Capillary Technologies IPO: Price, Analysis, Allotment, And GMP

Capillary Technologies IPO - Company Analysis

Capillary Technologies IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 877.50 Cr by Capillary Technologies Ltd., founded in 2008. Capillary Technologies has been providing AI-powered loyalty, CRM & customer engagement solutions serving major brands like Domino’s, Tata, Shell, Petron, PUMA, and many more in over 30 countries.  

Through AI, cloud, and analytics technologies, Capillary helps brands design customer loyalty programmes and omnichannel engagement in real-time to increase customer lifetime value. Capillary has offices in India, the Middle East, the US, & Southeast Asia and aims to be the leading SaaS-based martech platform with powerful product suites like Loyalty+, Engage+, Insights+, and Rewards+.  

Capillary Technologies IPO Details

The Capillary Technologies Ltd IPO open date is from Nov 14 to Nov 18, with IPO allotment on Nov 19, refund initiation on Nov 20, 2025.

The Rs. 877.50 Cr mainline IPO comprises a combination of fresh issue of 0.60 crore shares (Rs. 345 Cr) and an offer for sale of 0.92 crore shares (Rs. 532.50 Cr).

The Capillary Technologies IPO listing date might be on Friday, 21 November 2025, and it will be listed at the BSE and NSE. The Capillary Technologies IPO price band is Rs. 549 to Rs. 577 for each Share. 

Events	Date
IPO Opening Date	November 14, 2025
IPO Closing Date	November 18, 2025
IPO Allotment Date	November 19, 2025 (Tentative)
Refund Initiation	November 20, 2025 (Tentative)
Tentative IPO Listing Date	November 21, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

 

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	838.65	871.07	466.41
Total Income	611.87	535.44	266.25
Profit After Tax	14.15	-68.35	-88.56
EBITDA	78.57	-1.49	-58.34
Net Worth	481.42	452.13	99.75
Reserves and Surplus	170.26	30.89	31.99
Total Borrowing	100.09	77.17	147.47

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	(461.99)	971.35	(200.58)
Net Cash Flow Investing Activities	635.78	(1,845.25)	(936.19)
Net Cash Flow Financing Activities	132.59	2,177.61	1,365.72

 

(Source RHP)

The Objective of The Issue

• Cloud infrastructure funding. ~ Rs. 120 Cr.

• Research, design, and development expenditures for our platform and products total. ~ Rs. 151.54 Cr.

• Investment in our company's computer system acquisition. ~ Rs. 10.32 Cr.

• General corporate purposes.
  
  

Click to check the IPO application status.

Listed Peers of Capillary Technologies Ltd.

Company Name	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Salesforce, Inc.	0.08	540.79	40.07
Adobe Inc.	0.01	1,038.29	28.60
HubSpot, Inc.	0.09	7.53	NM
Braze, Inc.	0.01	-85.65	NA

 

Valuation

KPI	Values
ROCE	2.76%
Debt/Equity	0.18
RoNW	2.85%
PAT Margin	2.37%
EBITDA Margin	13.13%
Price to Book Value	8.87

Explore the Pine Labs IPO.

IPO's Strengths

• Expertise as a Global SaaS Leader in customer loyalty and AI-powered marketing automation.

• Consistent profitable growth across FY23 to FY25.

• Served 400+ Global Brands in more than 30 Countries as a Diversified Client Base.

• Global scaling anchored by Focus on Innovation and Inorganic Expansion.

• High Margin and Asset Light business model as a SaaS business.

IPO Weaknesses

• Concentration Risk due to Dependence on Enterprise Clients.

• Client spending cyclicality due to Global Economic Cycle.

• Competition posing threats from Global SaaS giants such as Salesforce and Oracle.

• Foreign Exchange Risk due to revenues from abroad.

Capillary Technologies IPO GMP 

Capillary Technologies IPO GMP today is Rs. 0 as of 11 Nov 2025, while writing this information.

Capillary Technologies Limited IPO Summary

IPO Opening & Closing Date	Nov 14, 2025 to Nov 18, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 549 to Rs. 577
Lot Size	25 Shares
Issue Size	1,52,07,998 Shares (Rs. 877.50 Cr)
Offer for Sale	92,28,796 Shares (Rs. 532.50 Cr)
Fresh Issue	59,79,202 Shares (Rs. 345 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Capillary Technologies IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (25 Shares) amounting to Rs. 14425 and 13 Lots (325 Shares) amounting to Rs. 187525, respectively, while for S-HNI investors, the minimum Lot is 14 (350 Shares) amounting to Rs. 201950.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	69 Lots
BHNI (Minimum)	70 Lots

Capillary Technologies IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

Capillary Technologies IPO Allotment Status

To check the Capillary Technologies IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Capillary Technologies  Ltd.

• Capillary Technologies International Pte Ltd.

• Aneesh Reddy Boddu
  
  

Pre-Issue Promoter Shareholding	67.83%
Post-Issue Promoter Shareholding	-

 

Capillary Technologies IPO Lead Managers

• JM Financial Ltd. 

• IIFL Capital Services Ltd.

• Nomura Financial Advisory & Securities (India) Pvt.Ltd.

Dividend Policy

The company has not paid a dividend in the past three financial years.

 

 

Conclusion

As a profitable, high-brand-recall, and analytically advanced company, the company has a strong position in the global SaaS-based loyalty and CRM space. Capillary Technologies IPO presents an opportunity to invest in India’s software exports, which are highly scalable, consistent, and profitable. In an increasingly competitive market for global SaaS products, valuations need to be scrutinised closely.

 For this reason, this IPO seems appealing, especially to long-term investors interested in the technology and AI-centred SaaS market.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

Must Watch: Capillary Technologies Ltd IPO - Finowings Insight

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.