS firm is set for BSE and NSE Listing on November 21, 2025, attracting investor attention in the AI-led loyalty space.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 14, 2025 |
| IPO Close Date | November 18, 2025 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹549 to ₹577 Per Share |
| Issue Size | Approx ₹877.50 Crores |
| Fresh Issue | Approx ₹345 Crores |
| Offer for Sale: | Approx 92,28,796 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Capillary Technologies IPO Market Lot
The Capillary Technologies IPO lot structure requires a minimum investment of ₹14,425 (25 shares) for Retail Investors, with a maximum bid capped at ₹1,87,525 (325 shares). For Non-Institutional Investors (HNIs), the minimum application is ₹2,01,950 (350 shares) for the Small HNI category, extending to over ₹10,09,750 for Big HNI bids. This detailed lot size is key for investors assessing the AI-led SaaS offering.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 25 | ₹14,425 |
| Retail Maximum | 13 | 325 | ₹1,87,525 |
| S-HNI Minimum | 14 | 350 | ₹2,01,950 |
| S-HNI Maximum | 69 | 1,725 | ₹9,95,325 |
| B-HNI Minimum | 70 | 1,750 | ₹10,09,750 |
The Capillary Technologies IPO Subscription Status will be updated after the bidding process begins on Nov 14, 2025.
Capillary Technologies IPO Reservation
The Capillary Technologies IPO reservation mandates a strong institutional backing, with a maximum of 75% of the net offer reserved for Qualified Institutional Buyers (QIBs). The remaining portion sees up to 15% for Non-Institutional Investors (NII/HNI) and a maximum of 10% allocated for Retail Investors. Note that the Anchor Investor portion is carved out from the QIB quota. This allocation structure highlights the focus on securing significant institutional investment for the AI-led SaaS company.
| Investor Category | Share Offered | Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Capillary Technologies IPO Anchor Investors
The Capillary Technologies IPO saw robust institutional interest, raising ₹394 crores from its Anchor Investors on the bidding date of November 13, 2025. A total of 68.28 lakh shares were allotted at the upper price band of ₹577 per share to 21 entities, including major funds like SBI MF, ICICI Prudential, Amundi Funds, and ValueQuest. Investors are subject to a lock-in period, with 50% of shares freeing up on December 19, 2025 (30 days) and the remaining 50% on February 17, 2026 (90 days). This solid Anchor Size signals strong confidence in the AI-led SaaS company’s long-term prospects.
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 13, 2025 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 19, 2025 |
| lock-in period end date 50% shares (90 Days) | February 17, 2026 |
Capillary Technologies IPO Allotment & Listing Dates
The Capillary Technologies IPO subscription window is open from November 14 to November 18, 2025 (5 PM cut-off). The Basis of Allotment will be finalized on November 19, 2025. Successful investors will see shares credited to their Demat Account on November 20, with refunds also initiated that day. The IPO Listing Date for the AI-led SaaS firm on BSE and NSE is November 21, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 14, 2025 |
| IPO Close Date: | November 18, 2025 |
| Basis of Allotment: | November 19, 2025 |
| Refunds: | November 20, 2025 |
| Credit to Demat Account: | November 20, 2025 |
| IPO Listing Date: | November 21, 2025 |
| IPO Bidding Cut-off Time: | November 18, 2025 – 5 PM |
Capillary Technologies IPO: Promoters and Holding Pattern
The Capillary Technologies promoter group, led by Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu, held 67.90% of the company’s shares pre-issue (7,33,29,138 shares). Post the IPO, which includes a Fresh Issue, the promoter holding will see a dilution, with the total shares increasing to 7,93,08,340. The resulting post-issue promoter holding percentage is approximately 52%, demonstrating a significant yet reduced stake in the listed AI-SaaS entity.
| Particular | Shares | Share |
|---|---|---|
| Promoter Holding Pre Issue | 7,33,29,138 | 67.90% |
| Promoter Holding Post Issue | 7,93,08,340 | -% |
Objects of the Issue & Utilisation of proceeds – Capillary Technologies IPO
Capillary Technologies will utilize the ₹345 Cr Fresh Issue proceeds for three key areas: Investment in R&D and platform development will receive ₹151.54 Cr for future growth. Cloud infrastructure costs will be funded by ₹120 Cr. Additionally, ₹10.32 Cr is earmarked for purchasing new computer systems. The remainder will support inorganic growth (acquisitions) and general corporate purposes, highlighting the company’s focus on product innovation and global scalability in the AI-SaaS sector.
| Purpose | Crores |
|---|---|
| Funding our cloud infrastructure cost | ₹120 |
| Investment in research, designing and development of our products and platform | ₹151.54 |
| Investment in purchase of computer systems for our business | ₹10.32 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹- |
Capillary Technologies IPO Company Financial Report
Capillary Technologies demonstrates strong financial momentum, with Revenue surging from ₹266.25 Cr (FY23) to ₹611.87 Cr (FY25). Crucially, the company achieved a major profitability turnaround, posting a PAT of ₹13.28 Cr in FY25, recovering from prior substantial losses. The trend continues with ₹362.56 Cr in Revenue and ₹1.03 Cr PAT for H1 FY26 (September 2025), underscoring a successful shift to positive Net Profit in the AI-SaaS segment.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹266.25 | ₹324.59 | ₹87.72 | ₹466.41 |
| 2024 | ₹535.44 | ₹536.93 | ₹59.38 | ₹871.07 |
| 2025 | ₹611.87 | ₹533.30 | ₹13.28 | ₹838.65 |
| September 2025 | ₹362.56 | ₹322.74 | ₹1.03 | ₹892.33 |
Capillary Technologies IPO Valuation – FY2025
Capillary Technologies demonstrates an EBITDA Margin of 13.13% and a PAT Margin of 2.37%, reflecting recent profitability. The Earnings Per Share (EPS) stands at ₹1.93 (Basic). Key metrics like Return on Net Worth (RoNW) are at 2.85%, supported by a Net Asset Value (NAV) of ₹65.03. The P/E Ratio is currently Not Available (N/A) due to the recent IPO. These KPIs are essential for evaluating the financial health and valuation of the AI-SaaS entity.
| KPI | Values |
|---|---|
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | 13.13% |
| PAT Margin: | 2.37% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹1.93 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 2.85% |
| Net Asset Value (NAV): | ₹65.03 |
Capillary Technologies IPO Peer Group Comparison
Capillary Technologies’ global peers include giants like Salesforce and Adobe, showcasing significantly higher Sales and NAV. Adobe leads with a 36.74% RoNW, reflecting strong profitability. The peers’ P/E Ratios (e.g., Salesforce at 42.94) and high EPS underscore the premium valuations in the global AI-SaaS and CRM space. Emerging players like Braze show negative EPS and RoNW, highlighting sector volatility.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Salesforce, Inc | 540.79 | 42.94 | 10.26% | 5,441.60 | 3,18,215.34 Cr. |
| Adobe Inc. | 1,038.29 | 32.98 | 36.74% | 2,650.28 | 1,79,633.40 Cr. |
| HubSpot, Inc | 7.53 | NA | 0.29% | 3,153.16 | 21,986.92 Cr. |
| Braze, Inc | (85.65) | NA | (22.58%) | 402.61 | 4,983.04 Cr. |
Capillary Technologies Company Overview, Key Points, Strengths, and Risks
Capillary Technologies is a multinational SaaS (Software-as-a-Service) product company that specializes in providing AI-based, cloud-native solutions primarily to enterprise customers globally. Their core focus is on loyalty management and customer engagement to help businesses strengthen relationships with their consumers and channel partners.
Key Points
- Core Offering: AI-driven, cloud-native SaaS solutions for customer relationship management (CRM) and loyalty.
- Product Suite: The company offers a comprehensive, modular platform including:
- Loyalty+: Advanced loyalty management.
- Engage+: Connected customer engagement.
- Insights+: Predictive analytics.
- Rewards+: Rewards management.
- Customer Data Platform (CDP): Unified 360-degree consumer profiles.
- Global Footprint: Headquartered in India/Singapore, with a global presence, supporting over 410 brands across 47 countries as of September 2025.
- Financial Turnaround: The company has recently achieved net profitability in Fiscal Year 2025, recovering from prior losses.
Strengths
- Global Leadership in AI-Led Loyalty: Recognized as one of the global leaders in the loyalty and engagement management space, leveraging proprietary AI engines (like aiRA) for deep personalization and predictive insights.
- High Customer Stickiness: The value provided by their integrated platform creates high switching barriers, resulting in a strong Net Revenue Retention (NRR) rate (over 100% in recent fiscals) and low customer churn.
- Comprehensive and Scalable Platform: Offers an end-to-end, full-spectrum loyalty solution that is cloud-native and highly scalable, capable of processing billions of transactions.
- Marquee and Diversified Clientele: Serves a broad range of industries, including retail, financial services (BFSI), telecommunications, and consumer goods, with long-term relationships with global brands.
- Proven Inorganic Growth Strategy: Successful track record of strategic acquisitions (e.g., Brierley+Partners) to expand market share, technology capabilities, and improve operational efficiencies, particularly in markets like North America.
Risks
- Revenue Concentration: A significant portion of the company’s revenue is derived from a concentrated set of clients (Top 10 customers contributed over 55% of revenue in H1 FY26) and a specific geography, namely North America, which exposes it to client-specific and regional economic risks.
- Intense Competition: The industry is highly competitive and fragmented, pitting Capillary against global CRM and marketing giants such as Salesforce and Adobe.
- Aggressive Valuation (IPO context): Based on recent financial data, the company’s valuation, particularly the P/E ratio post-IPO, may be considered very high, requiring substantial, sustained future growth to justify the price.
- Technological and Regulatory Risk: Operating in a rapidly evolving, AI-driven SaaS market requires continuous, heavy investment in R&D to maintain a competitive edge. They are also exposed to increasing compliance costs and legal risks associated with stringent global data privacy and governance regulations (e.g., GDPR, CCPA).
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Nomura Financial Advisory & Securities (India) Pvt.Ltd.
Capillary Technologies IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: capillarytechnologies.ipo@in.mpms.m
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Capillary Technologies Company Address
Capillary Technologies India Ltd.
#360 bearing PID No 101, 360,
15th Cross Rd, Sector 4,
HSR Layout, Bengaluru, Karnataka
Bengaluru, Karnataka, 560102
Phone: +91 80 4122 5179
Email: investorrelations@capillarytech.com
Website: http://www.capillarytech.com/
FAQs about Capillary Technologies IPO
The IPO subscription starts on November 14, 2025, and closes on November 18, 2025, with the bidding cut-off at 5 PM.
The IPO Price Band is ₹549 to ₹577 per share. The minimum retail investment (1 lot of 25 shares) is ₹14,425.
The total Issue Size is approximately ₹877.50 Crores, comprising a Fresh Issue of ₹345 Crores and an Offer For Sale (OFS).
The shares are tentatively scheduled to be listed on both the BSE and NSE on November 21, 2025.
Capillary is a multinational AI-SaaS company specializing in cloud-native loyalty management and customer engagement solutions for global enterprises.
A maximum of 10% of the net offer is reserved for Retail Investors, while QIBs receive 75% and HNIs/NIIs receive 15%.
The company achieved a significant net profitability turnaround, reporting a PAT of ₹13.28 Cr in FY2025, up from a loss in the previous year.
The proceeds will primarily fund Investment in R&D and platform development (₹151.54 Cr) and cover cloud infrastructure cost (₹120 Cr).
Prominent Anchor Investors who subscribed at ₹577/share include SBI MF, ICICI Prudential, Amundi Funds, and ValueQuest, collectively raising ₹394 Crores.
Post-issue, the Promoter Holding Percentage is expected to be approximately 52%, down from 67.90% pre-issue.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
