Capillary Technologies is launching its IPO on November 14, 2025, and the issue will close on November 18, 2025. The price band is set between ₹549 and ₹577 per share. The basis of allotment will be announced on November 19, refunds and demat credit will take place on November 20, and the company will list on BSE and NSE on November 21, 2025.
The company plans to raise around ₹877.50 crores, which includes a fresh issue of ₹345 crores and an offer for sale of up to 92,28,796 equity shares. The retail quota stands at 10 percent, QIB at 75 percent, and HNI at 15 percent.
Financially, Capillary Technologies has shown an improvement in FY 2025 with revenue of ₹611.87 crores and a profit of ₹13.28 crores, compared to a loss in FY 2024. This performance makes the IPO more suitable for long-term investors.
Contents
Capillary Technologies IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | November 14, 2025 |
| IPO Close Date | November 18, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹549 to ₹577 |
| Issue Size | About ₹877.50 crores |
| Fresh Issue | Around ₹345 crores |
| Offer for Sale | 92,28,796 shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Capillary Technologies IPO
Open: 14-18 Nov
Issue Size: ₹877.50 Cr.
Objective: Pay off some bank loans, fund tech development, and buy new companies.
Exchange: BSE NSE
Capillary Technologies IPO Review
Capillary Technologies has shown a steady turnaround in its financial performance, supported by a strong presence in the AI-led SaaS loyalty solutions space. The company has grown its revenue consistently over the past few years and returned to profitability in FY 2025, which signals improving operational efficiency.
Its business model is scalable, and the rising global demand for cloud-native loyalty platforms provides long-term tailwinds. However, the margins are still on the lower side compared to global peers, and the valuation remains difficult to benchmark due to the lack of directly comparable listed companies in India.
Overall, the IPO appears more suitable for long-term investors who believe in the SaaS loyalty ecosystem and are comfortable with gradual margin expansion rather than short-term listing gains.
- Also Read:
- Excelsoft Technologies IPO
Capillary Technologies IPO Market Lot
| Category | 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 |
IPO Reservation
| Investor Category | Share Allocation |
|---|---|
| QIB | 75 percent |
| NII | 15 percent |
| Retail | 10 percent |
| Anchor | To be announced |
Capillary Technologies IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 13, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | To be announced |
| Anchor Size | To be announced |
| Lock-in 50 percent (30 days) | December 19, 2025 |
| Lock-in 50 percent (90 days) | February 17, 2026 |
Capillary Technologies IPO Dates
| 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 | November 20, 2025 |
| Listing Date | November 21, 2025 |
| Bidding Cut-off | November 18, 2025, 5 PM |
Promoters and Shareholding
| Particular | Shares | Percentage |
|---|---|---|
| Promoter Holding Pre-Issue | 7,33,29,138 | 67.90 percent |
| Promoter Holding Post-Issue | 7,93,08,340 | To be updated |
Objects of the Issue
| Purpose | Amount (₹ Crores) |
|---|---|
| Cloud infrastructure funding | 120 |
| Research, design, and product development | 151.54 |
| Purchase of computer systems | 10.32 |
| Inorganic growth and general corporate purposes | Not specified |
About Capillary Technologies
Capillary Technologies is an AI-driven SaaS company offering cloud-native software solutions aimed at helping enterprises improve consumer and partner loyalty. The company serves global enterprise customers and is known for its strong capabilities in loyalty management platforms.
With a solid team and differentiated product offerings, the company has grown steadily over the years. It recorded a 14 percent increase in revenue and a 122 percent jump in PAT from FY 2024 to FY 2025.
Capillary Technologies Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| FY 2023 | ₹266.25 cr | ₹324.59 cr | ₹87.72 cr | ₹466.41 cr |
| FY 2024 | ₹535.44 cr | ₹536.93 cr | ₹59.38 cr | ₹871.07 cr |
| FY 2025 | ₹611.87 cr | ₹533.30 cr | ₹13.28 cr | ₹838.65 cr |
| September 2025 | ₹362.56 cr | ₹322.74 cr | ₹1.03 cr | ₹892.33 cr |
Capillary Technologies IPO Valuation (FY 2025)
| KPI | Value |
|---|---|
| EBITDA Margin | 13.13 percent |
| PAT Margin | 2.37 percent |
| EPS (Basic) | ₹1.93 |
| RoNW | 2.85 percent |
| NAV | ₹65.03 |
| P/E Ratio | Not applicable |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Salesforce Inc | 540.79 | 42.94 | 10.26 percent | 5,441.60 | 3,18,215.34 cr |
| Adobe Inc | 1,038.29 | 32.98 | 36.74 percent | 2,650.28 | 1,79,633.40 cr |
| HubSpot Inc | 7.53 | NA | 0.29 percent | 3,153.16 | 21,986.92 cr |
| Braze Inc | (85.65) | NA | (22.58 percent) | 402.61 | 4,983.04 cr |
Lead Managers
JM Financial Ltd
IIFL Capital Services Ltd
Nomura Financial Advisory and Securities India Pvt Ltd
Company Address
Capillary Technologies India Ltd
#360, PID 101, 360, 15th Cross Road, Sector 4, HSR Layout, Bengaluru 560102
Phone: +91 80 4122 5179
Email: investorrelations@capillarytech.com
Website: capillarytech.com
IPO Registrar
MUFG Intime India Pvt Ltd
Phone: +91 22 4918 6270
Email: capillarytechnologies.ipo@in.mpms.m
Website: in.mpms.mufg.com
Capillary Technologies IPO FAQs
What is Capillary Technologies IPO?
It is a mainboard IPO worth ₹877.50 crores, priced at ₹549 to ₹577, to be listed on BSE and NSE.
When will the IPO open?
It opens on November 14, 2025 and closes on November 18, 2025.
What is the investor allocation?
QIB 75 percent, NII 15 percent, and Retail 10 percent.
How can one apply?
You can apply through ASBA using your bank, or through UPI-enabled stock broker platforms.
What is the lot size?
Minimum 25 shares for ₹14,425.
What is the allotment date?
November 19, 2025.
When is the listing date?
November 21, 2025 on BSE and NSE.
Expert Comment
Capillary Technologies has shown a steady operational turnaround, especially with improved revenue and reinstated profitability in FY 2025. While valuations appear modest compared to global SaaS leaders, the company’s strong enterprise-focused loyalty platform and expansion plans provide long-term potential.
Investors with a multi-year horizon may find this IPO suitable, given its steady growth indicators and the increasing global demand for AI-driven SaaS solutions.
