As the Indian IPO market continues to heat up, Capillary Technologies India Ltd. has announced its debut on the stock exchanges. The IPO, opening on November 14, 2025, offers a unique opportunity for investors to get a stake in a market leader in customer loyalty and engagement solutions. This SaaS company is poised for growth, backed by its impressive client base and cutting-edge technology.
About Capillary Technologies India Ltd.
Capillary Technologies India Ltd. is a prominent software-as-a-service (SaaS) company headquartered in Bengaluru, specialising in customer loyalty and engagement solutions. Founded in 2008, Capillary offers a wide array of products aimed at helping brands understand, engage, and retain their customers effectively through data-driven insights.
The company’s offerings include:
- Loyalty Management Solutions: Scalable and customizable programs across industries like retail, FMCG, and hospitality
- Customer Engagement & Marketing Automation: Enabling personalised marketing through channels like SMS, email, and push notifications
- AI & Analytics: Leveraging artificial intelligence for real-time customer insights and predictive analytics
- Omnichannel CRM: Maintaining customer engagement across both online and offline channels
With over 250 global brands as clients, including Tata, Domino’s, Jockey, PUMA, and Shell, Capillary Technologies operates in more than 30 countries. The company primarily operates on a subscription-based SaaS model, generating revenue through software licenses, professional services, and support.
Competitive Strengths:
- Market leader in loyalty solutions
- Comprehensive product suite catering to diverse industries
- Scalable cloud infrastructure and seamless integration
- Strong and long-term customer relationships with high net revenue retention
Capillary Technologies IPO Details
The Capillary Technologies IPO is a book-building issue that aims to raise ₹877.50 crore. The issue includes a fresh issue of ₹345 crore and an offer for sale of ₹532.50 crore. The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Nov 14, 2025 |
| IPO Close Date | Nov 18, 2025 |
| Tentative Allotment | Nov 19, 2025 |
| Initiation of Refunds | Nov 20, 2025 |
| Credit of Shares to Demat | Nov 20, 2025 |
| Tentative Listing Date | Nov 21, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 18, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹2 per share |
| Issue Price Band | ₹549 – ₹577 per share |
| Lot Size | 25 shares |
| Total Issue Size | 1.52 crore shares (₹877.50 Cr) |
| Fresh Issue | 59.79 lakh shares (₹345 Cr) |
| Offer for Sale | 92.29 lakh shares (₹532.50 Cr) |
| Employee Discount | ₹52 per share |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 7.33 crore shares |
| Shareholding Post-Issue | 7.93 crore shares |
| Lead Manager | JM Financial |
| Registrar | MUFG Intime India Pvt. Ltd. |
Investor Category Reservation:
- QIB (Qualified Institutional Buyers): Not less than 75%
- Retail Investors: Not more than 10%
- NII (Non-Institutional Investors): Not more than 15%
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 25 | ₹14,425 |
| Retail (Max) | 13 | 325 | ₹1,87,525 |
| S-HNI (Min) | 14 | 350 | ₹2,01,950 |
| S-HNI (Max) | 69 | 1,725 | ₹9,95,325 |
| B-HNI (Min) | 70 | 1,750 | ₹10,09,750 |
Promoter Holding:
The promoters of the company include Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu.
- Pre-IPO: 67.90%
- Post-IPO: NA
Capillary Technologies Ltd. Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Sept 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | ₹892.33 | ₹838.65 | ₹871.07 |
| Total Income | ₹362.56 | ₹611.87 | ₹535.44 |
| Profit After Tax | ₹1.03 | ₹14.15 | -₹68.35 |
| EBITDA | ₹39.82 | ₹78.57 | -₹1.49 |
| Net Worth | ₹509.38 | ₹481.42 | ₹452.13 |
| Reserves & Surplus | ₹149.34 | ₹170.26 | ₹30.89 |
| Total Borrowing | ₹88.94 | ₹100.09 | ₹77.17 |
Key Performance Indicators (FY2025):
- Market Cap: ₹4,576.09 Cr
- ROCE: 2.76%
- Debt/Equity: 0.18
- RoNW: 2.85%
- PAT Margin: 2.37%
- EBITDA Margin: 13.13%
- Price to Book Value: 8.87
- EPS Pre-IPO: ₹1.93 | Post-IPO: ₹0.26
- P/E Pre-IPO: 298.93x | Post-IPO: 2214.95x
Capillary Technologies IPO Objectives
The IPO proceeds are intended to be used as follows:
| Object | Amount (₹ Crore) |
| Funding Cloud Infrastructure Costs | ₹120.00 |
| Research, Design, and Development of Products | ₹151.54 |
| Purchase of Computer Systems | ₹10.32 |
| Funding Inorganic Growth and General Corporate Purposes | Balance |
Industry Outlook
The SaaS market, particularly in customer loyalty and engagement solutions, is rapidly growing. As more businesses across industries such as retail, FMCG, and hospitality prioritise customer retention and engagement, Capillary Technologies is well-positioned to capitalise on this trend.
With a solid foundation in AI-powered analytics, a growing global client base, and a suite of scalable solutions, Capillary Technologies continues to innovate and expand its presence in over 30 countries.
Capillary Technologies IPO: Peer Comparison
Capillary Technologies IPO can be compared with peers like Zoho Corporation, Freshworks Inc., Sprinklr Inc., Salesforce and HubSpot. Reviewing these companies provides a comprehensive view of Capillary Technologies’ position in the SaaS and customer engagement solutions sector. Analysing the performance and market dynamics of these companies helps investors make more informed decisions regarding the growth potential and competitive standing of Capillary Technologies in the rapidly evolving SaaS landscape.
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Conclusion
Capillary Technologies Ltd. presents an exciting opportunity for investors looking to tap into the growing demand for customer loyalty and engagement solutions. With strong financials, an impressive client roster, and innovative products, the company is poised for continued success. However, potential investors should carefully consider the company’s high valuation, the risks associated with SaaS businesses, and market volatility before making an investment decision.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
