Capillary Technologies IPO Listing Price: Shares List At 3% Discount To Issue Price

Shares of Capillary Technologies India Limited made a weak debut on the D-Street on November 21, listing at a discount to issue price. On the NSE, the stock opened at Rs 571.90 apiece, down 0.88 per cent, and on the BSE, it opened at Rs 560 per share, down 2.95 per cent.

The software-as-a-service (SaaS) company’s initial public offering (IPO) was open for subscription from November 14 to 18, and share allotment was finalised on November 19.

According to the exchanges, “Effective Friday, November 21, 2025, equity shares of Capillary Technologies India Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”

Through the IPO, Capillary Technologies raised Rs 877.70 crore by issuing fresh equities worth Rs 345.20 crore, and offer-for-sale shares worth Rs 532.50 crore. The company offered its shares with a price band of Rs 549-577 per share.

In the unlisted market, the stock was trading at a grey market premium of Rs 53 ahead of its debut, suggesting a potential listing gain of about 9.19 per cent. However, the shares opened in the red, contrary to the grey market expectations.

JM Financial, IIFL Capital Services, and Nomura Financial Advisory and Securities were the book running lead managers and MUFG Intime India was the registrar to the issue.

Capillary Technologies IPO Objectives

Capillary Technologies plans to use a large part of the net proceeds from the IPO for strengthening its technology backbone. The company will allocate Rs 143 crore to fund its cloud infrastructure costs, a key component of its SaaS operations. It will also invest Rs 71.58 crore in research, design and development to enhance its products and platform. Another Rs 10.34 crore has been set aside for the purchase of computer systems to support its business needs.

Further, Capillary intends to use Rs 97.99 crore for inorganic growth through potential acquisitions and for general corporate purposes.

What Does Capillary Technologies Do

Capillary Technologies is a Bengaluru-based SaaS company focused on customer loyalty and engagement solutions. Founded in 2008, the company offers loyalty management, marketing automation, artificial intelligence (AI)-driven analytics and omnichannel CRM tools.

According to tits red herring prospectus (RHP), it serves over 250 brands across more than 30 countries, including Tata, Domino’s, Jockey, PUMA and Shell. Capillary operates on a subscription-led SaaS model, and generates revenue from software licences, professional services and support.

Capillary Technologies IPO Anchor Investors

Ahead of its IPO opening, Capillary Technologies raised Rs 393.98 crore from institutional investors in the anchor round. The company allotted 6.83 million shares at Rs 577 each. Of the total 68,28,001 shares allocated to anchor investors, 46,10,225 shares, about 67.52 per cent, went to nine domestic mutual funds across 13 schemes.

Among the key mutual fund participants were Aditya Birla Sun Life Digital India Fund, ICICI Prudential Innovation Fund and Mirae Asset ELSS Tax Saver Fund, each acquiring 9.65 per cent of the anchor allocation with an investment of Rs 38 crore. Kotak Pioneer Fund, SBI Technology Opportunities Fund and Axis Multicap Fund were other marquee investors.

The anchor lock-in for Capillary Technologies is split into two phases: 50 per cent of the allotted shares will remain locked in until December 19, 2025, and the remaining 50 per cent until February 17, 2026, based on the allotment date of November 19, 2025.