Capillary Technologies, the Bengaluru-based SaaS solutions provider, made a cautious entry into the public markets on 21 November 2025. The company’s shares listed at ₹571.90 on the National Stock Exchange, reflecting a mild 0.88% discount to the issue price of ₹577. On the BSE, the stock began trading at ₹560, marking a 2.95% decline. The subdued listing follows the successful completion of its ₹877.50-crore public issue, which included both a fresh share sale and an offer for sale by existing shareholders.
IPO Structure and Offer Details
Capillary Technologies launched its initial public offering on 14 November 2025, closing the book-build on 18 November. The company aimed to raise ₹877.50 crore, comprising:
- Fresh issue: 6 million equity shares totalling ₹345 crore
- Offer for sale (OFS):2 million shares valued at ₹532.50 crore
According to the offer documents, proceeds from the fresh issue will be allocated towards cloud infrastructure expenses, product R&D, the purchase of computer systems for business operations, and supporting inorganic expansion. Any remaining funds will be utilised for general corporate purposes.
MUFG Intime India acted as the registrar, while JM Financial, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) served as the book-running lead managers.
Subscription Trends and Investor Participation
Despite a soft start, Capillary Technologies IPO witnessed strong demand towards the final day of bidding. The issue was subscribed 52.98 times overall, indicating solid institutional and non-institutional participation.
Breakdown of the subscriptions:
- Non-Institutional Investors (NIIs):85x
- Qualified Institutional Buyers (QIBs):30x
- Retail Investors:85x
- Employee category:88x
The company received 44.39 crore applications against the 83.79 lakh shares on offer.
Ahead of the IPO opening, Capillary Technologies also secured ₹394 crore from anchor investors on 13 November.
Use of Proceeds
As outlined in the prospectus, the company intends to utilise the fresh issue funds for:
- Funding cloud infrastructure and related expenditures (₹143 crore)
- Investment in research, design, and development of its platforms and products (₹71.6 crore)
- Purchasing computer systems essential for business operations (₹10.3 crore)
- Supporting targeted acquisitions and fulfilling general corporate requirements
About Capillary Technologies
Founded in 2008, Capillary Technologies operates as an AI-driven, cloud-native software-as-a-service (SaaS) solutions provider. Its product suite includes a loyalty management platform (Loyalty+), engagement platform (Engage+), predictive analytics engine (Insights+), rewards platform (Rewards+), and customer data platform.
The company maintains a strong international footprint with offices across the United States, the United Kingdom, the United Arab Emirates, and various Asian markets. As of 31 March 2025, Capillary served over 390 brands across 45+ countries.
Financial Performance
Capillary Technologies posted steady performance in Fiscal 2025. Revenue from operations rose 13.93% to ₹598.26 crore, up from ₹525.10 crore in the previous year, driven by higher retainership and service income. The company also returned to profitability, reporting a ₹13.28-crore profit in FY25 versus a ₹59.38-crore loss in FY24.
People Also Read:
- Fujiyama Power Systems IPO: Shares Make Weak Market Debut, List at 4% Discount
- Tenneco Clean Air IPO Listing: Strong Market Debut with 27% Premium
- Emmvee Photovoltaic IPO: Shares Make Muted Market Debut, List Flat At ₹217
- PhysicsWallah IPO: Shares List 33% above Issue Price, Stock Surges 13% after Debut
- Pine Labs IPO: Shares List at 10% Premium, Surge Over 28% in Early Trade
Conclusion
Capillary Technologies’ listing may have been muted, but the IPO enjoyed strong overall subscription, reaffirming interest in its SaaS-centred business model and global client reach. With clear deployment plans for the proceeds and a diversified product portfolio, the company enters the public markets with a foundation for future scaling across its technology platforms and international operations.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
